Coldwell Banker Leaders Meet Legistators on Capitol Hill

COLDWELL BANKER^® “LEGISLATIVE WEEK” HAS REAL ESTATE LEADERS MEETING WITH FEDERAL GOVERNMENT REPRESENTATIVES IN HOME DISTRICTS NATIONWIDE

Coldwell Banker Brokers and Management Push for New Legislation To Remedy Housing Market; Coldwell Banker Real Estate CEO To Share Feedback On Capitol Hill Next Week

PARSIPPANY, NJ – May 28, 2009 – Coldwell Banker^® “Legislative Week” is underway with a coordinated national grassroots effort that has the brand’s network of local brokers and franchisees communicating directly with their U.S. Senators and Congressional delegates on what can be done to help the housing market.
 
United States Senate and Congressional representatives are working from their home district offices this week, which enabled Coldwell Banker broker/owners and managers to make local visits with their elected officials. This massive outreach will be followed by Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC, visiting with key legislators on Capitol Hill June 2-3.

Gillespie, who will meet with top housing influencers, will provide feedback from Coldwell Banker “Legislative Week” and call for an expansion of the current tax credit from first-time home buyers only to all buyers of primary residences and an increase in the amount of the tax credit from $8,000 to $15,000.

“While there have been some reports that the housing market is improving on a national level, Coldwell Banker has affiliated companies in all 50 states and our brokers are reporting that the move-up buyer just is not there.  Most of the sales activity is first-time home buyers and investors taking advantage of distressed sales. Even with lower prices, historically low mortgage rates and increased inventory, the needle is not moving.  That is the reason why we need further incentives.”

“We applaud the government’s current initiatives which address foreclosures and the $8,000 first-time homebuyer tax credit, but our legislators can do more,” Gillespie said.  “In the early 1970s it took similar government activity to impact housing and the need is similar today.   Stimulating the housing market will have a widespread positive effect on the economy because every home sold generates $63,000 into the local economy according to the National Association of Realtors.”

Gillespie applauded the efforts of those participating in Coldwell Banker “Legislative Week. 

“I am so proud of our Coldwell Banker affiliates who have mobilized during our “Legislative Week” and are asking their elected officials to take action,” Gillespie continued.  “The real estate market has led the country out of every recession and this time will likely be no different.  Unfortunately our elected leaders who talk about the need to stimulate housing thus far have not done enough.  These are uncharted waters and housing is critical to our nation’s economic health.”

About Coldwell Banker®
Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine's prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,500 residential real estate offices and approximately 100,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge ® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.