GAITHERSBURG , MD – Ann Ashburn, President of AmeriDream, Inc., today pointed to a decline in pending home sales as further evidence of the need to bolster the housing market by reauthorizing downpayment assistance funded in part by sellers, or DPA. The National Association of Realtors (NAR) announced this week that pending home sales fell 4 percent from October to November, and 5.3 percent since November 2007. The pending home sales index is the lowest since the series began in 2001. DPA programs expired under federal law in October 2008.
“There is broad agreement that the housing market lies at the foundation of our economic challenges,” said Ashburn. “The next generation of qualified homeowners has little incentive to enter the market, particularly after DPA programs expired last Fall. DPA is a common sense approach to getting responsible, creditworthy homebuyers off the sidelines and into homes without costing the taxpayer a dime. DPA is also recognized as a logical means to directly help Main Street Americans while stimulating the broader economy.
“President-elect Obama was right when he said we need to move beyond the stale arguments that say low-income Americans shouldn’t even try to own a home. As the 111 th Congress convenes this week, we urge aspiring homeowners to visit www.supporthomeownership.com and tell their representatives in Washington to reauthorize downpayment assistance. Our housing market and our economy depend on it.”
For more information on the NAR’s pending home sales report, visit http://www.realtor.org.
BACKGROUND: AmeriDream, a 501(c)(3) charity, was established in 1999 to provide housing-related programs to low and moderate income individuals and families. Many recipients are first-time homebuyers, minorities, legal immigrants, women headed households, and single-parents, achieve homeownership. AmeriDream provides a wide range of programs, including homebuyer education, loss mitigation counseling, community development, and privately-funded down payment assistance. These programs are provided at no cost to the taxpayer. AmeriDream not only seeks to help families purchase homes, but also provide them with the education and other resources needed to be responsible homeowners.