REALTORS® Endorse Obama's Housing

Stability Recovery Plan

The National Association of Realtors® expressed support of President Obama's broadened focus of the nation's economic recovery that stresses housing stability, in addition to "restarting lending" and preventing foreclosures.

"We fully agree with President Obama's emphasis that housing is the backbone of our national economy," said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. "As he said, when a family buys a home, workers are hired to build it. Those workers spend money and open businesses. As a result, investors return. In short, housing is the key to revitalizing America and we pledge to work with him to help jumpstart our economy."

Initial steps taken by the Obama administration and the 111th Congress to begin stabilizing the housing market meet many of NAR's policy recommendations. NAR called for lowering interest rates, reducing preventable foreclosures and reinstating the higher loan limits for FHA, Fannie Mae and Freddie Mac. In addition, NAR was the leading advocate for increasing and improving the home buyer tax credit.

"All of these measures will help stabilize housing values and allow the housing market to begin to strengthen and the economy to begin to heal. This will improve communities and create jobs," McMillan said.

As the leading advocate for homeowners and the real estate industry, NAR will continue to address issues facing Americans who are trying to purchase a home, protect their current home or preserve investment opportunities in residential and commercial properties.

"There will be no quick fix for our economy, but tackling short-term goals while also addressing long-term strategies will likely be a winning combination," said McMillan. "NAR and our members look forward to working with the president to once again bring stability, prosperity and community to America's families."