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Realtor group supports changes in legislature

POSTED: June 30, 2010 4:00 a.m.

On June 11, the National Association of Realtors expressed thanks on behalf of America’s homebuyers to three U.S. Senators for introducing a measure to extend the present homebuyer tax credit closing deadline to Sept. 30.

  

Those Senators were Majority Leader Harry Reid, D-Nev., Johnny Isakson, R-Ga., and Chris Dodd, D-Conn.

  

As the leading advocate for homeownership and housing issues, NAR commends these officials for their attentiveness and sensitivity to thousands of qualified home purchasers, who through no fault of their own, are not able to meet the closing deadline of June 30 for the homebuyer tax credit.

  

While our numbers have declined slightly in pending home sales, most believe it is from the expired tax credit.

  

After June 30, I would expect these could possibly decline further, however I do think the real estate market in our area will continue to have an impact for us and hope that we can look for an extension of the tax credit.

  

Statistics by top economists around the nation still show that we are in far better shape compared to three years ago.

  

New construction is coming back slowly, but is happening, which is a great sign.

  

Some of us are selling land and lots again, which is really a wow after the past couple of years.

  

Most of us are looking forward as our markets still seem to be looking up.

  

Unfortunately, the commercial market still seems to be struggling, which is the basis for much of the growth in the American industry and economy.

  

Having a stable and well-functioning commercial market is crucial to our nation’s economic recovery.

  

NAR supports changes that will boost lending to the commercial real estate and small business markets.

  

Currently, due to the slumping economy and falling commercial real estate values, many commercial banks have tightened their credit standards and reduced their loan volumes.

  

Credit unions have often filled this need in the past, but a business-lending cap of 12.25 percent of total assets hampers them.

  

NAR strongly supports HR 3380, “Promoting Lending to America’s Small Businesses Act,” which would increase the cap on credit union lending to 25 percent of total assets.

  

We are hopeful that some new lending changes and longer-term notes will come to help bring us back.

  

Below are statistics from Georgia and First Multiple List Services for May 17 to June 17.

  

Forsyth

  

• Number of sales: 244

  

• Average sales price: $249,319

  

• Sellers received about 95 percent of sales price versus list price

  

• Pending contracts: 351 

  

Dawson

  

• Number of sales: 29

  

• Average sale price: $253,346

  

• Sellers received about 93 percent of sales price versus list price

  

• Pending contracts: 37

  

Lumpkin

  

• Number of sales: 12

  

• Average sale price: $151,787

  

• Sellers received about 93 percent of sales price versus list price

  

• Pending contracts: 37

   

Missy Castleberry-Taylor is public relations director for 400 North Board of Realtors.

 

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