NAR's Midyear Legislative Meetings were held in Washington, D.C. from May 10-15th. Attached are notes from the various sessions I attended, and here are a few sound-bites:
From David Stevens, FHA Commissioner: Will the tax credit be extended? No. We will see significant issues from the commercial market situation that will impact our shaky recovery.
From the Real Estate Symposium REALTOR Town Hall Meeting: The market is now fragile, precarious. Real estate is still on life support from the government, but the government is starting to pull the tubes. It's a test.
There's a disconnect when the federal government gives an $8,000 tax credit - tax payers are paying for it. Political obligations are part of what got us into trouble in the first place. We're delaying getting down to where we need to be to allow a natural flow of buyers getting into the market.
From Challenges and Solutions to Strengthening U.S. and Global Capital Markets: HAMP is really just foreclosure delay. Letting dead bodies pile up outside the morgue doesn't mean they're alive.
From Lawrence Yun, Chief Economist for NAR: After the tax credit we need job creation. We need household formation. We need mobility and we need jumbo loans.
Dr. Mark Zandi, Moody's: House prices aren't going anywhere quickly. There will be further price weakness over the next 6-12 months due to foreclosures.
From the Regional Caucus, Region 1. 2018 NAR conference will be in Boston.
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