Realtors Reccommend ... Realtors Support ... Charles McMillan
NAR, the Realtors Should NOT have a say in what the Governing Bodies Do. They Should Not get to support " the federal government's takeover of Fannie Mae and Freddie Mac ". NAR just wants money to flow and fast so that they can get back to work.
article below
A conversation with NAR leader Charles McMillan
National Association of Realtors President-elect Charles McMillan said he supported the federal government's takeover of Fannie Mae and Freddie Mac during an interview Monday.
McMillan, broker for Coldwell Banker Residential Brokerage, Dallas-Fort Worth, was in town for the annual convention of the Texas Association of Realtors, which runs through Thursday.
Here's more of what he had to say about the national and San Antonio housing markets:
Question: The federal government took over Fannie Mae and Freddie Mac. Did you think it was necessary in order for the real estate market to rebound?
Answer: We applaud this decision. We already note that confidence is being restored both domestically, in terms of the stock market, and as well as abroad. And we needed that confidence restored.
Q: We happen to be one of the states where numbers are low in terms of foreclosures; and in Texas, San Antonio has one of the lowest rates for foreclosure. What puts us in this better position?
A: One of the reasons is that we didn't have the insane run-up in prices during a short period of time. We've had a steady increase of 3 to 5 percent per year. Another thing, we learned from '91. The economy is more diversified and broad-based. At one time it was heavily dependent on oil and gas and defense contracting. If anything happened — a hiccup in either of those — the state would then suffer. We have a multiplicity of disciplines headquartered in San Antonio and throughout Texas, not only because of the weather but the educated work force. We have governance being business-friendly .... We have an influx of people coming in.
Q: When will home sales consistently begin to pick up?
A: It's expected that this will begin to happen throughout the latter half of 2009. There is an unknown variable: What impact the Fed's actions will have on the immediate future. (It) may come about a lot quicker. I was listening to economists this morning who were surmising that interest rates might lower for a while.
Q: Do you think it's necessary to have the federal government guaranteeing home mortgages as it is doing by now controlling Fannie and Freddie?
A: (The federal role) came about when private financing was not available. The need was accelerated when veterans came home from World War II after making $20 a month and did not have the 40 to 50 percent down, which was the standard. Even today, it is very helpful in allowing most people who would not otherwise have the opportunity to get at least one foot on the bottom rung of the housing ladder, the main source of wealth of most Americans today.
http://www.mysanantonio.com/business/local/
A_conversation_with_NAR_leader_Charles_McMillan.html
