Earlier today, President Obama announced his plan to help millions of families avoid foreclosure by refinancing or modifying their mortgages. The plan also strengthens the federal commitment to Fannie Mae and Freddie Mac. Visit the page below for more information on how the plan will work.

http://www.realtor.org/government_affairs/gapublic/homeowner_afford_stability_plan

While these measures will certainly help many homeowners and our communities, they alone are not enough to get the housing market and the economy back on track. The economy continues to take a toll on the real estate market – both residential and commercial. As we reported yesterday, Pending Home Sales are at an all-time low. The economy will continue to stagger along until we stimulate investment in housing. In other words, if we want to fix the economy, we need to find ways to get buyers back into the market.

Yesterday, President Obama made a surprising statement, encouraging Americans to invest in the stock market, as a way to build long-term value.

With all due respect, Mr. President, I’ve been in the real estate business for 30 years, through all kinds of ups and downs. Given the choice between investing in stocks or investing in the security, safety, and shelter of Americans’ most precious asset — the family — by purchasing a home, I choose homeownership hands down! With prices and interest rates at all-time lows, there are even more reasons to be bullish on the American Dream. – Charles McMillan, 2009 NAR President