On Tuesday May 12th, NAR hosted our first-ever Real Estate Summit to advance a dialogue to finding solutions for a housing recovery, which will help spur a badly needed economic recovery.
Thousands of Realtors® witnessed experts from housing, academia, media, finance and government testify to the importance of a stable real estate market as fundamental to a healthy economy.
One of the most exciting developments occurred when Shaun Donovan, secretary of the Department of Housing and Urban Development, announced that first time homebuyers will soon be allowed to use the $8,000 tax credit as part of their down payment. The room erupted in applause. NAR has been calling for this initiative, which will allow FHA approved lenders to “monetize” the tax credit immediately through short-term bridge loans. This is a great success, and will go a long way to bringing buyers back to the market.
Our members heard from notable speakers such as Alan Greenspan, former Federal Reserve Board Chairman; Robert Reich, former U.S. Secretary of Labor; conservative commentator Pat Buchanan and former U.S. Rep. Harold Ford Jr., D-Tenn. They all explored solutions to the credit crisis and examined the lending challenges confronting residential and commercial markets, providers and customers.
We also heard from two distinguished panels moderated by Ron Insana, senior analyst and commentator, CNBC, and Jane Bryant Quinn, contributing editor, Newsweek that explored “Reshaping Real Estate to Sustain Communities” and “Financing Real Estate for Tomorrow.”
I heard from many members who commented that we focused on what business is really like in our communities. They also said how we should all be engaged with resolving the issues facing our industry, and the Real Estate Summit inspired them to get more involved.
With comments like that, I was so proud to be a REALTOR®. It is our pride and spirit that makes us a guiding force for revitalizing the housing market and advancing the U.S. economy. – Vicki Cox Golder, 2009 NAR President-Elect