As the government shutdown shows no sign of lifting, NAR has been keeping track of how it is affecting the housing industry. A clearinghouse of information is available on REALTOR.org: http://www.realtor.org/articles/government-shutdown-updates. This page is being updated regularly as we learn more about the various programs being affected by the shutdown.
As a private citizen, you should take the opportunity to contact your Member of Congress and ask them to come to a compromise to end the stalemate. Continued inaction only serves to further damage our country’s fragile economy.
Why the US Must Increase the Debt Ceiling: US Treasury Secretary Jack Lew has indicated that the country will default on its debts if the borrowing authority is not increased by Thursday, October 17. The effect of a default could be catastrophic to the US economy and have a large impact on housing. NAR Chief Economist, Lawrence Yun took a few minutes to describe what would happen. His video, and additional information, can also be found on REALTOR.org: http://bit.ly/17ZT5eN
NAR Testifies on Debt Ceiling Default: On October 10, NAR President Gary Thomas testified before the Senate Committee on Banking, Housing and Urban Affairs. He called on Congress to raise the debt limit in a timely manner to avoid the consequences of a severe recession that would erase gains in the housing recovery.
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