National Association of Realtors: Housing Poised for Rebound (i.e. Buy Now!), But Stimulus Is Needed

May 27, 2008

While the housing market downturn has its downsides, one of the benefits is watching organizations like the National Association of Realtors try to talk out of both sides of its mouth. Here’s what the organization said earlier this month regarding the need for the housing market to be given a boost by government (in other words, you the taxpayer):

A sound and dynamic real estate industry fosters communities and sustains and stimulates the national economy. That is the message that more than 9,000 REALTORS® are taking to Congress during the National Association of REALTORS® Midyear Legislative Meetings & Trade Expo today.

As the leading advocate for homeownership and housing issues, REALTORS® believe Congress should act promptly to pass important housing stimulus legislation being considered in both the House and Senate. NAR is advocating modernizing Federal Housing Administration programs, reforming overall regulation of the government-sponsored enterprises (Fannie Mae and Freddie Mac), establishing a first-time home buyer tax credit, and making the temporary increases to the conforming loan limits established by the Economic Stimulus Act of 2008 permanent.

“This is a critical time for many families, for communities and for the nation’s economy,” said NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “We are hopeful that Congress will work together to get a comprehensive housing stimulus bill passed quickly and sent to the president for his signature.”

But today, the association painted an optimistic picture about the immediate future of the housing market amid a new report on the housing sector, saying that the market is poised for a rebound. And now’s the time to buy! (Bonus points if anyone can give me an example of NAR ever saying that the present time is not a good time to buy.)

“There are many reasons for people to get into the housing market today, and very few reasons not to,” [Realtors Chief Economist Lawrence] Yun says. “With the plentiful supply of homes for sale at affordable prices, interest rates approaching 40-year lows, and the strong track record of housing as a good long-term investment, conditions are ripe for buyers.”

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