Government official calls for more federal aid to the real estate market
March 9, 2010 - Although several government initiatives have helped stabilize the housing market, some members of the Treasury Department are calling for increased federal aid to help homeowners.
ABC News reports that Michael Barr, the Treasury Department's assistant secretary for financial institutions, told housing agency officials that real estate owners across the country need more government funding to prevent foreclosure.
In his remarks, Barr noted that some of the Obama administration initiatives - such as the Federal Housing Tax Credit - have inspired more individuals to buy new homes and resulted in market growth.
However, Barr said, more initiatives are needed to help individuals who already owned their homes and are now struggling to make their monthly mortgage payments. This need is especially high in the states that are experiencing the highest home price declines, including California, Florida, Nevada, Arizona and Michigan.
Lawmakers have already introduced a $1.5 billion plan to help residents of these states, which could "ensure that assistance will reach struggling homeowners in these hard-hit states as quickly as possible," Barr said.
Current and prospective homeowners who are planning on moving to a new home can still take advantage of the Federal Housing Tax Credit, which could be worth up to $8,000 for first-time purchasers, according to the National Association of Homebuilders.
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