Ron Phipps, president of the National Association of Realtors, told a Senate panel on Wednesday that sustainable homeownership must be the goal when considering future federal housing policies. Furthermore, just as job creation is crucial to owning a home, the opposite applies as well.
"Homeownership is a pillar of our economy; our research suggests that home sales in this country generate more than 2.5 million private-sector jobs in an average year," Phipps said. "For every two homes sold, a job is created."
Phipps went on to say that while the country can't afford another housing crisis - thus the need for reforms - raising fees and increasing down payment requirements is not the way to go about it, as it will make moving into a home more difficult.
Additionally, homeownership is still something most Americans aspire to. According to Trulia.com's biannual American Dream survey, 70 percent of Americans believe being able to call a home one's own is part of their American dream.
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