NAR: Realtors support move to keep banks out of real estate

According to a new membership survey conducted in February by the Na-tional Association of Realtors, more than nine out of 10 Realtors oppose a pending Federal Reserve and Treasury Depart-ment rule that would allow big banking conglomerates to enter real estate brokerage and management.

The survey found widespread support among broker-owners as well as salespeople, according to an NAR press release Some 82 percent of brokers support NAR's position to stop the rule, the survey indicated. The survey also found that 55 percent of Realtors want NAR to be even more aggressive in its efforts.

"Realtors are speaking loud and clear. They want NAR to keep banks out of real estate for the sake of the real estate industry, consumers and their local communities," said NAR President Martin Edwards Jr.

Edwards noted that "a handful of fewer than 50 brokers" have announced their opposition to NAR's efforts to stop the rule.

"NAR is a one-person, one-vote organization, and the vote is 800,000 for our position and 50 against," Edwards said.

Additional information about the survey is available online at www.realtor. com.