Rubén Hinojosa: “I am glad that we are in Congress acknowledging their efforts through this resolution. I urge all my colleagues to…”

“I am glad that we are in Congress acknowledging their efforts through this resolution. I urge all my colleagues to support this important resolution. The homebuyer tax credit has been extremely successful in increasing home sales and stabilizing the housing market. Early estimates suggest that when complete the credit will have created 1 million additional home purchases, and saved an average of $21,000 in equity for American homeowners who indirectly benefited from the stabilizing of house values. However, many relatively new challenges to the industry have delayed the closing for too many homebuyers who made every effort available to sign for a house by April 30, 2010 and close by the June 30, 2010 deadline. Lenders involved with short sales and foreclosures have not been able to respond fast enough to allow homebuyers to close. Federal programs, such as FHA, VA loans and USDA Rural Development have not always kept up with demand.”