WASHINGTON, Jan. 22 /PRNewswire-USNewswire/ -- The following is a statement by Lawrence Yun, chief economist of the National Association of Realtors(R), on today's action by the Federal Reserve Board.

Today's 75-basis-point cut in the Fed funds rate to 3.50 percent is a very good step in the right direction to boost the economy and send a clear message to both the market and to consumers. This strong rate cut will help lower mortgage interest rates and lessen the burden of adjustable-rate loans that are resetting in the current environment. It also could help stimulate business investment in the wake of market uncertainties. We commend the Federal Reserve Board on its bold action, but at the same time we urge it to keep a close watch to see if additional action is needed.

The National Association of Realtors(R), "The Voice for Real Estate," is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at www.realtor.org. This statement and news releases are posted in the News Media section. Statistical data, charts and surveys also may be found by clicking on Research.

REALTOR(R) is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS. All REALTORS are members of NAR.
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Source: National Association of Realtors

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