A recent Federal Reserve Board white paper, The U.S. Housing Market: Current Conditions and Policy Considerations, concluded that stabilizing and restoring the health of the housing market is critical to a broader economic recovery.
The Federal Reserve Board declared a need for increased lending to creditworthy home buyers and more loan modifications, mortgage refinancings, and short sales to reduce the rising inventory of foreclosed homes and help stabilize and revitalize the housing industry. Many of the paper’s findings are in line with those of NAR’s, which has long emphasized housing’s role in leading the country out of a recession.
Keep housing first: Talk to a REALTOR® about how issues like credit, foreclosures and short sales have affected their clients and the local housing market. Have any of their recent buyers had problems obtaining a loan, and if so, what was the outcome? Talk to home buyers and sellers in your area to get their perspectives on what should be done to address these issues. For more information on this and other housing issues, visit Government Affairs.