The National Association of Realtors has come with four ways to help stimulate our economy:
1) Make the temporary $7500 tax credit for home buyers who haven’t owned in the past three years available to all purchasers and eliminate the repayment requirement.
2) Make the 2008 FHA, Fannie Mae, and Freddie Mac loan limits permanent.
3) Target more of the bank rescue funds on mortgage relief and foreclosure mitigation, and create a federal mortgage interest buydown program to make below-market interest rates available.
4) Permanently bar banks and banking conglomerates from engaging in real estate brokerage and management.
A healthy real estate climate stimulates our economy more than almost anything else. We hope these and other ideas move us back to an active market!!