National Association of Realtors Latest Pathetic PR
This, from the 6% scalpers who pimped housing until prices were so high that the only way to afford anything was via toxic loans...
Late last year, NAR presented Congress with its core principles for stabilizing the housing market to launch an economic recovery. In the current legislation, NAR strongly supports the provisions to reinstate the 2008 FHA, Fannie Mae and Freddie Mac loan limit increases through 2009. NAR also strongly supports eliminating the repayment requirement on the first-time home buyer tax credit. “This is critical to stimulating home sales and shrinking the housing inventory, which will in turn help stabilize home values,” McMillan said.
Although Realtors® support these provisions, a number of enhancements are needed to make them more effective. In a letter sent to Congress earlier this week, NAR encouraged Congress to make the loan limit increases permanent so that secure, affordable, safe financing is available for American families regardless of where they live. NAR is also pressing to expand the tax credit to all home buyers and extend the expiration date to December 31, 2009.
You read it right. These dolts actually think the solution to overpriced houses and underpaid loans is... higher loans, with the taxpayers on the hook for those that don't work out. Oh yeah, throw in a "tax credit" that will be wiped out by lost equity within 6-12 months of purchase.
I have an idea... Instead of promoting more stealing from the many to give to the few who overpaid for their houses, the NAR should put half its 6% fees into a housing bailout fund to help support the awful mortgages it worked so hard to move through the system during the housing bubble. Let the people who worked so hard to create the bubble spend some of their own money to help with the explosion.
Think the Realtors will step up, take responsibility for their past sins, and do something about it?
Naw, much easier to pretend they had nothing to do with the problem, and lobby our spineless legislators to reach into all our pockets to fix it, while they continue skimming their 6%.
I'm watching home prices in the DC area drop some 25-30% from 2006, and I won't be buying until they drop another 15% or more. I expect they'll get there by summer.