Realogy Corporation, a real estate and relocation services firm, is asking President Obama to call on housing industry leaders to join a White House Summit on Housing to discus potential ways to stimulate growth in the housing market.
In a formal request sent by Realogy CEO Richard Smith, the firm suggests that the impact the housing market has on the nation's GDP and overall economy warrants special attention from the White House.
“The key to the proposed White House Summit on Housing would be its emphasis on bringing together real estate business leaders to make actionable recommendations designed to stimulate the growth necessary for a sustained recovery in housing," Smith said, "Which would have an ensuing positive effect on job creation and the broader U.S. economy.”
The request suggests that the administration has not sought the counsel of business leaders from residential brokerages, real estate franchisors, home builders, mortgage lenders and other related industry groups in exploring practical ways to address the stagnant growth in the housing markets.
In urging the President to consider the perspective from those with the most direct experience within the markets, Smith concluded, "Your leadership on this issue would bring together the top business minds of the residential real estate industry at a time when practical business experience may very well offer the guidance necessary to stimulate housing, and thus the U.S. economy.”