For Immediate Release:
October 16, 2008

NEW JERSEY REALTORS^® CALL ON LAWMAKERS TO TAKE MORE STEPS TO STIMULATE THE STATE'S HOUSING MARKET

(Edison, NJ) New Jersey Association of REALTORS^® (NJAR^®) Executive Vice President Jarrod Grasso issued the following statement in reaction to Governor Corzine's economic address to a joint session of the New Jersey Legislature:

"The New Jersey Association of REALTORS^® (NJAR^®) appreciates that Governor Corzine, along with the Legislature, is taking steps to address the financial crisis facing our state. Governor Corzine certainly proposed several initiatives that are worth a second look. NJAR^® believes his proposal to offer mediation to troubled homeowners who either don't have the resources or understanding to navigate themselves out of the foreclosure has promise. After all, REALTORS^® want to ensure that people can afford to stay in their homes.

"While there were some sensible plans put forth by Governor Corzine, there was one glaring omission that requires attention. As we have seen on the national level, our economy rises and falls with the real estate industry. The real estate industry is a major economic engine fueling the overall financial health of New Jersey. According to the National Association of REALTORS^® it accounted for more than $97.2 million or 21.5 percent of the gross state product in 2006. When a home is sold in New Jersey, income generated from real estate related industries and additional expenditures such as furniture and appliances totals nearly $40,000.

"It is essential that New Jersey lawmakers support legislative remedies aimed at strengthening and boosting our state's real estate industry, which includes rolling back the recent increases to the realty transfer fee (RTF). Repealing the increases to the RTF that took place in 2003, 2004 and 2006 will help restore people's value in their homes and removes an impediment to businesses looking to buy property in the state.

"Furthermore, at a time when people are fearful of an unsteady economy, the state must take steps to lower property taxes. Reducing property taxes is a commonsense way to help people to afford to stay in their homes. Just this week, Monmouth University released a poll that showed the number one concern for New Jersey residents remains our state's onerous property tax system. Make no mistake, soaring property taxes have a lasting and crippling impact on the Garden State's housing market. We can no longer afford to just provide property tax relief, true reform is needed now."

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The New Jersey Association of REALTORS^®, with approximately 53,000 REALTOR^® and REALTOR-ASSOCIATE^® members, is one of the largest trade organizations in the state. NJAR^®'s membership is comprised of real estate professionals who subscribe to a strict Code of Ethics and are members of the national and local REALTOR^® organizations. As the leading advocate for the real estate industry and private property rights in New Jersey, NJAR^® is committed to protecting the dream of homeownership. For more information, please visit www.njar.com.

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Lauren Castellano
Media Coordinator
Phone: (732) 494-4709
Fax: (732) 404-8130
E-mail: lcastellano@njar.com

 

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Danielle Alpert
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Phone: (732) 494-4730
Fax: (732) 404-8127
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