NAR Letter to House Financial Services Committee Regarding the Hearing Entitled "Boom and Bust Inequality Homeownership and the Long-Term Impacts of the Hot Housing Market"

On June 21 NAR sent a letter to Chair Waters and Ranking Member McHenry. The letter applauds the work of the Committee for dealing head-on with many of the issues in the current housing market during the hearing entitled: “Boom and Bust: Inequality, Homeownership, and the Long-Term Impacts of the Hot Housing Market.”

 

Homeownership has traditionally been the main driver of household wealth in the United States. The home has provided economic security for millions of Americans for generations and has historically performed better than other asset classes. While this system has benefited a great number, it has also laid bare many of the current inequalities that make it difficult for millions of potential borrowers to enter the world of homeownership. While there is no one silver bullet for solving the housing irregularities, innovative and robust ideas like those of the committee and the White House will help to ease many of the burdens so many Americans face when trying to purchase a home.