Realtors Propose Housing Stimulus Bill

The National Association of Realtors is calling on Congress to return after the elections and pass a housing stimulus bill that makes the Fannie Mae, Freddie Mac and FHA maximum $729,750 loan limit permanent and fixes the first-time homebuyer tax credit so it stimulates sales. "It is vital to the economy that Congress take specific actions to boost the confidence of potential homebuyers in the housing market and make it easier for qualified buyers to get safe and affordable mortgage loans. We are asking Congress to act right away," NAR president Richard Gaylord said. NAR wants Congress to eliminate the repayment requirement on the tax credit and make it a real tax credit that it is available to all homebuyers. The maximum limit on Fannie and Freddie and Federal Housing Administration loans is scheduled to drop down from $729,750 on Dec. 31 to $625,500 on Jan.1. "Housing has always lifted the economy out of downturns, and it is imperative to get the housing market moving forward as quickly as possible," Mr. Gaylord said.