WASHINGTON, Feb. 3 (Xinhua) -- U.S. Congress and the Treasury Department must enact legislative and regulatory priorities to stabilize the nation's housing market and help stop the financial market's rapid deterioration, the National Association of Realtors(NAR) said Tuesday.
For months the NAR has urged the importance of stabilizing the housing market to help the nation's economic future, said NAR President Charles McMillan in a statement.
Although steps have been taken, the focus has not been on housing in the way it needs to be, the president noted.
The NAR last November presented a four-point plan developed to spur home sales and stem the rapid rise in foreclosures by lowering mortgage interest rates and unclogging the credit market, extending the home buyer tax credit, making the increased loan limits permanent, and increasing liquidity in both commercial and residential real estate market.
According to the statement, five freshman U.S. senators on Friday called for their Senate colleagues to focus on housing in the economic stimulus plan that the Senate is working on, and to expand the home buyer tax credit through the end of 2009.
In a letter to their colleagues, the senators noted that the housing industry has long been the engine that drives our economy and recommended extending the tax credit until the end of 2009 to encourage aspiring and qualified home buyers to come off the sidelines and significantly reduce the nation's high housing inventory.
McMillan said that the NAR thanks and congratulates the five senators for their leadership in pushing for decisive action to restore vigor to our nation's slumping housing industry.
NAR agrees with and supports the senators' actions and vows to work with Congress and the Obama administration to establish strong housing legislation that will help bring stability to home values, prevent foreclosures and put the U.S. economy on the road to recovery, according to the statement.
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