Realogy Corp., a global provider of real estate and relocation services, says it has approached the U.S. Department of Treasury with a practical solution designed to help stimulate the housing market and lead to a broader economic recovery.
The company also conducted separate national surveys with its real estate franchisees and U.S. homeowners, the results of which underscore the rationale behind its proposal.
Realogy's proposal calls for a short-term government buy-down of mortgage rates to at least 4.5% or lower, for a 30-year fixed-rate mortgage (down from current rates of approximately 6.04%). This homebuyer incentive would apply to the purchase of all new and existing homes sold up to $1 million.
Source: Realogy