Listening to desperate South Florida homeowners, members of Congress are promoting legislation to try to stem the tide of home foreclosures and prevent further erosion of property values. The House is considering a bill week that would encourage lenders to refinance troubled home mortgages on easier terms. Backed by the Federal Housing Administration, the idea is to stabilize the Boca Raton real estate market and prevent housing prices from plummeting because of a flood of Florida foreclosures.

Congress has made housing relief a priority this year, though the House and the Senate so far disagree on how to provide it. The Senate recently passed a bill that would provide $25 billion of tax breaks over three years to home builders. It also calls for a $7,000 tax credit for those who buy a foreclosed property. And it would provide $4 billion to communities to buy and repair abandoned homes.

However, critics of the legislation argue that it favors businesses over borrowers and would not prevent Foreclosures. The House Financial Services Committee, which includes six Florida members, approved a very different bill last week to try to help homeowners fend off foreclosure.

Visiting the Boca Raton FL community? Contact Realtor® Caesar Parisi for information on buying or selling a home or condo in Boca Raton Waterfront Real Estate.

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