Illinois REALTORS Celebrate National Homeownership Month
Promote Measures to Stimulate Housing, Economy

 

SPRINGFIELD, Ill.– As a leading advocate for homeownership, the Illinois Association of REALTORS celebrates National Homeownership Month this June by joining its 60,000-member REALTORS in promoting the long-term benefits of owning a home and urging Congress to pass legislation to stimulate the economy and the housing market.

 

"Homeownership is how many of us begin to build wealth especially for those who keep the home over a typical six-year period,” said REALTOR Kay Wirth, president of the Illinois Association of REALTORS. “And now conditions are ideal for buyers with prices moderating, affordable interest rates and an ample supply selection of homes on the market to choose from.”

 

Despite the recent slowdown in the housing market, owning a home remains a good long-term investment. Data from the Federal Reserve Board shows the average homeowner’s net worth is 46 times the net worth of a renter. Other benefits to homeownership include tax savings, wealth accumulation over time as well as shelter.

 

Legislation currently pending in Congress can help borrowers find safe and affordable mortgage credit. REALTORS applaud the U.S. House of Representatives for passing H.R. 3221 which makes permanent the maximum loan limit increases for FHA, Fannie Mae and Freddie Mac authorized by the Economic Stimulus Act, and urge the U.S. Senate to support the House bill’s higher loan limit cap. The limits set by the Economic Stimulus Act are set to expire December 31, 2008.

 

REALTORS also ask Congress to pass a temporary tax credit as an incentive for homebuyers to help stimulate the housing market and the overall economy. The credit should apply to all sales of residential real estate including foreclosed properties.

 

“REALTORS believe these higher limits will help revitalize local housing markets and provide safe, fair and affordable mortgages for homeowners,” said Wirth, a broker with Re/Max Unlimited Northwest in Crystal Lake. “The tax credit would be the best incentive to move hesitant buyers off the fence and into the market to help revive our economy.”

 

In addition to advocacy for these legislative issues that affect homeownership, the Illinois Association of REALTORS (IAR) provides resources for first-time buyers and sellers via www.YourIllinoisHome.com. The site lists home financing programs offered by IAR’s foundation, the Partnership for HomeOwnership (www.pfho.org), including the Rural Housing Initiative Program and the Cook County HomePower Mortgage Assistance Program. Both programs provide low-interest loans with downpayment and closing costs assistance and require homebuyers to complete financial counseling.

 

YourIllinoisHome.com also lists resources to help homeowners facing foreclosure, plus an interactive Illinois Affordable Housing Resources map can be accessed by county to find area affordable housing programs, downpayment assistance, legal aid, low-income and senior housing services and more.

 

The Illinois Association of REALTORS is a voluntary trade association whose 60,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.

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