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Public Statements

Homebuyer Assistance and Improvement Act of 2010

By:
Date:
Location: Washington, DC

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Ms. TITUS. Thank you, Mr. Chairman.

Mr. Speaker, I rise today in support of the Homebuyers Assistance and Improvement Act of 2010.

The first-time home buyer tax credit has helped bring stability to the struggling housing market in southern Nevada. In total, over 25,000 Nevadans have collected about $200 million from the credit, which has dramatically reduced the State's excess housing inventory.

In southern Nevada, short sales have become more and more common as lenders and owners are able to avoid the arduous and costly process of foreclosure, and buyers can then purchase homes slightly below market value.

Unlike the traditional sale of a property between an owner and a buyer, however, a short sale must be approved by the holder of the mortgage. In many cases, although a purchase price is agreed to by the seller and the buyer, the lender may not approve the sale for months. Certainly, this has been the case in Nevada. As a result, many first-time home buyers have entered into agreements for short sales prior to the April 30 deadline, but have not yet been able to close on the purchase prices prior to the upcoming June 30 deadline.

According to local experts, the Homebuyers Assistance and Improvement Act of 2010, which is before us now, will extend to October 1, the date by which a purchaser must close a sale of a home in order to obtain the home buyer tax credit. This will allow approximately 3,800 first-time home buyers in southern Nevada to receive the credit. It is a fair solution that will help consumers who have met all of the eligibility requirements for the credit but who have had the timely processing of their loans held up through no fault of their own.

So I thank the chairman for his assistance in moving this forward, and I urge my colleagues to support the legislation.

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