NAR Commends Federal Reserve Board on Timely Interest Rate Cut

WASHINGTON, Jan. 22 /PRNewswire-USNewswire/ -- The following is a statement by
Lawrence Yun, chief economist of the National Association of Realtors(R), on
today's action by the Federal Reserve Board.

Today's 75-basis-point cut in the Fed funds rate to 3.50 percent is a very
good step in the right direction to boost the economy and send a clear message
to both the market and to consumers. This strong rate cut will help lower
mortgage interest rates and lessen the burden of adjustable-rate loans that
are resetting in the current environment. It also could help stimulate
business investment in the wake of market uncertainties. We commend the
Federal Reserve Board on its bold action, but at the same time we urge it to
keep a close watch to see if additional action is needed.

The National Association of Realtors(R), "The Voice for Real Estate," is
America's largest trade association, representing more than 1.3 million
members involved in all aspects of the residential and commercial real estate
industries.

Information about NAR is available at www.realtor.org. This statement and news
releases are posted in the News Media section. Statistical data, charts and
surveys also may be found by clicking on Research.

REALTOR(R) is a registered collective membership mark which may be used only
by real estate professionals who are members of the NATIONAL ASSOCIATION OF
REALTORS and subscribe to its strict Code of Ethics. Not all real estate
agents are REALTORS. All REALTORS are members of NAR.

SOURCE National Association of Realtors

Walter Molony of the National Association of Realtors, +1-202-383-1177,
wmolony@realtors.org