NAR encouraging Treasury Department action

The National Association of Realtors® has been advocating a four-point plan to help stimulate and stabilize the housing market and the overall economy. Part of the plan calls for changes in how the Treasury uses TARP funds and other monies to lower mortgage interest rates.

“We are pleased to see that the leadership of the Treasury Department is seriously considering the actions we discussed to lower interest rates. The result of such action will help the nation’s economic recovery and bring stability to the housing market.

“NAR estimates that lowering the mortgage interest rate by 1 to 2 percentage points can result in up to an additional 800,000 home sales. Housing has always led our economy out of downturns and lower interest rates are key to bringing home buyers back to the market.

“We strongly encourage the Treasury to move quickly with its plan to lower interest rates to encourage current buyers to act rather than continue to wait.”

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