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NAR: US housing sector needs confidence injection

Obama 08
Creative Commons License photo credit: bryanwright5@rocketmail.com

America’s incoming president needs to first work on confidence-building to help the US housing market, industry leaders have said.

Real estate group the National Association of Realtors (NAR) said Barack Obama would need to focus on the likes of mortgage lending and the foreclosure phenomenon.

NAR president Charles McMillan addressed the House Financial Services Committee earlier this week, outlining the challenges faced by the real estate market.

He gave approval to the ‘TARP’ Reform and Accountability Act, which was introduced last week.

Mr McMillan said:

“The housing sector is at the core of the current economic crisis and a renewed, revitalised and robust housing market is essential to generating commerce and helping families build wealth.”

He also outlined NAR’s proposed real estate recovery plan, which includes efforts to improve the availability of mortgage products and methods to stimulate housing investment.

Mr McMillan added:

“It is imperative to get TARP back on track by targeting funds for mortgage relief, which will help lower mortgage rates and reduce foreclosures.”

TARP, or Troubled Asset Relief Plan, is a scheme devised by officials to tackle the subprime mortgage crisis.

NAR has previously warned the US housing market is currently “clogged” because even buyers with good credit are struggling to get a mortgage.

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