Date: 2010-06-23
Speaker: GARY G. MILLER (republican)
Chamber: H
State: California

I yield myself such time as I may consume. Today I rise in support of House Resolution 1434. recognizing the significance of homeownership in America. Every year. this body comes together to designate June as National Homeownership Month. To continue this long record of recognition. H.R. 1434 provides congressional recognition of National Homeownership Month and the importance of homeownership in the United States. Owning a home is a fundamental part of the American Dream and is the largest personal investment most families will ever make. For millions of families across this country. a home is more than just the symbol of the American Dream. Its the backbone of the American way of life. Moreover. in addition to providing financial benefits to individuals. homeownership helps strengthen communities. Since homeowners are investing not only in themselves. but in the community. they have a greater stake in the success of their local schools. civic organizations. and churches. For the past several years. this country has experienced significant upheaval in the United States housing market. The turmoil being experienced by homeowners has been devastating and swift moving. and Americans are looking to their leaders in government to end the terrible housing situation without placing an additional burden on the taxpayers. My home State of California. in particular. has been heavily impacted by the mortgage crisis. with thousands of families losing their homes. Thirtyfour percent of homeowners in my State currently have negative equity in their home. It is crucial that the body recognize the impact of the problems facing the housing market so it can take steps to ensure that equity and liquidity return to the marketplace. Despite all that is occurring in the current housing market. we need to remember that home ownership has historically been the single largest creator of wealth for most Americans. As someone who has been involved in the industry for over 35 years as a developer. I have seen my fair share of the housing market downturns. From these experiences. I have learned at times of stress it is important to ensure that liquidity continues to flow to the housing market in order to keep the market functioning. Accordingly. the loan limit increases passed by this body are finally providing affordable. safe mortgages for homeowners in the high cost areas who were previously forced to resort to risky loans and impaired their ability to keep their home. Additionally. to bring stability to the housing market and encourage responsible home ownership. I have sponsored legislation to allow homeowners going through foreclosure to stay in their homes and have the option of buying them back in the future. During these economically challenging times. it is more important than ever to provide relief to hardworking Americans. In conclusion. in the first quarter of 2010 the national home ownership rate decreased to 67.1 percent. This is the lowest home ownership rate since the first quarter of 2000. Additionally. in the firsttime buyer age group of under 35 years old. the home ownership rate fell to 38.9 percent. which is the lowest level since 1997. Assisting home buyers and homeowners by permanently increasing the loan limits. enabling borrowers in financially distressed homes to stay in their homes. must be a priority for this body. These efforts will help maintain the Nations home ownership level and speed up the overall recovery of the housing market. I reserve the balance of my time.