We are still waiting to see what the trickle down effect will be of the $700 billion rescue bill that was passed and signed into law last Friday. NAR (National Association of Realtors) president Dick Gaylord made a statement thanking individuals who voiced their support of the bill saying that without the passage of the bill consumers would be in a very dismal situation right now. There was some debate in the real estate world as to whether it was a good thing to pass the bill or not but, the general consensus seemed to be in support of the bill even if it wasn’t truly perfected yet. The truth was that the bill needed to be passed quickly in order to stop any further meltdown of the financial industry and its leaders; procrastination would have only allowed the tailspin to progress further.
Gaylord went on to say that, “the needs of Main Street (will be) placed front and center.” The bill is anticipated to give the real estate market a needed boost of energy. As Gary Keller, head of Keller Williams Realty stated, “The market should regain some confidence, and since markets are built mainly on confidence, that’s no small thing. In fact it’s a huge thing and it’s imperative for the market to move forward. But beyond that, we have to wait and see.” Very true! Business is still moving forward in my office as we play the waiting game to see what the bigger impact will be for the real estate world but, I’d have to agree with the experts the Rescue Bill has at least pointed us in the right direction.
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