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National Association of Realtors president says homeownership is crucial to economic recovery

NAR president says regulations in housing market must not make homeownership more difficult.

NAR president says regulations in housing market must not make homeownership more difficult.

People simply moving into their own home can help revitalize the economy, according to one housing expert.

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.