Reinvigorating the Housing Market

Just received this information from Rick Turley, Coldwell Banker Residential Brokerage President, San Francisco Bay Area.  We hope that the suggestions that Realogy President, Richard Smith made, are taken to heart.  Glad to be a part of a company that is working hard for the American consumer, which means you and me.

This week Realogy (Coldwell Banker Residential Brokerage’s parent company) President Richard Smith met with legislators regarding the need for policy initiatives concerning the real estate industry and the economy as a whole.  Specifically, the Business Roundtable (an association of chief executive officers of leading U.S. corporations)— of which Richard is the chair—issued a set of recommendations for the White House and Congress that are aimed at jump starting the housing market in order to stimulate a broader economic recovery.

The Business Roundtable’s recommendations are as follows:

•         Keep mortgage interest rates at historically low levels (below 5 percent) for at least one year;
•         Expand the current First-Time Homebuyer Tax Credit incentive from the lesser of 10 percent of the purchase price of the home or $8,000 to a higher limit of either 10 percent or $15,000 for all homebuyers, remove the income restrictions and include all primary residence purchases for one full year;
•         Conduct a thorough review of current foreclosure mitigation and loan-modification programs in light of rising loan-modification re-default rates;
•         Make permanent the current temporary conforming loan limits; and
•         Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices.

We believe targeted, demand-side solutions—such as the ones Business Roundtable is recommending—will provide a critical next step for a housing recovery that will help create jobs and boost the economy as a whole. To obtain a copy of the Business Roundtable press release and its Housing Working Group’s detailed recommendations, click here. To read an article that appeared in today’s online edition of The Wall Street Journal containing an interview about the Business Roundtable’s recommendations and why they are crucial to jumpstarting the housing market, click here.  We will communicate with you as any legislative opportunities occur for you to contact members of Congress and voice your support—but for now, just know that we appreciate your support and are proud to be part of this initiative.