Realtors press Congress to jumpstart housing stimulus legislation

WASHINGTON – May 14, 2008 – Dick Gaylord, president of the National Association of Realtors® (NAR), yesterday urged Realtors to make their voices heard on Capitol Hill this week as they press legislators to quickly enact housing legislation that will help restore consumer confidence in the real estate market.

Gaylord addressed thousands of Realtors gathered for the 2008 NAR Midyear Legislative Meetings & Trade Expo. More than 9,000 Realtors and guests are expected for the meetings that began yesterday and runs through Saturday, May 17.

“To jumpstart the housing market, Congress needs to pass housing stimulus legislation promptly,” said Gaylord. “Because homeownership offers immediate social benefits and long-term value, Congress can help bring consumers off the sidelines by enacting common sense legislation that a wide majority of Americans support.”

The housing stimulus package includes legislation that will reform the Federal Housing Administration’s mortgage loan insurance program, which would help give home buyers access to more affordable loan options. It would also help keep mortgage costs down, especially in high-cost areas, by permanently raising loan limits for government-sponsored entities Fannie Mae and Freddie Mac, and bolster consumer confidence by strengthening their regulatory oversight.

To further stabilize the market, Gaylord called on Congress to prioritize affordable homeowners’ insurance by reauthorizing the National Flood Insurance Program, which is set to expire on September 30. Housing affordability is affected by the rising cost of insurance and the impact of natural disasters on insurance rates. “All home buyers and owners should have access to affordable flood insurance and homeowners insurance to protect them from unforeseen circumstances,” Gaylord said.

Gaylord also urged Congress to strengthen small businesses by supporting the recently introduced Small Business Health Option Program (SHOP) legislation that would give small businesses access to affordable health insurance.

Approximately 25 percent of NAR’s 1.2 million Realtors do not have health insurance, a problem that many independent contractors and small business owners share.

NAR President-elect Charles McMillan, who reflected on the occasion of NAR’s centennial this week, joined Gaylord. McMillan recounted some of NAR’s accomplishments during the association’s first 100 years and explained the vision behind NAR’s Second Century Initiatives, which include a new partnership with consumers, venture capital investment in technology and plans for a federal credit union.

“For 100 years, NAR has been the ‘Voice for Real Estate’ as the nation’s leading advocate for private property rights, homeownership and housing issues,” said McMillan. “For our next 100 years, we will leverage the voices of consumers and state and local association partners to press for issues important to all property owners.”

In addition to enhancing NAR’s state-of-the-art strategic lobbying and grassroots program, the association plans to develop a Web site, featuring an array of tools and information targeted to real estate consumers; and will create new advertising and other communications to help show that consumers and Realtors share common interests and concerns.

Information about NAR is available at www.realtor.org.

© 2008 FLORIDA ASSOCIATION OF REALTORS®

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