Recognizing National Homeownership Month and the importance of homeownership in the United States.

Mr. Speaker, I move to suspend the rules and agree to the resolution (H. Res. 1271) recognizing National Homeownership Month and the importance of homeownership in the United States.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

Mr. Speaker, I yield myself 5 minutes.

The month of June is National Homeownership Month, and at a time of growing concern about the foreclosure crisis affecting the lives of too many Americans, Congress has responded with a bipartisan effort to revitalize the housing market.

This year, the President, in one of the proclamations that actually I think spoke for most Members of this body, as well as for most Americans, said, ``For many Americans, owning a home represents freedom, independence and the American dream.''

During National Homeownership Month, we highlight the benefits of owning a home and encourage our fellow citizens to be responsible homeowners. It is difficult to be a responsible homeowner at this time because foreclosure filings last month went up nearly 50 percent compared with a year earlier. Nationwide, this is unbelievable. 261,255 homeowners received at least one foreclosure-related filing in May. That is up 48 percent from the same month last year, and up 7 percent from April. Last week, the Mortgage

Bankers Association reported that about 2.5 percent of home mortgages were in foreclosure during the first quarter of this year, almost double the rate of a year earlier.

I was reading an article in the June 19 Washington Post which suggests that 6.5 million loans will fall into foreclosure within the next 5 years; 6.5 million loans. That means that 8 percent of all homeowners in the United States will be impacted directly. That does not count the people who live on the block where a home is foreclosed, and in the urban core, anywhere around the country, that spells disaster, because you will have a rundown property in an area that is already undervalued by those who make declarations about the value of property.

Nearly 74,000 properties were repossessed by lenders nationwide just in May, while more than 58,000 received default notices. That is according to the New York Times, June 14 of this year.

As a person who did not live in a real home until he was 14, I can speak I think very clearly about the value of homeownership. I lived in a house in Waxahachie, Texas, from the time I was born until I was eight that had no running water, no electricity, no indoor plumbing. My mother, father, three sisters and I lived in this shanty, which at one time served as slave quarters.

We were able to move out of that when I was eight. We moved into public housing. We lived in public housing until my father, working about three jobs, sometimes four at the same time, could buy his own home. He bought a home in a white neighborhood, and so he had to have it moved to the black neighborhood.

That home meant everything to the six Cleavers who lived in it. It meant so much that my father had converted this home into a palace that we considered having been blessed to live in. His lawn can be compared with the lawn of anybody in the country, and some of the neighbors even make fun of him because if you drop a cigarette butt or a piece of paper on the street anywhere near his home, it gets picked up.

Homeownership is valuable, and it does grant us a piece of the American dream. But for many Americans, the American dream has become a nightmare. The subprime lending crisis has devastated communities, but let us not forget it has devastated individuals. 705,446 homes will suffer price declines due to foreclosures nearby.

Mr. Speaker, tonight we lift up the value of homeownership, but we do so with a commitment to do everything that we can possibly do to impact the climate so that we can turn things around from the destructive way in which this Nation is suffering.

The month of June is National Homeownership Month. At a time of growing concern about the foreclosure crisis affecting the lives of too many Americans, Congress has responded with a bipartisan effort to revitalize the housing market. This year the President proclaimed, ``For many Americans, owning a home represents freedom, independence, and the American dream. During National Homeownership Month, we highlight the benefits of owning a home and encourage our fellow citizens to be responsible homeowners.''

``Foreclosure filings last month were up nearly 50 percent compared with a year earlier, according to one company's count released yesterday.'' [Washington Post, June 19, 2008].

``Nationwide, 261,255 homeowners received at least one foreclosure- related filing in May, up 48 percent from the same month last year, and up 7 percent from April, foreclosure listing service RealtyTrac said.'' [Washington Post, June 19, 2008].

``Last week the Mortgage Bankers Association reported that about 2.47 percent of home mortgages were in foreclosure during the first quarter of the year, almost double the 1.28 percent rate of a year earlier, and the highest point since the group began compiling such figures in 1979.'' [Washington Post, June 19, 2008].

