By now you have heard that Congress failed to pass the Emergency Economic Stability Act (EESA). This is a critical time for our nation, and REALTORS everywhere need to call on Congress to enact a recovery plan that will end the economic crisis we are facing.
I have received messages from many of you, wondering why NAR (National Association of REALTORS) is supporting this unprecedented government investment in financial institutions and the housing market. The truth is that consumers everywhere already are feeling the impact of the credit crisis. Many buyers can no longer find financing they need to buy a home, contracts are being pulled off the table, and sellers are taking their listings down. Without swift and substantial intervention, all REALTORS and the consumers we serve will soon face a market where:
- Getting a mortgage, small business, or short-term loan becomes extremely difficult, even for good credit consumers and businesses.
- Consumer and business bankruptcies rise significantly, as refinancing options are shut down.
Lines of credit are reduced and interest rates on personal and business credit cards rise, adding to the burden on families. - Consumer and business spending declines, further depressing the economy.
Unemployment increases significantly. - Budget deficits increases noticeably due to declining revenue collection at all levels of government.
REALTORS know better than anyone else how important housing is to our local and national economies. Like it or not, the housing market can’t rebound until we resolve the problems in the financial markets. Now is the time to act before they move beyond repair.
Despite what you may have heard from the news media, the laws and policies that Congress is considering will directly benefit Main Street, by making financing more available and helping to stabilize home sales and prices. Additionally, the cost of such a plan is likely to be below the figures that have been widely reported. In fact, as our own Chief Economist, Lawrence Yun, has explained, there is a very good chance that taxpayers will reap a positive return on this investment over the long term.
Today, I ask all of you to help us resolve this crisis. Please take some time to read our point-by-point analysis of the major provisions being discussed in Congress , help educate consumers and your fellow REALTORS about the current situation and what’s really at stake, and most importantly, contact your members of Congress and urge them to support the Emergency Economic Stability Act.
http://takeaction.realtoractioncenter.com/campaign/eesa/explanation
NAR will continue to do our part to stay ahead of developments in Washington, D.C., and keep you informed of changes to the initial bill.
With your help, and working "All Together," I believe we can get beyond debate over who is responsible for the current situation and move toward a solution that will benefit REALTORS and all of the consumers we serve.
Sincerely,
Richard F. (Dick) Gaylord
2008 NAR President
Visit the web address below to tell your friends about NAR's efforts to urge Congress to pass the Emergency Economic Stability Act.
 Tell-a-friend!
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