Letter to Realtors regarding Outlook for Real Estate, and Update on Government Intervention

Dear Fellow REALTOR®:

I know many of you are concerned about the troubled financial markets and are wondering how the federal government’s actions will help resolve the crisis. Here is the latest information on what is happening in the housing market and our position on the government’s plans to rescue Wall Street.

First, take a few minutes to watch today’s President’s Podcast, featuring my latest interview with NAR Chief Economist Lawrence Yun. Although the video was shot before the government takeover of Fannie Mae and Freddie Mac, Lawrence provides valuable perspective on where the housing market is heading in 2009.

http://www.realtor.org/about_nar/presidents_report/_podcast_archive/presidents_podcast_marketoutlook_20080923
Second, please read Lawrence’s September 22nd commentary, which explains the reality behind the government’s proposed “investment” in the financial markets and what’s at stake for homeowners and taxpayers.


http://www.realtor.org/research/commentary_700_billion

Third, review the letter I sent to Congress earlier today, outlining our position on the Treasury’s comprehensive approach to addressing problems in the financial system.


http://www.realtor.org/gapublic.nsf/pages/gses_conservatorship?OpenDocument

As the most trusted source of information in the real estate transaction, REALTORS® are in the best position to counsel consumers in this confusing market. I urge you to check Realtor.org for additional information and updates in the days and weeks ahead, and share them with your colleagues.

Working “All Together,” we can overcome these challenges and ensure that homeownership continues to be the most valuable investment Americans can make.