NAR Statement on Defeat of Economic Stability Act

WASHINGTON, September 29, 2008

The following is a statement by National Association of Realtors® President Richard F. Gaylord:

“The National Association of Realtors® is extremely disappointed in the actions of the U.S. House of Representatives today in failing to pass the Emergency Economic Stability Act of 2008. This legislation is critical to stopping the economic turmoil that millions of Americans are facing. Completing a recovery plan that will end the current economic crisis crippling the housing and financial markets must be accomplished quickly and in a bipartisan manner.

“NAR’s focus is on protecting homeowners and the American taxpayers. Protecting Main Street by keeping people in their homes will not only benefit individual families, but also will help stabilize the housing market, which greatly impacts the overall U.S. economy. Across the country, Realtors® see and feel the loss of confidence experienced by both buyers and sellers in the real estate market and they know firsthand that buyers are finding it harder to get mortgages.

“A sharp rise in unemployment and severe hardship for many ordinary Americans would result from the deteriorating liquidity crisis. In addition, interest rates for those who are able to get a mortgage or credit will be more costly. This legislation, if implemented, would quickly restore liquidity to the mortgage market, which would stabilize the housing market and protect homeowners.

“There will not be an economic recovery without a housing recovery, and we hope the Congress will move as expediently as possible to resolve their differences. We commend the House members that today voted for this unprecedented legislation. NAR will continue to advocate this legislation, which will benefit Main Street by restoring market liquidity to the financial markets.”

National Association of Realtors, www.realtor.org

Website