Do Your Homework!

By Javier Gines

During my normal browsing through the net I found a very interesting article for homeowners. Unfortunately, I couldn't post the article, but guess what? I can provide the link. Lets keep our values up!

Do Your Homework

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NAR: Stimulus Package Must Include Loan Limit Increase

WASHINGTON – Jan. 21, 2008 – President George W. Bush and Congress are discussing economic stimulus packages to ward off a recession, and the National Association of Realtors® (NAR) is urging them to help homeowners and the national economy by loosening constraints on Fannie Mae and Freddie Mac.

“We believe that any stimulus package must address housing issues and increasing the conforming loan limits for these two government-sponsored enterprises,” says NAR President Dick Gaylord. “The increase in loan limits would not only improve liquidity in the mortgage marketplace, but also boost homebuyers’ confidence levels, resulting in increased sales and economic activity.”

NAR has been calling on Congress and the administration to increase the loan limits for Fannie Mae and Freddie Mac from the current ceiling of $417,000 to $625,000. “This change will permit more families to enter the housing market by making more mortgages available with lower interest rates. Increased home sales will lower inventories and immediately start stabilizing the housing market and the economy,” Gaylord says.

In addition, NAR has been actively advocating for quick passage of the Federal Housing Administration (FHA) reform bill. A reformed, modernized FHA program would offer a safe and affordable alternative to subprime mortgages, which are widely blamed for the current high rate of foreclosures and ensuing credit crunch. “FHA reform would not only ensure we don’t find ourselves in this very unfortunate situation again, but also it can help many families currently facing foreclosure,” says Gaylord.

In a letter to congressional leaders, NAR estimated that lifting the GSE loan limit to $625,000 would lower interest payments for consumers who get new “GSE jumbo” loans, reduce the supply of homes on the market by one to one-and-one-half months, strengthen home prices by two to three percentage points, and increase economic activity by $42 billion. An additional NAR report shows that increasing conforming loan limits could help reduce foreclosures by 140,000 to 210,000 and result in an additional 348,000 home sales.

“This is the quickest way to help the hurting housing market,” says Gaylord. “As the potential for an economic recession increases and the fragile housing market continues to teeter, raising loan limits and reforming FHA would immediately impact the marketplace without the need for any new, complex federal programs or tax dollars. We strongly urge Congress to take these actions, in any stimulus plan, to stabilize the housing market and protect homeowners.”

© 2008 FLORIDA ASSOCIATION OF REALTORS®
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More On Amendment 1

By Javier Gines:

2 FL leading newspaper have expressed their support for Amendment 1. You can read the following articles:

The Orlando Sentinel
Naples Daily News

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Crist Continues To Advocate Passage Of Amendment 1

TALLAHASSEE, Fla. – Jan. 14, 2008 – Governor Charlie Crist will spend a lot of time this week advocating passage of Amendment 1, the property tax reform proposal voters will consider on Jan. 29. The governor continues to visit families who will benefit from passage, and plans a promotional bus tour around the state on Wednesday.

“With a little more than two weeks before Election Day, the Yes on 1 campaign continues to gain momentum with new endorsements, our first commercial and several visits with homeowners across the state,” said Crist in a letter to voters. “You can expect to see more in the coming weeks … Support for Amendment 1 continues to grow and just (last) week the Construction Executives’ Association and the Florida Bankers Association joined several other organizations and associations supporting Amendment 1.

Other groups supporting Amendment 1 include:

• Association of Builders and Contractors
• Associated Industries of Florida
• Construction Executives’ Association
• Florida Association of Realtors
• Florida Bankers Association
• Florida Carpenters Regional Council
• Florida Chamber
• Florida Home Furnishings Association
• Florida Homebuilders Association
• Florida Manufactured Homes Association
• Florida Medical Association

The bus tour on Wednesday will cross the state with tentative stops planned in Volusia, Orange, Hillsborough and Lee Counties. For more information, visit the “Yes on 1” Web site at: http://www.yeson1florida.com

© 2008 FLORIDA ASSOCIATION OF REALTORS®
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