If we are going to strengthen and continue to build on our economic recovery, we need to focus on strengthening our communities. That means building and maintaining affordable homeownership opportunities in Delaware and across the country. It also means preventing foreclosures, improving energy efficiency programs, and making the risky loans that fed into the financial crisis of 2008 a thing of the past.
Our housing economy is still recovering from the steep economic downturn and the ensuing collapse of our financial sector. The challenge for Congress and the Obama Administration remains keeping our housing market on the long-term path toward a sustainable recovery.
Across the country and at home in Delaware, recovery is beginning to take hold with growth in new home construction, and home prices that are returning to historical norms and stabilizing.
Thanks in part to the Federal Reserve driving down 30-year fixed mortgage interest rates, today is actually one of the best times in my lifetime to buy or refinance a home. If you are thinking about owning a home for the first time, Delaware’s Housing and Urban Development (HUD) has helpful information. You can learn more by clicking here.
Unfortunately, millions of hard-working people across America, including far too many families in the First State, were put in harm’s way by the irresponsible actions of a few bad actors. That’s why I voted to create the Consumer Financial Protection Bureau (CFPB) to protect homeowners and other consumers from predatory practices in the lending industry. The CFPB now has a number of resources for future homeowners to learn more about the risks and rewards of purchasing a home: http://www.consumerfinance.gov/owning-a-home/
Even with these new consumer protections, and with the housing economy on a steady path to recovery, there is still more work to be done. Delawareans and Americans across the nation struggle to keep their homes every day. Congress and the Administration must continue to provide resources and support to those struggling to hold on to their homes.
If you or anyone you know is facing foreclosure, you can call 888-995-HOPE (4673) to speak with a HUD-approved mortgage counselor. Moreover, please do not hesitate to contact one of my offices for assistance at any time.
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