Improving the availability of credit and access to capital are essential to recovery in the real estate market. Addressing these challenges was the focus of the "Financing Real Estate for Tomorrow" session, part of the National Association of Realtors®' day long “Real Estate Summit: Advancing the U.S. Economy.”
“As the leading advocate for housing issues and homeownership, NAR knows that real estate is the road to economic recovery,” said NAR President-Elect Vicki Cox Golder. “It is vital for the health of both the residential and commercial real estate markets to improve the flow of credit, and we look forward to identifying paths toward a successful resolution of this current credit crisis."
In his keynote address to the attendees, former Federal Reserve Board Chairman Alan Greenspan identified two major problems confronting a housing recovery and ultimately an economic recovery in the near-term – falling home prices and increased inventory. Falling home prices decrease homeowners’ equity, and when mortgage debt exceeds equity, defaults increase. To exacerbate the problem, increased inventory of unsold single-family homes continues to depress prices.
For more information http://www.realtor.org/press_room/news_releases/2009/05/re_recovery
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