Weichert Takes Action to Stimulate the Nation's Housing Market and Economy
-- Leading real estate and financial
services company to propose tax credit for home buyers to Congress --
MORRIS PLAINS, N.J. –
Americans are growing uneasy with the state of the economy amid increasing
predictions of a recession from Wall Street firms and financial analysts. James M. Weichert, president and founder of
Weichert, Realtors®, one of the nation’s largest privately held real estate
companies, thinks it’s time to do something about it.
today announced that he intends to urge Congress to support and enact
legislation that would provide a tax credit for home buyers in an effort to
stimulate the economy. The real estate
and financial services company plans to work in concert with its Realtor and
economists have drawn a correlation between the real estate market, the largest
segment of the gross domestic product, and the overall economy. When the housing market is flourishing it
drives the economy. After the housing
sector stalled, we began seeing a negative ripple effect,” said Weichert. “To
me, the fastest and most logical way to economic recovery would be to provide
an incentive in the form of a tax credit to home buyers to re-energize the
housing market and in turn other sectors of the economy.”
proposal comes at a time when concern over the economy is high. According to a
CNN/Opinion Research Corporation poll released last month, Americans listed the
economy as their top issue in the 2008 presidential election.
unexpected emergence of the mortgage crisis in 2007, during an already
declining real estate market, has led analysts, businessmen and politicians to
put forth countless suggestions to stimulate the economy and help stave off a
recession. These plans have focused on rate freezes for adjustable-rate
mortgages, a moratorium on foreclosures and aid to existing homeowners who are
struggling to keep up with accelerating mortgage payments.
solution is unique in that it is one of the first to take a forward-thinking
approach and provide a way to assist future homebuyers while stimulating the
housing market, and as a result, the overall economy. Weichert believes that his proposed tax
credit for home buyers is the right solution at the right time because it would
provide an added incentive during an already strong buyer’s market.
Weichert, “I have been at the real estate business for a long time and one
thing that remains consistent are the factors that drive the housing
market. Mortgage rates are the lowest
they have been in more than two years, there is a healthy supply of homes to
choose from and sound financing remains available to qualified buyers. As far
as I am concerned, now is the right time to purchase a home, especially when
you factor in the proposed tax credit as well as the long-term investment
opportunities homeownership provides.”
has nearly 18,300 sales associates in over 520 company-owned and franchised
sales offices in key markets throughout the U.S. A family of full-service real estate and
financial services companies, Weichert helps customers buy and sell both
residential and commercial real estate, and streamlines the delivery of
mortgages and home and title insurance.
For more information, Weichert's customer service center can be reached
or at Weichert's Web site, www.weichert.com.
Each Weichert franchised office is independently owned and operated.