California’s Central and South Coasts are among the most desirable areas to live in the country. Unfortunately, housing prices are consequently so high that many families find it difficult, if not impossible, to afford to buy a home. Housing troubles have only intensified with the recent housing and foreclosure crisis. Throughout my time in Congress I have worked to keep home prices affordable, and help make the dream of home ownership a reality for all.

Foreclosures and the Housing Market

The ongoing housing crisis is at the core of our economic troubles, which is why I strongly support efforts to stabilize and stimulate the housing market. The collapse of home prices has led to massive job losses in the housing industry and financial troubles for homeowners, most of whom have lost much or all of their home equity through no fault of their own. As a result, millions are now at risk of losing their homes, which hurts both imperiled homeowners and those that live in their communities. Such a high number of foreclosures can lead to numerous vacant and dilapidated properties that erode property values throughout entire neighborhoods and communities.

To help prevent such widespread decline, Congress created the Neighborhood Stabilization Program in the Housing and Economic Development Act. I proudly voted for this bill, which directs funding to local communities acquire, maintain and resell foreclosed and abandoned houses to prevent widespread problems. I also support President Obama’s Making Home Affordable program, which has helped hundreds of thousands of homeowners avoid foreclosure by refinancing into more affordable mortgage payments.  However, this program has not been as effective as it needs to be due, in part, to a lack of cooperation from big banks.  I have called for a federal investigation into possible wrongdoing by these banks.

Click here for additional foreclosure resources.

Affordable Housing

Affordable housing is among the most critical needs we face throughout the nation, especially on the Central andSouthCoasts. I am working hard to ensure that our communities receive the funding they need for more affordable housing and are able to expand their services to more families who deserve assistance. I strongly support full funding for affordable housing programs such as Section 8 and Community Development Block Grants.

Conforming Loan Limits

I strongly support efforts to raise conforming loan limits, especially for high-cost areas like the Central and South Coasts. Since 2008, Congress has adjusted the conforming loan limit three times. I proudly supported all three of these bills, including the American Recovery and Reinvestment Act, which set the loan limit for high cost areas at $729,750 through the end of 2009. Click here to check the conforming loan limit in your area.