The following is a statement by National Association of Realtors® President Richard F. Gaylord on today's nomination of Steve Preston for Secretary of the U.S. Department of Housing and Urban Development.

On behalf of NAR’s more than 1.2 million members, I want to thank President Bush for moving quickly in nominating a new head for the U.S. Department of Housing and Urban Development. NAR has had a positive experience working with Administrator Steve Preston in his role with the U.S. Small Business Administration, and we believe he will do a fine job representing HUD and helping the nation navigate through the housing downturn and the mortgage crisis.

Mr. Preston’s past experience, both as CEO of ServiceMaster and as SBA Administrator, gives him good insight into the needs of small businesses that serve the real estate and housing industries.

We congratulate Mr. Preston on his nomination and look forward to working with him at this critical time for our nation’s economy and the housing market. Together, with Congress and the administration, we look forward to implementing new legislation and regulation that will help stabilize the housing market.