Realtors(R) Hail Housing Bill

WASHINGTON, July 23 /PRNewswire-USNewswire/ -- Today's passage of The Housing
and Economic Recovery Act of 2008 by the House of Representatives will help
bring stability to the housing market and stem the rising rate of
foreclosures, according to the National Association of Realtors(R).

NAR thanked Chairman Barney Frank, D-Mass., and the House of Representatives
for their bipartisan efforts in getting H.R. 3221 passed.

"Realtors(R) are in the business of building communities, and our 1.2 million
members understand that this legislation will go a long way in helping people
buy and keep their homes," said NAR President Dick Gaylord, a broker with
RE/MAX Real Estate Specialists in Long Beach, Calif. "We look forward to
prompt Senate action to finalize this bill, helping ensure that every American
who can afford to own a home and wants to do so will have the opportunity and
that everyone who responsibly owns a home is able to keep it. This bill must
get to the president quickly, and we urge him to act immediately to sign it
into law."

NAR has expressed ongoing support for the major features in the housing
package. The legislation includes Federal Housing Administration Modernization
that will simplify and make FHA-backed mortgages more available while helping
thousands of families refinance existing mortgages and keep their homes. Other
important components of the bill that NAR supports are reform of the
government-sponsored enterprises (Fannie Mae and Freddie Mac), permanent
increases to both GSE and FHA loan limits, a first-time home buyer tax credit
and a program to expand FHA that would allow more homeowners to refinance
their mortgages.

"The $7,500 tax credit for first-time home buyers is a needed stimulus for a
weak housing market," said Gaylord. "This bill would extend the tax credit
availability through June 2009, which would have a further positive effect on
the housing market."

The National Association of Realtors(R), "The Voice for Real Estate," is
America's largest trade association, representing 1.2 million members involved
in all aspects of the residential and commercial real estate industries.

Information about NAR is available at www.realtor.org. This and other news
releases are posted on the Web site's "News media" section in the NAR Media
Center.

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(R) and subscribe to its strict Code of Ethics. Not all real estate
agents are REALTORS(R). All REALTORS(R) are members of NAR.

SOURCE National Association of Realtors

Mary Trupo of NAR, +1-202-383-1007, mtrupo@realtors.org