Later this week, the Treasury Department will be issuing a report with recommended changes to the structure of Fannie Mae and Freddie Mac.  This is the culmination of  a long debate over what the government’s role in housing should be.  According to statistics from the National Association of Realtors the following facts are relevant to this discussion:

• For every additional 1,000 home sales, about 500 jobs are added to the economy.  Those are real jobs that give our families, friends and neighbors a chance to work.
• Every home purchase pumps $60,000 into the economy.
• Housing accounts for more than 15 percent of the national gross domestic product.
• Home owners pay 80 to 90 percent of ALL federal income taxes.

The National Association of Realtors  will be asking lawmakers to :

• Preserve the mortgage interest deduction at current levels.
• Move the credit pendulum to equilibrium, defined by a median credit score of 720.
• Maintain government backing in the mortgage market as part of GSE Reform.

Food for thought in a time when the economy desperately needs to give housing a jump start!