National Association of Realtors Proposes Housing Incentives

November 20, 2008

As a Realtor® and owner of a nationwide relocation company, I am daily faced with the effects of the economic meltdown on our real estate members all over the country. Consumer confidence is at an all time low which is adding to the current housing crisis. Buyers who have stable jobs and good income are postponing purchasing a home due to fear.

We need action by lawmakers NOW - not in January. Hopefully the lame duck Congress will listen to reason, and pass some meaningful bills! Bills that will RESTORE CONSUMER CONFIDENCE so that homebuyers are not frozen by fear! Even in areas which have a strong economy (low unemployment, healthy job outlook, no real estate bubble bursting) buyers are holding off buying – waiting for a lower interest rate, or the assurance that they'll buy at the absolute bottom price. They are also frustrated with the current lending environment that places a variety of barriers to getting a mortgage. This further impedes sales and price stabilization of the housing market.

A recent consumer survey conducted by Realogy Corp. (a National Association of Realtors ® member) stated how important housing is to this country's economic recovery. The survey found that nine out of 10 homeowners believe that owning a home is still the best long-term investment. But this same survey said that most people are not buying right now because of uncertainty about the market.

Recently the National Association of Realtors® sent a letter to U.S. Treasury Secretary Henry Paulson outlining steps he could take to stabilize the housing market. They also presented this plan to the House Financial Services Committee on November 18th. The four steps the recommended are:

1) Make the $7,500 first-time homebuyer tax credit available to all homebuyers and eliminate the repayment requirement.
2) Make the increased 2008 FHA, Fannie Mae, and Freddie Mac loan limits permanent so that all American families can find a safe and affordable mortgage when buying a home.
3) Get the $700 billion Treasury relief program back on track and focused on providing stability to the nation's housing markets and reducing foreclosures.
4) Bar banks from real estate brokerage and management activities permanently, to avoid exposing consumers and the economy to more unnecessary risks.

NAR also provided an economic analysis demonstrating that a reduction, or a buydown, of interest rates by just 1 percentage point could result in up to 840,000 additional home sales and reduce the inventory of homes by as much as 20 percent. Substantially lower mortgage rates would stimulate both existing- and new-home sales.

These are great first steps to getting home sales going again.

It was Richard Nixon who said, "A recession is anytime people lose confidence in the future." Now is the time to restore confidence, people!

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Local Information for Wayne, PA

Latitude: 39.740619 -- Longitude: -77.551421

Other Area Cities: Wayne Heights Audubon Collegeville Conshohocken King of Prussia Norristown Phoenixville Havertown Media Miquon Radnor Villanova Blue Bell Haverford

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Wayne is an unincorporated community and a U.S. Post Office located on the Main Line, centered in Delaware County, Pennsylvania, United States. While the center of Wayne is in Radnor Township, Wayne extends into both Tredyffrin Township in Chester County and Upper Merion Township in Montgomery County. The center of the Wayne business district is the intersection of Lancaster Avenue and Wayne Avenue, its main street. The historic Wayne station is located one block north of this intersection. The Wayne business district also includes a post office, a cinema, a library, the Radnor Middle School, and several banks, stores, restaurants, and other commercial establishments. Other institutions and attractions in Wayne include the Valley Forge Military Academy (with a monument from the Battle of the Bulge located by the parade ground) and the headquarters of the Traffic Pulse traffic information service. -- Source: Wikipedia.com

Pennsylvania 2000 Census Population Profile Map

	Wayne Heights	Pennsylvania	United States
Population	1,805	12,281,054	281,421,906
Median age	45	38	35.3
Median age for Male	43.8	36.5	34
Median age for Female	45.7	39.4	36.5
Households	758	4,777,003	105,480,101
Household population	1,789	11,847,753	273,643,273
Average household size	2.36	2.48	2.59
Families	568	3,208,388	71,787,347
Average family size	2.74	3.04	3.14
Housing units	801	5,249,750	115,904,641
Occupied units	758	4,777,003	105,480,101
Vacant units	43	472,747	10,424,540

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