Weichert Realtors Press Release
Weichert Sees New Housing Bill Aiding an Already Improving Real Estate Market
7/30/2008
-- Leading real estate
executive applauds Capital Hill for legislation that will provide assistance
to
both existing homeowners and first-time buyers --
MORRIS PLAINS, N.J. – At the start of the year, James M. Weichert, president and
founder of Weichert, Realtors®, one of the nation’s largest privately-held real
estate companies, called upon Congress to take action to stimulate the
struggling economy amid growing national concern.
Specifically,
Weichert proposed a tax credit for home buyers to rejuvenate the slowing
housing market. A little more than 6
months later, Weichert’s proposal has become policy as the Housing and Economic
Recovery Act of 2008 was signed in to law.
“I want to
commend Congress and the President for their quick passing of this important
legislation. I was particularly pleased to see that this bill included a tax
credit for homebuyers. This was something we knew was a critical component in
terms of our economic recovery and we lobbied hard, along with the National
Associations of REALTORS® and others, to make it a reality.”
The Housing
and Economic Recovery Act is expected to bolster the housing market – one of
the largest and most vital sectors of the overall economy - by providing added
incentives and opportunities for homebuyers.
The bill provides for a $7,500 tax credit for first-time homebuyers
while also permanently raising loan limits to increase buyers’ ability to get
the financing needed to purchase homes in higher-priced markets.
“The
passing of this legislation is great news, particularly for anyone thinking
about buying their first home,” said Weichert. “The current market already
presents a great opportunity for first-time buyers when you consider interest
rates remain historically low, home prices continue to be more affordable than
in recent years and there is a large supply of homes to choose from. Now with
the added incentive of a sizeable tax credit, it would be hard for me to resist
if I was a first-time buyer.”
The new
legislation also addresses several issues that have hampered the mortgage
industry for the past year and in turn had a negative impact on housing. The
recovery act will provide assistance for more than 400,000 homeowners at risk
of foreclosure to stabilize the housing supply. In addition, the housing bill
provides greater financial backing for Fannie Mae and Freddie Mac.
Weichert
feels all of these measures will help support the housing recovery already
under way in many parts of the country.
“Everything
I have seen the last few months is telling me that we are at the bottom of the
market right now. Pent-up demand for housing is real high. Our Web site traffic
is up. Our Open House traffic is up. In fact, this June we had our best sales
day in more than a year. This, coupled with the passing of the new housing
bill, only strengthens my belief that we are turning a corner to a better
housing market,” added Weichert.
Weichert
has nearly 18,000 sales associates in more than 500 company-owned and
franchised sales offices in key markets throughout the U.S. A family of full-service real estate and
financial services companies, Weichert helps customers buy and sell both
residential and commercial real estate, and streamlines the delivery of
mortgages and home and title insurance.
For more information, Weichert's customer service center can be reached
at 1-800-USA-SOLD or at Weichert's Web site, www.weichert.com. Each Weichert franchised office is
independently owned and operated.
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