Stimulus Bill to Help Housing Market
February 6th, 2008 Posted in Current EventsIn late January the National Association of Realtors congratulated the U.S. House of Representatives and President Bush for their bipartisan actions to help the families, the housing market, and the economy in need.
NAR President, Richard Gaylord said “We believe the economic stimulus bill approved by the House is a good legislation in that it can quickly be signed into law, quickly be implemented, and therefore, would quickly have an impact on families and the nation’s economy. We are pleased that both the Federal Housing Administration (FHA) and the Fannie Mae and Freddie Mac (GSE) loan limits have been increased, even only if temporarily.”
The NAR has been trying for several months to get the loan limits increased to help an estimated 138,000 Americans achieve the dream of home ownership, and 200,000 home-owner’s to refinance to keep their home. This increase in loan limits should provide an immediate infusion of much needed liquidity to the nation’s mortgage market, and solve many housing challenges.
An economic study taken in early January estimated that increasing the loan limits could result in as many as 500,000 refinance loans which would help reduce the foreclosure rate as much as 210,000! This will also generate an estimated 300,000 home sales which will make an immediate impact for our economy and families.
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