Sheila Jackson Lee: “I wish to thank Congress members Dahlkemper, Kratovil and Childers for introducing this important and much-needed piece…”

“I wish to thank Congress members Dahlkemper, Kratovil and Childers for introducing this important and much-needed piece of legislation. The mortgage crisis continues to affect millions of Americans, and has greatly interfered with the American dream of home ownership. It is imperative that we help everyday Americans in their effort to remain afloat in light of the ongoing effects of the economic meltdown. For these reasons, I support the proposed amendments to this Act which will extend the closing deadline for the First-Time Homebuyer tax credit to September 30, 2010. The housing market is an area that was, perhaps, the most largely affected by the economic crisis. As of January, 2010, there were 315,716 foreclosures on properties in the United States reported just within the month. Additionally, 1 in every 409 U.S. housing units received a foreclosure filing in the same month. Texas received the sixth highest number of foreclosure filings in January, 2010. As of March, 2010, the foreclosure rate in Houston, Texas had increased by almost ten percent from the previous month. Although our economy appears to be on the path to recovery, these statistics are still cause for concern. The programs set in place to counteract the effects of the economic downturn have attracted many ordinary Americans who are desperate to keep their homes. The first-time homebuyer tax credit, specifically, represented positive steps to guide ordinary Americans towards financial recovery.”