WASHINGTON, July 23 /EMWNews/ -- Today's passage of The

Housing and Economic Recovery Act of 2008 by the House of Representatives

will help bring stability to the housing market and stem the rising rate of

foreclosures, according to the National Association of Realtors(R).



    NAR thanked Chairman Barney Frank, D-Mass., and the House of

Representatives for their bipartisan efforts in getting H.R. 3221 passed.



    "Realtors(R) are in the business of building communities, and our 1.2

million members understand that this legislation will go a long way in

helping people buy and keep their homes," said NAR President Dick Gaylord,

a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. "We look

forward to prompt Senate action to finalize this bill, helping ensure that

every American who can afford to own a home and wants to do so will have

the opportunity and that everyone who responsibly owns a home is able to

keep it. This bill must get to the president quickly, and we urge him to

act immediately to sign it into law."



    NAR has expressed ongoing support for the major features in the housing

package. The legislation includes Federal Housing Administration

Modernization that will simplify and make FHA-backed mortgages more

available while helping thousands of families refinance existing mortgages

and keep their homes. Other important components of the bill that NAR

supports are reform of the government-sponsored enterprises (Fannie Mae and

Freddie Mac), permanent increases to both GSE and FHA loan limits, a

first-time home buyer tax credit and a program to expand FHA that would

allow more homeowners to refinance their mortgages.



    "The $7,500 tax credit for first-time home buyers is a needed stimulus

for a weak housing market," said Gaylord. "This bill would extend the tax

credit availability through June 2009, which would have a further positive

effect on the housing market."



    The National Association of Realtors(R), "The Voice for Real Estate,"

is America's largest trade association, representing 1.2 million members

involved in all aspects of the residential and commercial real estate

industries.



    Information about NAR is available at http://www.realtor.org. This and other

news releases are posted on the Web site's "News media" section in the NAR

Media Center.



    REALTOR(R) is a registered collective membership mark which may be used

only by real estate professionals who are members of the NATIONAL

ASSOCIATION OF REALTORS(R) and subscribe to its strict Code of Ethics. Not

all real estate agents are REALTORS(R). All REALTORS(R) are members of NAR.