Orlando Real Estate News

WASHINGTON, May 12, 2009

 "We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment," Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development said today.

According to Donovan, the FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

 "I do think we have some early signs hat the market overall is stabilizing," said Donovan. "Since January we've seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate."

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said, "As the leading advocate for housing issues and homeownership, NAR continues to take a leadership role in promoting ideas for improving our economy by stabilizing the housing and real estate markets. Today we have the best of the best to begin a dialogue, develop solutions and initiate action toward real estate and economic recovery."

 "Right now the Federal Reserve is the market," said Jay Brinkman, chief economist for the Mortgage Bankers Association. "What will be the effect when the Fed stops buying?" Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.

"We must make sure FHA and the GSEs are supported," added the Wharton School's Susan Wachter.

"We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy," McMillan said. "We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond."

The real estate summit is part of the Realtors^® Midyear Legislative Meetings & Trade Expo here through Saturday. During the week, more than 8,500 Realtors^® will attend meetings, visit lawmakers and inspire action on Capitol Hill.

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