NAR Urges Congress to Prioritize Housing Policy

The new president of the NationalrnAssociation of Realtors® (NAR) called on policymakers to making housing arnpriority and make the decisions necessary for a complete housing marketrnrecovery.  “Otherwise,” Steve Brown said “uncertaintyrnwill continue to plague the market.”  Hernmade his remarks at a press conference held Friday as part of the 2013 RealtorsrnConference and Expo.</p

Brown said that Realtors have worked closely with lawmakers and officials ofrnfederal agencies to lay the groundwork for a better mortgage financing systemrnbut Congress needs to move ahead with reforms to the government sponsoredrnenterprises (GSEs) Fannie Mae and Freddie Mac. rn”The housing market is showing solid signs of recovery, but untilrndifficult decisions are made about tax reform and the future of mortgagernfinance markets, a full real estate and economic recovery will remainrnexceedingly difficult,” said Brown.</p

NAR has urged lawmakers to move forward to enact comprehensive legislationrnthat would restructure the secondary mortgage market with a governmentrnguarantee. A government guarantee is critical to ensuring that creditworthyrnborrowers have access to credit during all market conditions and guaranteeingrnthe availability of a wide range of safe, reliable mortgage products like 15-rnand 30-year fixed-rate loans. Brown said reforming the secondary mortgagernmarket will also help bring greater amounts of private capital into thernmortgage finance market.</p

“Consumers must have access to affordable mortgage products so they canrnattain the American dream of homeownership and begin to build wealth over thernlong term.”  He added that lawmakers needrnto stand up for homeownership and the value that it brings to the country throughrnfostering communities, creating social stability, and helping build long-termrnwealth. </p

“Congress should do no harm to homeowners or housing markets by maintainingrncurrent federal tax policies,” said Brown. “Reducing or eliminating the currentrntax treatment would simply raise taxes on homeowners, who already pay 80 to 90rnpercent of U.S. federal income taxes.</p

“The nation cannot have a robust housing recovery, and therefore an economicrnrecovery, until these important policy issues are addressed. As congressionalrnleaders move ahead with reforms, Realtors are actively engaged in and committedrnto protecting America’s current and future homeowners and the homes in whichrnthey make memories and build their futures.”

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