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A MESSAGE FROM OUR BROKER COUNCIL PRESIDENT
Harold Chappell ~ Broker Council President
Broker/Owner REALTY WORLD-CAPE FEAR
1113-A Military Cutoff Road
Wilmington, NC 28405
Office: 910-256-3528
harold.chappell@realtyworld.com
As I write this article this month there is a new proposal before Congress that needs to be added
to the new proposed stimulus bill. It is called “Fix Housing First”. In any past recession, housing
has led the way to recovery and I don’t believe it will be any different this time. It is important
now, more than ever, to get buyers comfortable purchasing in our current environment. We have
seen mortgage rates fall in recent weeks, but that alone is not enough to get us where we need
to be on the housing front. I have highlighted some of the very important aspects of this proposal
so you can judge for yourself...
��The Federal government would offer a tax credit of between $10,000 and $22,000
(depending on locale) to anyone closing on the purchase of a home, new or resale, if
closing occurs by 12/31/09. The credit would not have to be repaid which, as you
know, is a major improvement from the current credit of $7500 which must be repaid.
��The government would provide a federally subsidized 30-year fixed rate mortgage of
2.99% on all home purchases closing by 6/30/09. For the second half of ‘09 that rate
would go to 3.99%.
We have seen little effect from the billions of dollars that have been spent to date, but I am sure
you will agree the above two actions would go a long way toward fixing our housing problem. If
you want to let Congress know how you feel please go to www.fixhousingfirst.com. There you
will find an icon on the right-hand side of the home page “Tell Congress Now”. You will then be
directed onto the Legislative Action Center page where you will click the :”Take Action” button.
You will then see two key sections - “Compose Message” and “Sender Information”. Follow the
instructions and you can count yourself as part of the solution.
Please do this simple task today and encourage your other realtor friends, vendors, family and
associates to join you in asking Congress to FIX HOUSING FIRST.
Thanks,
Harold
My Documents\RWTC\Newsletters\2009\January 2009
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