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Promotion of homeownership key to economy

March 14, 2011 - One housing advocate says that if the U.S. economy has any hopes of regaining momentum, providing measures to help consumers moving into new homes is the first step that needs to be taken.

Speaking before the Senate Banking, Housing and Urban Affairs Committee Wednesday, National Association of Realtors president Ron Phipps said that measures to ensure sustainable homeownership should be of principal importance to the nation's legislators. Housing has a direct connection to the greater economy, said Phipps, because for every two homes that are sold, one job is created. NAR data showed the nation's real estate market produces 2.5 million private-sector jobs a year.

"Owning a home contributes to the strength of the nation's economy and is still one of the best ways for individuals to build long-term wealth; therefore, we need public policies that support homeownership. Making it harder for families to afford safe mortgages does not further the goal of a housing or economic recovery," he said

Recent proposals have supported rolling back housing incentives and avenues. For instance, the Obama administration has proposed instituting higher fees and price models for loans insured through the Federal Housing Administration. Those low down payment mortgages are especially popular among buyers relocating to their first home.
 

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