What Do REALTORS Do?

Here is a quick example of what your REALTORS do for the homeowners in the State of Wisconsin. The REALTORS lobby just defeated a proposal that would allow assessors to trespass on your property without your permission to conduct their assessments. These are just a few of the examples that your REALTOR community does on behalf of all homeowners, whether you are or are not selling your home.

Last year the REALTORS also defeated a proposal by Gov. Doyle to increase the state transfer fee from $3/1000 to almost $6/1000. This is a fee that is paid by the seller at the time of closing. Most homeowners do not care about this fee until it is time to sell their home. As REALTORS we know that this grab for extra dollars was particularly unfair. We successfully defeated this measure for you!

What Will Ben Do?

The FOMC is set to meet very shortly and Ben Bernake, the chairman of the Fed, is expected to reduce the Fed Funds Rate 3/4 of a point. Some bets are now on a full 1 percentage point drop. The infusion of cash to the banking system this week was seen by Wall Street as a good sign and stocks rallied for a day. However if the news continues to, regarding the financial markets, be dire, some analysts conclude that Mr. Bernake must reduce the Fed rate by at least that 3/4 mark. With the upcoming election and a continuing sag in the credit markets some now are hinting that Bernake has a 59% chance of keeping his job. This is the worst thing that could happen. The minute the Fed is politicized we are all in deep trouble. For years Greenspan was free from populist pressure and Mr. Bernake should be free from that as well--Republican or Democratic. Monetary policy should never be governed by the 'flavor of the day' sentiment of a politician. If you are old enough you will remember the failed price controls of the 70's under Richard Nixon. Let's all hope that Mr. Bernake and the Fed governors next rate reduction is enough to provide some stability in the credit markets.