For Immediate Release:
January 13, 2009

NEW JERSEY REALTORS^® RELEASE STATEMENT REACTING TO CORZINE'S STATE OF THE STATE ADDRESS

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

"It is evident the economy needs to remain our lawmakers' singular focus. While Governor Corzine and the Legislature took steps in recent months to stimulate the state's lagging economy, more focus needs to be put on revitalizing New Jersey's real estate industry. 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. When a home is sold in New Jersey it means job creation, more revenue for the state, and a better quality of life for our residents.

"Without a doubt, New Jersey's fiscal health is dependant on the stabilization and growth of the housing market. We are hopeful that our participation on the Real Estate Advisory Board will lead to legislative remedies aimed at strengthening and boosting this vital industry. NJAR^® eagerly awaits for the state budget process to get underway and stands ready to assist our elected officials with crafting policies that achieve this goal, including rolling back the recent increases to the realty transfer fee and truly reforming our property tax system. These extraordinary times require extraordinary action. Governor Corzine and the Legislature should not let this moment pass them by, they need to take bold steps to get our economy going again."

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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

For legislative related media inquiries contact:

Danielle Alpert
Government Relations Coordinator
Phone: (732) 494-4730
Fax: (732) 404-8127
E-mail: dalpert@njar.com