While the U.S. awaits an administrative transition in the Executive Branch, the president-elect has promised economic reform, tax reform, healthcare reform and credit reform. While this seems like a daunting task for any presidential administration the fervor and tenacity of president-elect Obama's administration mixed with high public approval sparks hope among economic experts.
The National Association of Realtors has taken interest with the new president calling on him to work on "confidence-building" with the U.S. public. The National Association of Realtors perceives a lot of real estate problems have come from a lack of confidence that the economy will recover. They also want to call to the attention of the Obama administration that fixing the housing crisis is a pivotal part of fixing the economy. National Association of Realtors' President McMillan said, "The housing sector is a t the core of the current economic crisis and a renewed, revitalized and robust housing market is essential to generating commerce and helping families build wealth".
McMillan also hoped to familiarize the Obama Administration with the National Association of Realtors plan for real estate market recovery which would make mortgage products and methods more available and stimulate real estate investments. The National Association of Realtors also wants to "get TARP back on track...". TARP (Troubled Asset Relief Plan) uses funds for relief to lower mortgage rates thus creating fewer foreclosures.
The Barack Administration certainly has a lot of work ahead of it. But with the support of organizations like the NAR hopefully they can fix the market sooner than later.
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