``A Credit Suisse report this spring predicted that 6.5 million loans will fall into foreclosure over the next five years, reaching more than 8 percent of all U.S. homes.'' [Washington Post, June 19, 2008].

``According to the RealtyTrac report, one in every 483 U.S. households received a foreclosure filing in May, the highest number since RealtyTrac started the report in 2005 and the second straight monthly record.'' [Washington Post, June 19, 2008].

``Nearly 74,000 properties were repossessed by lenders nationwide in May, while more than 58,000 received default notices, the company said.'' [New York Times, June 14, 2008].

At the end of the first quarter of 2008, there were an estimated 1.27 million properties in foreclosure in the United States. In addition, there were approximately 350,000 subprime mortgages more than 90 days delinquent where foreclosure proceedings had not yet begun.

The Center for Responsible Lending offers the following statistics for Missouri: 42,727 foreclosures predicted for 2008-2009; 705,446 homes will suffer price declines due to foreclosures nearby; a $1.8 billion in home values/tax base; and $2,540 average decrease in home value per unit affected.

``The Federal Housing Administration expects to lose $4.6 billion because of unexpectedly high default rates on home loans.'' [New York Times, June 10, 2008].

``One study estimates that in just 10 states (AZ, CA, FL, GA, IL, MA, MI, MN, NV, NY), lost tax revenue in 2008 will total $6.6 billion due to foreclosures.'' [Global Insight, The Mortgage Crisis: Economic and Fiscal Implications for Metro Areas, November, 2007].

``Further, an estimated 524,000 fewer jobs are projected to be created this year because of the foreclosure crisis.'' [Global Insight, The Mortgage Crisis: Economic and Fiscal Implications for Metro Areas, November, 2007].

Initiatives to help responsible homeowners keep their homes have been launched. The Federal Housing Administration has created the FHASecure program so that flexibility in refinancing mortgages for homeowners who have good credit histories but cannot afford their current payments is just one solution. Furthermore, the HOPE NOW Alliance connects struggling homeowners with lenders, loan servicers, and mortgage counselors to help families stay in their homes.

67.8 percent of Americans own their own homes [Census Bureau].

72.0 percent of Midwesterners own their own homes (the highest percentage in the nation) [Census Bureau].

With an increase in age, comes an increase in homeownership. Americans view homeownership as a mark of success, and as proof that they have at least begun to realize the American dream. The purchase of a first home is a symbol of stability, and often acts as a monument to family life, which is the cornerstone of our culture.

Mr. Speaker, I have no more requests for speakers. If the gentleman from Georgia cares to bring another speaker at this time, I would reserve the balance of my time.

Mr. Speaker, I have no additional speakers, and so I yield back the balance of my time.

Mr. Speaker, I rise in support of H.R. 1271, Recognizing National Homeownership Month and the importance of homeownership in the United States, introduced by my distinguished colleague from California, Representative Gary Miller. This timely legislation helps to highlight the importance of ownership by recognizing homeowners in the United States.

This legislation recognizes June 2008 as National Homeownership Month. We should be very proud that the people of the United States are one of the best-housed populations in the world. This phenomenon has evolved because we are anchored in the belief that owning a home is a fundamental part of the American dream and is the largest personal investment many families will ever make. Homeownership provides economic security for homeowners by aiding them in building wealth over time and strengthens communities through a greater stake among homeowners in local schools, civic organizations, and churches. Creating affordable homeownership opportunities requires the commitment and cooperation of the private, public, and nonprofit sectors, including the Federal Government and State and local governments. In 2007, Texas ranked fourth behind California, Florida, and Illinois in pre-foreclosures. Last year, Texas held the top seat for active foreclosures.

This is why it is important that we reaffirm that homeownership can be sustained through appropriate homeownership education and informed borrowers. Affordable homeownership and maintaining the confidence and morale of current homeowners will play a vital role in resolving the crisis in the United States housing market: Now, therefore, I fully support the goals and ideals of National Homeownership Month, and I recognize the importance of homeownership in building strong communities and families.

