As this year's presidential race heats up, Americans will hear from candidates on a number of important issues that will have a great impact on our nation and its economy. However, there is one topic in particular this year that is crucial to Americans – homeownership.
"Restoring the health of the housing market and supporting homeownership in America will contribute to the economic recovery we so greatly need right now," said Suzanne Yost, president of the Silicon Valley Association of REALTORS® (SILVAR). "Housing is a top-of-mind issue for voters, and REALTORS®® would like to see it become a national public policy priority."
According to the Silicon Valley Association of REALTORS®, despite seeing early signs of stabilization in the market, creditworthy buyers cannot qualify for a loan. In addition, many homeowners are still struggling with foreclosures and underwater mortgages.
"Issues such as foreclosures and access to affordable financing don't just affect people who own a home – homeownership shapes communities and strengthens the nation's economy," said Yost. "More must be done to reduce the rising inventory of foreclosed homes and address the lack of available and affordable mortgage financing."
SILVAR says its members are calling upon the administration, Congress and lenders to help keep more people in their homes by taking aggressive steps to modifying loans and helping homeowners significantly reduce their monthly mortgage payments. REALTORS®® would also like to see more financing opportunities for buyers. Increased fees and higher down payments are making it difficult for many creditworthy buyers to obtain financing.
REALTORS®® aren't the only ones who think the housing market is an important issue in this year's presidential election. A recent Yahoo! survey found that a majority of Americans, including both renters and homeowners, believe the government should do more to help at-risk homeowners. Another survey by the National Association of Home Builders demonstrated that homeownership is a bipartisan issue in the eyes of potential voters. A majority of those surveyed said the government should do more to support homeownership and were opposed to the elimination of tax benefits for homeowners.
"The decision to become a homeowner is a very personal one, but anyone who is willing and able to assume the responsibilities of owning a home should have the opportunity to pursue that dream," said Yost. "As the leading advocate for homeownership, REALTORS®® will continue to urge lawmakers to make sure housing and homeownership issues are a top priority on the nation's public policy agenda. The American dream of homeownership needs to be alive for generations to come."
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.