The chief executive of a major real estate brokerage firm is urging President Obama to hold a White House summit to gather recommendations and ideas on how to stimulate the housing market.
The CEO of Realogy Corp. Richard Smith says in a letter that a summit could bring together leaders from real estate brokerage, mortgage lending, home building and related industries.
"Your leadership on this issue would bring together the top business minds of the residential real estate industry at a time when practical business experience may very well offer the guidance necessary to stimulate housing, and thus the U.S. economy," Smith says in his letter to the President.
Realogy's brands and business units include Better Homes and Gardens Real Estate, Century 21, Coldwell Banker and Sotheby's International Realty. (Smith's letter was posted on Realogy's website.)
The Obama administration is in the midst of reexamining its housing policies to deal with the overhang of millions of seriously delinquent mortgages and foreclosed properties on the housing market.
"The summit would give your administration the benefit of unfiltered, real-time market feedback," Smith says.
