There are a lot of things that the Federal Government could do to help improve the Housing Market. We as professional Realtors should insist that action be taken now. Some suggestions I have made:
1. Include Veterans and Active duty military to the dept. of HUD's Good Neighbor Next Door Program. This is the program that allows Police officers and Fire fighters to purchase HUD foreclosures at a discount. This would help reduce foreclosure inventories.
2. Allow withdrawal from Pension funds, IRA's, 401k's or other Retirement funds without penalty to prevent foreclosure of a home of themsleves or a relative. We could also allow withdrawal without penalty for use as a down payment for a home for a child or grandchild.
I made these suggestions to the National Association of Realtors & they are plannig to take these suggestions to Congress.
I encourage my fellow Realtors to contact the President and Members of Congress and make them aware of the seriousness of the declining housing market.
I am also interested in reading any suggestions
anyone else has to help solve this problem.