NAR Celebrates 100 Years of Bringing America Home
Las Vegas, Nov. 12, 2007 - When more than 30,000 REALTORS® and guests convene for the National Assn. of REALTORS® 2007 REALTORS® Conference and Expo this week, they’ll be helping kick off a yearlong celebration of 100 years of issues advocacy, industry advances, and professional acumen in real estate, as NAR approaches its centennial year.
“For 100 years, REALTORS® have added value to the real estate transaction,” said NAR 2007 President Pat V. Combs, of Grand Rapids, MI, and vice president of Coldwell Banker-AJS-Schmidt. “As NAR reaches this milestone, our association looks back on a rich history of expanding homeownership opportunities, promoting affordable housing and protecting consumers in the real estate transaction.”
When the organization that would become NAR was founded, its mission was to radically transform the real estate industry into a respected profession. NAR’s Code of Ethics was adopted in 1913; the association was only the second trade group in the United States to adopt mandatory ethical standards. NAR’s early leaders also sought to establish homeownership as a cornerstone of the American dream and to expand it to the growing middle class.
Throughout the years, NAR has worked closely with the federal government to create programs and initiatives that expand homeownership opportunities. NAR played a key role in legislation that created the Federal Housing Administration in 1934; FHA pioneered the long-term amortization that today allows millions of middle-income borrowers to buy a home. In 1938, when the Federal National Mortgage Association was created, which is now known as Fannie Mae, NAR achieved another long-sought goal: creating a steady source of low-cost mortgage funds.
Today, NAR is the leading advocate for private property rights, homeownership and housing issues. This week, Realtors® from across the country will be meeting to discuss a broad range of real estate issues, including mortgage lending and subprime concerns, minority homeownership, green buildings, water rights and property development, and affordable housing opportunities.
A new book, The National Assn. of REALTORS®: 100 Years in Celebration of the American Dream, which provides an historical account of the real estate industry over the past 100 years and NAR’s involvement in shaping and transforming that industry, will be made available for the first time during the convention. The book will be sold at the NAR booth (#2633) for $49.95. Also at the NAR booth, REALTORS® can have their picture taken to become part of a commemorative photo mosaic, “The Face of Real Estate for 100 Years.” The mosaic will be part of a yearlong campaign to celebrate NAR’s centennial. A retrospective video on the history of real estate in America and NAR’s contributions to that history will premiere during the convention, as well.
“As NAR embarks on its second century, it is with a renewed commitment to ensuring a strong and vital real estate industry and a firm belief in the long-term value of homeownership as the foundation of the American dream,” said Combs.