Fix Housing First Legislation Introduced | 21/January/2009

Falling home values are at the core of the current economic crisis.

Our nation's economic downturn began with the collapse of Fannie Mae and Freddie Mac in mid-2008. From there, the ensuing bank failures were largely driven by failing mortgages and ensuing foreclosures at rates never seen before. These conditions spawned an unprecedented cascade within the housing market.

  • Home prices and property values dramatically declined (and continue to decline) across the country
  • Americans are now hesitant to buy homes because they fear prices will not stabilize anytime soon
  • Net sales have fallen 72% from January 2006 to September 2008
  • existing home inventory is nearing an all-time high and increasing as foreclosures flood the market
  • Falling home values translate into less tax revenue for local and state governments, placing a severe crunch on budget for essential services
  • Thousands (soon to be millions) of jobs across all industries have been lost as a result of the housing crisis
  • All sectors of the economy are affected because housing is so central to our daily lives

Fix Housing First Homebuyer Tax Credit legislation has been introduced in the U.S. Senate to stimulate the housing market. The bill, introduced by Senator Johnny Isakson, R-Ga., expands the homebuyer tax credit passed by Congress last year. Contact your Senators and urge them to include S. 253 in the Senate Finance Committee version of the economic stimulus package.

Read the full release from Senator Johnny Isakson

Fix Housing First Website

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