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For Immediate Release:
July 30, 2008
NJAR® REACTS TO THE PASSAGE OF THE NEW HOUSING BILL
(Edison, NJ)- New Jersey Association of REALTORS® (NJAR®) Executive Vice President Jarrod Grasso issued the following statement in reaction to the enactment of the Housing and Economic Recovery Act of 2008:
"The New Jersey Association of REALTORS® (NJAR®) is extremely pleased that the Housing and Economic Recovery Act of 2008 was signed into law today. This measure will certainly have a positive impact on families and the economy here in New Jersey. In fact, 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. Recognizing the real estate industry as an engine fueling our national and state economies, NJAR® has always been a strong advocate for the passage of any legislation that helps promote the dream of homeownership.
"The temporary first-time buyer tax credit is an especially important component of the legislation. With very low interest rates and a large inventory of homes available, New Jersey's real estate market favors first-time buyers. The tax credit provided through this measure will only help more buyers achieve homeownership by essentially providing to qualified buyers an interest free loan that can be used to offset costs associated with purchasing a home.
"In addition to the tax credit, NJAR® is pleased that the FHA and GSA conforming loan limits were permanently raised. In an area like New Jersey where home prices are higher, increased loan limits will help more New Jersey residents enter the real estate market. It will also help more people refinance into less expensive, more secure loans.
"NJAR® also supports the changes to the Veterans Home Loan Guaranty Program. The increased loan limits will enhance the program's
effectiveness. While the increases are only
temporary, it will provide more housing
options for New Jersey's veterans."
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The New Jersey Association of REALTORS® is a
non-profit organization serving the
professional needs of more than 53,000
REALTOR® and REALTOR-ASSOCIATE® members in
the state. REALTOR® is a registered
collective membership mark which may be used
only by real estate professionals who
subscribe to the REALTOR® organization's
strict Code of Ethics and are members of the
national, state and local REALTOR®
organizations. For more information, please
visit www.njar.com.
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