NAR: ‘Extremely disappointed’ the bailout package failed

WASHINGTON – Sept. 30, 2008 – The National Association of Realtors® (NAR) issued a statement yesterday about the federal bailout bill.

“The National Association of Realtors is extremely disappointed in the actions of the U.S. House of Representatives in failing to pass the Emergency Economic Stability Act of 2008,” says NAR President Richard F. Gaylord. “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.”

Gaylord says that the association’s primary focus right now is on protecting homeowners and the American taxpayer. “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,” he says. “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.

According to Gaylord, the bailout legislation, if passed, 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,” Gaylord says.

NAR will continue to advocate for financial aid legislation.