Housing Tidbits from President of the NAR
Monday, June 22, 2009 posted by Tommi Crow
Charles McMillan, president of the National Association of Realtors, spoke in Ft. Worth, TX and reported to attendee’s that ”The dream of homeownership is alive and well in the US.”
Mr. McMillan began his real estate career in Ft. Worth, TX in 1983, one year after the Texas real estate market crashed in 1982. Although McMillan did not address it, Texas home prices have not recovered to pre-1982 levels over the past 27 years.
Highlights from the speech include:
- Consumers will buy houses if two conditions are met. The home and financing costs must be at a bargain, basement price levels.
- Keeping interest rates low and stable are necessary to stabilize the housing market.
- The tax credit is working. 43 percent of all property sales have been first-time buyers.
- Thanks to distressed property price declines of up to 52 percent, sales of existing home inventory has increased in CA, NV, AZ and FL.
- The two biggest issues facing the real estate industry going forward are appraisal issues and healthcare. Half of all real estate agents have no insurance.
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