"This week, we saw countless hours of hard work pay off – in a MAJOR way – when the federal government implemented NAR's recommendations to stimulate housing with the signing of the American Recovery and Reinvestment Act of 2009. This bold and unprecedented move to help housing did not happen by chance. Just a few months ago, the auto industry had Congress' ear. Yet, thanks to countless meetings, letters, phone calls, and public pressure that we – the REALTORS® of America – placed on lawmakers in Washington, D.C., housing emerged as the top priority in the new Administration and in Congress.
While some of the items in the Act are controversial and are currently being debated, most of our top priorities were addressed. Thanks to all of our hard work, America’s homebuyers and homeowners will soon have:
Lower interest rates for home mortgages
A greater ability to get financing through FHA, Fannie Mae and Freddie Mac in high-cost areas;
A true tax credit incentive to buy a home NOW;
and Foreclosure mitigation and short-sale standards.
As a direct result of NAR's advocacy, we hope to see an increase in home sales this year. NAR also continues to make significant progress on our efforts to unclog the pipeline for foreclosures and to address administrative problems with short sales".
