Archive for the ‘Charles McMillan’ Category

Tax Credit

By Intero Real Estate | September 17th, 2009 0 Comments

National Association of Realtors® urging tax credit extension

The National Association of Realtors® is urging Congress to extend the homebuyer tax credit through next year and make it available to more homeowners. The credit is set to expire Nov. 30th.

More than 1.2 million new home buyers have taken advantage of the $8,000 first-time tax credit, NAR says, and it estimates that 350,000 of them would not have bought a home if the tax credit had not been in place. 

"We have all seen how the credit has been a spur to bring homebuyers in the housing market," said NAR President Charles McMillan.

McMillan said the credit needs to be available for more time "to sustain the progress that’s been made so we can continue to see our markets fully recover. Uncertainty about the future of the credit will dampen consumer demand."  

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Housing Market

By Intero Real Estate | February 19th, 2009 0 Comments

Homeowner and Stability Affordability Plan praised

President Obama’s plan to help the housing market drew praise this week.

“The administration’s proposed plan, combined with provisions like the $8,000 first-time home buyer tax credit in the just-enacted American Recovery and Reinvestment Act, will help minimize foreclosures, shrink housing inventory, stabilize home values and move the country closer to an economic recovery,” said Charles McMillan, president of the National Association of Realtors®.

The Obama administration outlines the following as key components of the plan:

  • Refinancing for up to 4 to 5 million homeowners to make their mortgages more affordable.
  • A $75 billion homeowner stability initiative to reach up to 3 to 4 million at-risk homeowners.
  • Supporting low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac.

John A. Courson, president of the Mortgage Bankers Association, also had praise for the effort, noting “it provides crucial refinance opportunities to borrowers whose mortgages are held or guaranteed by Fannie Mae or Freddie Mac.”

However, he noted the association had some concerns. Specifically, he said the plan doesn’t seem to offer much help to borrowers whose loan exceeds their property value by more than 5 percent.

“This will limit the plan’s success in some of the hardest hit areas in California, Florida, Nevada and Arizona, as well as some areas on the East Coast,” Courson said. 

You can find the executive summary of the plan here.  

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New Leadership

By Intero Real Estate | January 22nd, 2009 0 Comments

NAR welcomes President Obama and his administration

The National Association of Realtors® is welcoming President Obama and his administration, and pledge to work with him to stabilize the U.S. housing market.

“We welcome President Obama’s efforts on foreclosure prevention and agree that addressing rising foreclosures and strengthening existing home sales and housing initiatives are critical components to a housing and economic recovery,” NAR President Charles McMillan said.

McMillan says NAR will continue its focus on policies that will help get buyers into the market to reduce inventory and stabilize home prices. “This is the only way to successfully improve and sustain the housing market and the nation’s economy,” McMillan.

McMillan this month also said NAR is pleased that Congress is working to ensure that any additional Troubled Asset Relief Program initiatives or economic stimulus package include provisions that will stimulate home sales, prevent foreclosures and restore conidence in the housing market. 

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Economic Rescue

By Intero Real Estate | December 11th, 2008 0 Comments

NAR presses Congress on housing stimulus package

The National Association of REALTORS® this week sent Congress a letter urging it to pass a housing stimulus package to help stabilize the housing market.

“As home values continue to decrease in many markets and job losses escalate, homeowners needing to refinance their mortgage or sell their home are left with few options and are sometimes forced to walk away from their mortgage responsibilities,” NAR President Charles McMillan said.

NAR says a federal mortgage interest buy-down program is needed. The program, NAR says, should come from the Treasury Department’s Troubled Asset Relief Program. McMillan says that the buy-down program would offer an incentive for people to buy homes and that would reduce the number of houses on the market. That would make home values more stable, ease foreclosure pressure and increase home sales activity, McMillan says.

NAR also has pushed the federal government to make sure that safe and affordable mortgages are available for homeowners. And, it has advocated that a $7,500 tax credit for first-time homebuyers be extended to all homebuyers. 

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New Leadership

By Intero Real Estate | November 20th, 2008 0 Comments

NAR, C.A.R. have new leaders for 2009

There is new leadership at the National Association of REALTORS® and the California Association of REALTORS®.

Charles McMillan, who’s been a REALTOR® for more than 20 years, is the 2009 NAR president. He is also the director of realty relations and broker of record for Coldwell Banker Residential Brokerage, Dallas-Fort Worth.

McMillan was NAR 2008 president-elect, and was the first vice president in 2007. He also served as the Texas Association of REALTORS® president in 1998.

In a speech at a NAR leadership summit in August, McMillan spoke about change, warning, “if you are not ready and willing to address change, you will not succeed.” He also said that leaders must be able to distinguish short-term change and real progress. McMillan’s final point was this: “I believe all change starts at the individual level. It cannot be forced on an organization, each and every member is responsible for doing their part.”

Meanwhile, James Liptak, a broker with Country Real Estate in Paso Robles, is the 2009 C.A.R. president. Liptak is also president of James & Sydney Liptak Inc.

In a story in California Real Estate Magazine, Liptak says he wants to be C.A.R. president because “This is the most successful real estate organization in the world. … We’re the largest state trade association in the country, and we’re the best. It’s like standing on top of Mount Everest. You’re looking at the rest of the world, and you’re looking at it from a very advantageous viewpoint.”

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Election Reaction

By Intero Real Estate | November 7th, 2008 0 Comments

NAR: We’re in a good place

REALTORS@ are “in a good place,” 2009 National Association of REALTORS® President Charles McMillan says following  Sen. Barack Obama’s win in the presidential election and gains made by Democrats in U.S. House and Senate races.

“REALTORS® are excited by this historic election and stand ready to work with our new president and the new Congress on issues that are at the heart of the American dream of homeownership,” McMillan said this week.

NAR says the availability of affordable mortgage financing and affordable health insurance are at the top of REALTORS® priority lists. Those issues, NAR says, are also priorities for Democrats and Republicans.

The REALTORS® Political Action Committee helped more than 400 candidates, with a little more than of half of the money going to Democrats.

On its Web site this week, NAR highlights a few REALTOR® wins in Congress, including Rep. Jerry McNerney, a Democrat from California who “played a key role in Congress to increase conforming loan limits.”

“Rep. McNerney made his mark quickly as a strong advocate for FHA reform, the home buyer tax credit, and expanded homeownership opportunities for veterans,” says NAR Chief Lobbyist Jerry Giovaniello.

Click here for the full story.

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