I'm still in D.C. at the National Association of Realtors® Midyear Legislative Meetings.  As Realtors® here prepare for their annual visits to legislators, there are a number of talking points we will be bringing up.

Under the heading of housing stimulus legislation, we Realtors® will be encouraging the enactment of legislation in three areas.  First of all, we are urging the establish of a temporary tax credit or similar tax incentive for home buyers.  A couple of different bills exist, one providing a tax credit of $7500 for anyone who buys a house in foreclosure (passed by Senate, H.R. 3221).  Another version would provide a tax credit of $7500 for the purchase of any home by a first-time buyer (H.R. 5720, in the House).  Either one could provide a welcome stimulus to sluggish markets.

A second area of concern is the need for modernizing the Federal Housing Administration (FHA) single-family programs.  Two bills have been passed, one by the Senate, the other by the House.  The differences in the two bills must get resolved before it can be submitted to the President.  There is another issue with regard to FHA, and that is the risk-based pricing that may be implemented.  Also, the difficulty in purchasing a condominium with FHA financing must be overcome.

Finally, NAR wants Congress to strengthen the safety and soundness of Fannie Mae and Freddie Mac.  There are rumblings that mortgage restrictions will increase soon - hardly a good omen.  However, a House bill (H.R. 1427) was passed in May, permanently increasing the conforming loan limits, but there is no companion bill in the Senate.

As you can see just on the issue of housing stimulus legislation, our work is cut out for us.  Realtors® are working hard to help homeowners and those who want to be homeowners survive current market.

I'll be here all week, folks.  See you tomorrow.