Together we will weather this economic storm

Many of our senior members have commented on the current real estate market down-turn and weak economy noting that they have never seen anything like it before. More bad economic news seems to be announced daily by the media. Unfortunately, the constant negativity has a cumulative impact on consumer's psyche. Consumers reduce spending based on uncertainty and fear which leads to weak retail sales and layoffs. The raising of taxes and fees during a recession will only prolong it. This downward spiral must stop. The National Association of Realtors (NAR) has proposed a Four Point Plan to get the economy back on track and must be included in any additional stimulus effort in order to boost the economy and stabilize real estate markets. We know that the current economic crisis is the result of problems in our nation's housing and mortgage markets. Housing has always lifted our economy out of past economic downturns. Immediate action is imperative to foster a housing recovery that historically leads any overall economic recovery. The most recent economic stimulus bill, the Emergency Economic Stabilization Act was an important first step towards stabilizing our nation's economy. Unfortunately, a number of the act's provisions have not proven to be as useful at stabilizing the nation's housing markets. Many members lament that credit markets are frozen and banks are not making mortgages. Congress may consider a second economic stimulus bill soon. There are a number of changes that go a long way to help provide more stability to the nation's real estate markets necessary for recovery. NAR has urged Congress to include the following provisions in any future legislation: * Make the $7,500 tax credit available to all purchasers and eliminate the repayment requirement. The credit's limited availability and required repayment terms have severely limited the credit's appeal to potential homebuyers. As a result, the credit has not been widely used or proven effective at stimulating sales. * Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 would significantly reduce the FHA, Fannie Mae and Freddie Mac loan limit from their 2008 levels. Now is not the time to limit the availability of affordable mortgages. * Get the Emergency Treasury bank relief program back on track by targeting more funds to mortgage relief efforts and increasing efforts to mitigate foreclosures. Don't just give the banks unrestricted cash.Make the program work to improve mortgage and housing markets as it was originally intended. * Permanently bar banks and banking conglomerates from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply properly manage their current lines of business. Do we really want them to manage the home buying process? Imagine what could have been the situation now if they already had the added ability to engage in real estate sales. During "hot" markets, generating business and closing deals is easy. Membership is now more important in this economy. I strongly recommend active membership in the Bronx-Manhattan North Association of Realtors. You never know where your next big deal is going to come from. I can personally attest to the professionalism, fine character and incredible individuals serving in leadership, the Board of Governors, and on committees of this prestigious association. The organization has a rich history marked by a culture of inclusiveness, dynamic and successful individuals open to network and share their successes in the business. The fact that many of our members cross generational lines which includes 3rd and 4th generation of continued membership is a tribute to the success of the organization and valuable services, programs or networking opportunities sponsored. The current real estate market and large inventory of available properties for sale will benefit Realtor Multiple Listing Services (MLS) in Manhattan and the Bronx. It makes a lot more sense to co-broke to close more deals instead of sitting on listings. MLS is without question the best way for residential brokerage companies to close more deals and be competitive. Of course, Realtor and MLS membership is a pre-requisite. MLS membership includes free unlimited listings featured on www.Realtor.com and other Internet sites; no charge for the first 15 MLS member agents with unlimited access 24 hours per day. BMAR Realtor associate dues are also the lowest in the metropolitan region. Realtor.com continues to be the #1 Internet site with millions of visitors worldwide. BMAR is composed of a broad base of professionals including licensed real estate brokers and agents; multi-dwelling property owners; building service vendors and suppliers; unlicensed property managers; attorneys; appraisers; banks; mortgage companies; fuel service and energy companies; title and abstract companies; insurance companies and insurance brokers; contractors and other companies servicing the real estate community. BMAR is a professional trade association officially representing the real estate industry since 1924 and is the local chapter for the New York State and National Association of Realtors. The association sponsors a wide range of programs and services for all professionals to maintain a competitive advantage. For more information call (212) 242-4343; (718) 892-3000 or email: [email protected]. Nunzio Del Greco, RCE, is the CEO of the Bronx-Manhattan North Association of Realtors, Bronx, N.Y.