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On Friday, Sens. Shaheen (NH), Hagan (NC), Udall (CO), Udall (NM) and Begich (AR) called for their Senate colleagues to focus on housing in the American Recovery and Reinvestment Tax Act of 2009, S. 1, and to expand the home buyer tax credit through the end of 2009. In a letter to their colleagues, the senators noted that the housing industry has long been the engine that drives our economy and recommended extending the tax credit until the end of 2009 to encourage aspiring and qualified home buyers to come off the sidelines and significantly reduce the nation’s high housing inventory.

NAR agrees with and supports the senators’ actions and vows to work with Congress and the administration to establish strong housing legislation that will help bring stability to home values, prevent foreclosures and put the U.S. economy on the road to recovery.

NAR also announced its support for new legislation designed to ease loan modifications and improve refinancing options for America’s troubled homeowners by revamping the HOPE for Homeowners program. HOPE for Homeowners, was designed to help families refinance into safer, more affordable mortgages, in many cases helping those families avoid a devastating foreclosure. This is important legislation and we hope Congress will move forward with it. Stabilizing the housing market will help the nation’s economic future and H.R. 703, along with other stimulus bills being considered, will go a long way to help families keep their homes.

NAR continues its push to enact legislation that will help stabilize and stimulate the housing market. We will continue efforts on your behalf to press Congress and the new Administration to focus on housing recovery as they move forward. REALTORS know that America needs a common sense, straightforward plan to unlock the housing market and help the economy recovery.  NAR has a housing stimulus plan, and we are working harder than ever to give consumers -- and you -- relief from this crisis.