Realtors rally to 'protect the American Dream'
Industry group draws about 15,000 members to Washington, D.C., event to show support for the NAR's advocacy of housing policies.
More than 15,000 real-estate professionals descended on the Capitol in Washington, D.C., on Thursday for a "Rally to Protect the American Dream."
The event, organized by the National Association of Realtors, drew an additional 12,706 virtual participants on Twitter and other social media.
"The housing market was the beginning point of the spear going into the recession, and it will be the spear leading us out," Sen. Johnny Isakson, a Georgia Republican who is a real-estate agent, told U.S. News before the rally. "It's that gross domestic product that needs a boost, and it's housing that's going to take us from where we are to where we want to go."
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The rally is part of increased political activity by the NAR and other groups over proposals in Congress or before federal agencies that they fear will hurt the housing industry.
The National Association of Home Builders expressed its concerns with a new website, called Protect Home Ownership. The builder group is sponsoring local rallies around the country.
Among the issues that are raising the concern of real-estate professionals and builders:
- Rules requiring larger down payments on mortgages.
- Proposals in Congress to eliminate or limit the tax deduction on mortgage interest.
- Suggestions that the $500,000 exemption from capital gains tax for couples who sell their homes (it's $250,000 for single home sellers) be eliminated or curtailed.
- The future of the National Flood Insurance program.
- The future of Fannie Mae and Freddie Mac and the role of those government-supported entities in making mortgages available.
Screw the realtors. My realtor gave me **** because I made an offer to buy the house I was wanting to buy instead of paying what they wanted.
He said and I quote, "this is not a normal purchase usually they pay the asking price"
What a piece of ****.
In other words he did not have my insterests in hand he had his commision in mind period.
I told him I will make as many offers as it takes, until I am satisfied with the price. I do not give a **** what you want me to pay for it.
They do nothing but show you a house, which you don't need them for.
The inspector was paid off by him as well.
So I say screw the realtors.
The American dream? Or the 9% commission...?
I think that the home bubble burst a few years back because of the realtors' thirst for easy sales as pushed by a commission feeding frenzy. I really hope they learned that sour lesson and will do anything in their power to control themselves
"Rules requiring larger down payments on mortgages. "
This is a good thing. We got into the mess we're in because people could "BUY A HOME WITH NO MONEY DOWN!!" or just 3%. Real estate agents are looking after one group: Real estate agents.
"Proposals in Congress to eliminate or limit the tax deduction on mortgage interest. "
I'm for this too. Or at least modifying it. If I choose to invest my money somewhere other than a home, why don't I also get a fat tax deduction? Since when did buying a house become mandatory? We've already seen that it's not a good short-term investment, and I don't really know anyone who stays in one city for very long anymore.
"Suggestions that the $500,000 exemption from capital gains tax for couples who sell their homes (it's $250,000 for single home sellers) be eliminated or curtailed."
Again, if you invest, and you profit, you should pay taxes. Why are you special, just because your investment was a house? Also again, if I choose to rent, I get a $60 tax credit per year from California. $60. If I invest $100,000 in a mutual fund, and 5 years later it's at $200,000, I wouldn't be exempt from capital gains taxes. What makes a house a special investment? Remember, the taxes are only on the PROFIT of the home, not the whole value.
"The future of the National Flood Insurance program."
This one's a no-brainer. Get rid of it. Why on Earth would anyone need to buy flood insurance in Denver?
"Rally to Protect the American Dream"? The dream is gone. Destroyed by the price fixing and scams of the NAR, the financial institutions and our bureaucracy. They gather to create the new scams to steal from the common people. The people have lost faith, and the trust in our system, and once the trust is lost, it is gone forever. Real estate has become the worst investment (?) you can make. They gather in Washington to again sharpen the spear of financial ruin for their next victims. I see they raised 80 million for the payoffs.
About Teresa Mears
Teresa Mears is a veteran journalist who has been interested in houses since her father took her to tax auctions to carry the cash at age 10. A former editor of The Miami Herald's Home & Design section, she lives in South Florida where, in addition to writing about real estate, she publishes Miami on the Cheap to help her neighbors adjust to the loss of 60% of their property value.