U.S. CONGRESSMAN DEAN HELLER Representing the 2th Congressional District of Nevada

Housing and Foreclosures

Nevada currently has the unfortunate distinction of leading the nation in foreclosures.   One foreclosure can reduce nearby property values and home equity as much as $220,000.  The Center for Responsible Lending estimates that roughly one in three households will see their property values drop by $5,000 on average as mortgages from 2005 and 2006 reset at higher interest rates, and a foreclosure lowers the price of neighboring properties by 0.9 percent on average. 

I support expanding and improving the first-time homebuyer tax credit and would be an important first step. I also supported and voted for the American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) in July of 2008 to help address the foreclosure crisis.  This bill, now law, created a voluntary Federal Housing Administration (FHA) program to provide mortgage refinancing assistance to allow families to stay in their homes, protect neighborhoods, and help stabilize the housing market.  The bill also authorizes additional funds to address mortgage fraud and predatory lending, and reformed Freddie Mac and Fannie Mae.