MAAR Brings Housing Market Concerns to Rep. Blackburn

Community, Governmental Affairs, Market Statistics/Performance 1 Comment »

On April 24th, U.S. Congresswoman Marsha Blackburn asked to meet with several members of MAAR to discuss the current housing market in Tennessee and how she could help in Congress.  MAAR President John Snyder, Governmental Affairs Director Aubrie Kobernus, several members of MAAR’s Governmental Affairs committee, and I were able to spend an hour talking frankly with the Congresswoman. We told her what we felt were the most important issues that needed to be addressed to help get our market improving at a faster rate.

We shared with her the importance of pending legislation to allow for lower down payments for FHA loans and risk-based pricing. Another discussion involved the type of information related to real estate markets that’s given to the media out of Washington. The concern we expressed is that they’re using information that basically covers ONLY those markets that are experiencing drastic price reductions. We asked that the representatives of the states that are not seeing the same type of problems be very loud and clear that this information doesn’t cover every market. As we all know quite well, real estate is a local issue that differs no matter where you are.

Other topics of discussion included:

  • Tax credits for the purchase of a home
  • The merits of a government bailout of the lenders that have bought these bad loans
  • Possible legal action against lenders who fraudulently made these loans

It was a great discussion in an hour’s time and we’re hopeful Ms. Blackburn will take some of our ideas back to Washington. We’ll have a chance to reiterate these points in our visits with other Tennessee representatives during the NAR Midyear Legislative Meetings in Washington May 12-17.

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