NAR commends Bush for stimulus bill

Following President Bush’s signing of the housing stimulus bill on July 30, NAR President Richard F. Gaylord released a statement:

“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.”

The key element of the bill is the temporary, $7,500 first-time homebuyer tax credit for the purchase of any home. The tax credit can be used for homes purchased between April 9, 2008 and July 1, 2009. It is expected to provide a significant financial incentive for homebuyers.The tax credit will stimulate home buying, reduce excess supply in housing markets and shore up home prices. Also part of the bill: a mortgage revenue bond program that gives states the ability to issue an additional $11 billion in mortgage revenue bonds, which will help strapped borrowers seeking to refinance their home loans. (With additional information from RISMedia.)

New agency forms available

The Agency Responsibility Act was recently signed into law. Effective July 1st, everyone will need to start using the new Agency Disclosure form. The new form contains a check box on limited services. If the box is checked, there will need to be an additional new limited service agreement form provided.

Download single Form K and Form Y here.

The new forms are also available from electronic vendor Zipforms; Form K is available for purchase through Nash Systems (517) 782-3905.

MCAR: For Metro Detroit REALTORS®

MCAR serves REALTORS® throughout southeast Michigan with a range of services that includes real estate sales training, political representation, grievance support and more. If you're looking for a REALTOR® association that meets all of your professional needs, look no further.

upcoming courses

Orientation August 27 from 9 am – 11 am at MCAR’s Troy location. More information. 20/20 Financing for Real Estate December 2-3 from 9 am – 5 pm at MCAR’s Troy location. More information. Continuing Education Sept. 10 from 9 am – 3:30 pm at MCAR’s Troy location. More information.

REALTOR® MARKET

MCAR’s online REALTOR® Market was designed to meet all your real estate needs. Looking for a sign rider, lockbox or SOLD stickers? Then check out the online REALTOR® Market and enjoy an entirely new way of shopping for success.

Events

REALTORS® Unite! 2008 Annual Membership Meeting The most important MCAR gathering of the year happens this November 12 at the San Marino Club in Troy. To register, call MCAR at (248) 879-5730 or e-mail us.