Press Release

Weichert Sees New Housing Bill Aiding an Already Improving Real Estate Market

-- 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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