If you’re able, please come by the Manchester Hyatt at 7 a.m. on Friday, Nov. 13, head to Douglas Pavilion A in the Ground Level and start your day with a continental breakfast.

Also on Friday, NAR Region 9 (Arkansas, Kansas, Missouri and Oklahoma) is hosting a reception from 5:30 p.m. to 7 p.m. at the Marriott Hotel & Marina in the Seaview Room. Please stop by if you have time.

If you need me for anything during the convention, please feel free to call or text me at (501)622-8604.

See you in San Diego!

The measure was approved by the Senate on Wednesday, cleared the House on Thursday and was signed into law by President Barack Obama on Friday.

It’s worth mentioning that Realtors® played a significant role in getting this new credit passed by Congress. Realtors® throughout the nation answered the NAR’s Call to Action, thus communicating their concerns over this issue directly to their senators and representatives. In Arkansas, I’m proud to report that the response rate from our Realtors® was 26 percent or better — that’s a strong showing, folks.

To be sure, the new tax credit is quite a bit different from the current one. Click here to download a chart from NAR comparing those differences and here to listen to a podcast from NAR President Charles McMillan about the tax credit and how important it is to the still-recovering economy (the script for that podcast is located here).

I’m sure that my fellow members are like me in that they are thrilled to see the new tax credit pass. How’s that for some good news heading into a weekend?

The most significant change to the tax credit is that it allows up to $6,500 for existing home buyers purchasing homes. For details on the new credit, click here to see the post on the Arkansas Realtors® Association blog.

According to the National Association of Realtors®, the current credit has caused around 350,000 people to purchase homes who wouldn’t have bought them otherwise. That credit is set to expire on Nov. 30. The new one, if passed, will expire on April 30 — all buyers wanting to take advantage of the credit must have homes under contract by then and close by June 30.

The Senate bill will go before the House next, so this may be an opportune time for Arkansas Realtors® to get in touch with their representatives and encourage them to vote for the new tax credit. According to the NAR, the credit is vital to the still-recovering housing markets across the nation. Here is the contact information for Arkansas’ congressional delegation:

* District 1 — Marion Berry (D). Phone = (202)225-4076; fax = (202)225-5602
* District 2 — Vic Snyder (D). Phone = (202)225-2506; fax = (202)225-5903
* District 3 — John Boozman (R). Phone = (202)225-4301; fax = (202)225-5713
* District 4 — Mike Ross (D). Phone = (202)225-3772; fax = (202)225-1314

UPDATE

The Arkansas Realtors® Association reported the credit has passed the House. Click here for details.

While it’s probably not necessary to remind everyone about the impact the tax credit has had this year on our housing markets, I would like to mention a couple of things about it. According to the NAR, close to half of potential home buyers are first-timers wanting to both fulfill the American dream of owning a home and take advantage of a very generous tax credit.

Furthermore, we have seen sales in Arkansas improve dramatically this year and the tax credit has played a large part in that growth. I know for a fact that Realtors® in other states have seen the same thing. Our markets are recovering and this is not the time to cut off a solid government program that has helped greatly in that regard. Simply put, if housing markets are struggling, that’s a sure sign that the overall economy is troubled. That tax credit, then, is critical to the economic improvement that this nation needs.

If you haven’t yet responded to the call to action, I strongly encourage you to click here to go to the NAR’s Realtor® Action Center to make sure your voice is heard on this issue. The site is set up so that non-Realtors®, too, can participate and ask Congress to extend the tax credit. The ARA has also posted quite a bit about the technical aspects of the credit on its blog.

If you’d like to watch a video detailing the importance of the tax credit, click here to go to the Arkansas Realtors® Association’s (ARA) blog post about this very issue. If you’d like to read about how much the tax credit has benefited housing markets in Arkansas, click here. To review the technical requirements of the tax credit, click here.

Remember — the tax credit expires after Nov. 30. Let’s do what we can to see that it is extended — or expanded — so that the positive growth we’ve seen in housing markets around the country and in the national economy will continue.