Realtors lobby for help with home ownership

This past week a number of sources report thatWashington is considering several proposals to breathe life backinto the housing industry. Realtors Even though mortgage rates persist attheir lowest levels seen in 40 years, sustained high unemploymentand challenges to obtaining financing have prevented many would bebuyers from realizing their dream of home ownership. The National Association of Realtors (NAR) has pressed theWhitehouse to host a summit of policy makers, government stakeholders and industry leaders who are focused on revitalizing thenation's housing and thereby stimulating the economy. Currently,the national program is only approved through September. When theprogram lapsed in 2010 policies for flood insurance could not beissued, queering many pending sales of real estate. This measure hasbeen opposed by both the NAR and banks and could drive moreborrowers to the Federal Housing Administration. Currently, loansinsured by FHA are available for 3. According to the National Associationof Realtors, drawing upon national savings rate data, "it wouldtake 9. As thegovernment looks for ways to increase revenue in an underemployedeconomy, many are advocating eliminating this deduction. This couldhave a significant impact on people's ability to sustain a homesince an increased portion of their income would be subject tofederal income taxes. This money can account for several housepayments during the course of a year. According to the story, "The Obamaadministration is working on proposals to prop up the weak housingmarket and may back a plan to refinance government-backed mortgagesat today's lower interest rates, the New York Times said, citingtwo people briefed on the discussions. Kim and the associationinvite your feedback and input for this column.