Rural Housing Preservation And Stabilization Act Of 2010

Floor Speech

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Mr. COURTNEY. Mr. Speaker, last Friday, the U.S. Department of Commerce released figures for March for the sale of single family homes. It increased by 27 percent, the biggest increase since 1963.

We are finally starting to see real signs of recovery in the housing market, but it didn't happen by itself entirely. Prices have certainly gone down, there are good rates available out there, but programs like the one Congressman Kanjorski's legislation will protect and nurture have been a huge reason why we've seen the growth in numbers that the U.S. Department of Commerce reported last week.

The 502 program in eastern Connecticut has been a lifeline throughout 2009 and early 2010 where, again, the spike in numbers that Mr. Kanjorski described has been a reality and has allowed, again, the market to thrive, but also to provide people an avenue to obtain financing that otherwise they never would have been able to get in the regular market.

As was said by the Congresswoman from West Virginia, lenders are holding their breath, homeowners are holding their breath, and the first-time homebuyer tax credit is about to expire in a few days. Passing this legislation which will provide an avenue to protect this program will continue the upward momentum that we are finally starting to see in the housing market.

Again, I congratulate Mr. Kanjorski for his creative solution to this problem, which will not cost the taxpayers additional funds, but will keep, again, a growing real estate market moving in the right direction.

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