WASHINGTON, July 30, 2008

The following is a statement by National Association of Realtors^® President Richard F. Gaylord:

“The National Association of Realtors^® and its 1.2 million members commend President George W. Bush for his quick action in signing the housing stimulus bill today. This legislation will go a long way to help stabilize the housing market and make the dream of homeownership more attainable for many Americans. In addition, more families will be able to refinance into safer, more affordable mortgages, in many cases helping those families avoid a devastating foreclosure.

“Congress presented the president with a comprehensive bipartisan bill that includes needed reform of Fannie Mae and Freddie Mac with improved oversight, FHA modernization, permanent increases in conforming and FHA loan limits, and a temporary tax credit for home buyers. These are all designed to help the housing and mortgage industries and boost the U.S. economy. We believe these goals are achievable and will benefit current and future homeowners alike.

“NAR has been a leading advocate for many of these changes long before the current housing and economic downturn. We are pleased that the president and Congress worked together to enact meaningful legislation that protects and enables families in this country to continue to strive for and enjoy the dream of homeownership.”