NAR President Ron Phipps says "ITS ALL ABOUT JOBS!"

In a recent report from the NAR President, Ron Phipps, the Treasury Department later this week will issue recommended changes to the structure of Fannie Mae and Freddie Mac. According to Phipps, this development has been years-long in debate over what the government’s role in housing should be.

FACTS ABOUT HOW THE HOUSING MARKET
AFFECTS US AS A NATION

FACT: Housing for families is a vital part to our nation. It is stated as fact that 500 jobs are added to the economy for every additional 1,000 home sales. This gives the opportunity to offer to our families, neighbors and friends a chance to work in real jobs

FACT: Every home purchase pumps $60,000 into the economy

FACT: 15% of the national gross domestic product is from housing

FACT: Homeowners pay 80 to 90 percent of ALL federal income taxes

Housing is definitely the engine that drives out economy, yet Critics say housing is a drain on federal resources. Eight of the last ten recessions have ended as a result of robust housing markets. The other two ended as a result of war spending. The choice is easy. America needs a healthy housing market to thrive.

According to Pippin, “NAR will be reaching out to Congress and the White House to emphasize the clear connection between housing, jobs and the economy. Rather than limit support for housing, and the availability of credit, NAR is calling on Congress and the White House to advance policies that will move the housing market back to a healthy 5.5 million sales, where it SHOULD be”.

Here is what NAR will address to Congress:

We will be asking lawmakers to:

• Preserve the mortgage interest deduction at current levels.

• Move the credit pendulum to equilibrium, defined by a median credit score of 720.

• Maintain government backing in the mortgage market as part of GSE Reform.

Pippin states that the these three steps would help bring the housing market back to a normal level, possibly generating an additional 1 million home sales and 500,000 jobs.

Here is hoping that Congress will listen to the voice for real estate and that the White House gets the message: REAL ESTATE IS ALL ABOUT JOBS.

From Nar REPORT: February 9, 2011 by NAR -Ron Phipps