Realogy calls for housing summit

Realogy, a provider of real estate and relocation services, has formally requested that President Obama and his administration call a White House Summit meeting regarding the housing crisis. Realogy CEO Richard Smith believes the summit could unite real estate business leaders to brainstorm ways to stimulate the housing market.

According to Smith, the housing market has an impact on the nation's GDP, and once the market is strong again it will positively effect job creation as well. Smith expects leaders in the real estate market to provide the necessary insight and recommendations to turn the housing crisis around.

"We believe that frontline business operators from the residential real estate industry would add a valuable perspective to the process, and this summit would give the Administration the benefit of unfiltered, real-time market feedback from business leaders who are residential brokerage operators, real estate franchisors, homebuilders, mortgage lenders and other related industry groups," Smith said.

The groups Smith recommends collaborating with are in support of fewer restrictions on mortgage securitization and extending the high-cost loan limits set to expire on October 1st. Smith told The Wall Street Journal that the summit should focus on accelerating foreclosures on vacant homes rather than discuss new modification programs.

"The sooner that vacant home that's in foreclosure is purchased and capital is back into the marketplace, the sooner you start seeing a housing recovery," Smith told the news source.

More News