CALIFORNIA ASSOCIATION OF REALTORS(R)' Statement on the Failed Passage of the Emergency Economic Stabilization Act of 2008.

LOS ANGELES -- The CALIFORNIA ASSOCIATION OF REALTORS[R] (C.A.R.) today released the following statement on the failed passage of the Emergency Economic Stabilization Act of 2008.

"We are extremely disappointed that the U.S. House of Representatives failed to pass the Emergency Economic Stabilization Act of 2008," said C.A.R. President William E. Brown. "The tenuous health of the financial system called for a swift yet thoughtful bipartisan response by our elected representatives.

"Now is the time for Congress to act, and renew its efforts to craft legislation amenable to both political parties that will calm the financial markets, address liquidity issues and begin to restore confidence in our financial system. Americans deserve nothing less," he said. "C.A.R. wants to be certain that the needs of Californians are addressed, and that housing's critical role is recognized in whatever legislation ultimately is proposed. We will continue to closely monitor the situation as it develops."

Leading the way...[R] in real estate news and information for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS[R] (www.car.org) is one of the largest state trade organizations in the United States, with nearly 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.