H. Res. 1271 recognizes homeowners and only homeowners, not speculators or lenders. This legislation reminds us that we cannot continue to stand by as the housing market continues to deteriorate. U.S. home prices tumbled in April at the fastest rate since a widely- followed index was begun in 2000 with all 20 metropolitan areas posting annual declines for the first time. Texas reported 13,829 properties entering some stage of foreclosure in April, a 16 percent increase from the previous month and the most foreclosure filings reported by any state. The state documented the nation's third highest state combined foreclosure rate--one foreclosure filing for every 582 households.

Many homeowners in my district are worried about missing their next house payment or their next home equity mortgage, or their interest rate going up. These families are under stress and in constant fear of loosing their homes.

This bill should not be the last word in housing legislation nor should it be restricted to the status of symbolic rhetoric. The American people need us to intervene in this housing crisis that is leaving many undeserving families homeless. This bill coupled with Congresswoman Maxine Waters' bill, H.R. 5818, the Neighborhood Stabilization Act, provides a good starting point in providing Americans with relief. We must never forget that many of the New Deal programs under President Roosevelt were considered bailouts at that time. And yet, these programs brought our country out of the Depression, rejuvenated our economy, and gave hope as we sought to deal with the War overseas.

We are spending billions of dollars on the war in Iraq. I support our troops but I am dismayed at how our support for a war that needs to become less military and more diplomatic in nature, has disrupted our ability to take care of things at home. Thank you Madam Speaker for your leadership in this area, I urge my colleagues to support recognizing American homeowners by supporting H.R. 1271.

Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, I rise today on behalf of Representative Gary Miller to recognize the importance of homeownership in America and to commend him on his resolution.

On May 29, 2008, President Bush designated June as Homeownership Month, as he has done for the past 7 years. To complement this designation, this resolution, H. Res. 1271, provides congressional recognition of National Homeownership Month and the importance of homeownership in the United States.

Owning a home is a fundamental part of the American dream and is the largest personal investment most families will ever make. For millions of families across this country, a home is more than just a symbol of the American dream. It is the backbone of the American way of life.

Despite all that's occurring in the housing market, we need to remember that homeownership has historically been the single largest creator of wealth for most Americans. Not only does homeownership provide economic security by building wealth over time; it also strengthens and builds communities. Affordable housing is vital to resolving the current crisis the United States' housing market has in preserving homeownership.

National Homeownership Month is a reminder of the importance of housing issues in America. This bipartisan resolution, 1271, recognizes the need for National Homeownership Month and for the overall importance of homeownership in America.

I urge my colleagues to join me in supporting this resolution to reinforce our commitment to housing opportunities and to help guarantee the dream of homeownership for more American families.

I reserve the balance of my time.

I thank my friend for his comments earlier.

I want to, once again, commend Representative Miller for his resolution. I

think it's important in the context of this discussion, however, to make certain that the Nation understands and that our colleagues appreciate that much work has been done to make certain that individuals are able to remain in their homes. There are remarkable programs that have helped, literally, millions of Americans remain in their homes, programs that we strongly support and encourage the expansion of.

So I want to, once again, commend my friend from California for introducing this resolution, and I want to thank my friend for his comments.

I yield back the balance of my time.

Mr. Speaker, I object to the vote on the ground that a quorum is not present and make the point of order that a quorum is not present.

Mr. Speaker, the importance of homeownership can't be underestimated. That's why I support H. Res. 1271, a bill to recognize National Homeownership Month and the importance of homeownership in the United States.

For most Americans, homeownership represents security for themselves and their families. Unfortunately in recent months, homeownership (a cornerstone of the American Dream) has been tarnished by an unscrupulous mortgage industry that has trapped far too many families into paying for homes they can't afford. In my district, all over California, and across the country, we are seeing family after family fall into foreclosure, as their dreams turn to dust, and they hand over their prize possession to the bank.

So, as we consider this bill in support of homeownership, I think it's important that we also don't forget the homeowner . . . those past, present and future, who need the assistance of this Congress to ensure they get a fair deal.

Mr. Speaker, it's my hope that those who vote in favor of this bill, H. Res. 1271, will also join in passing real housing reform to bring about systemic changes to help more Americans be able to achieve the goal of owning their own home, on fair terms, at affordable prices.

Madam Speaker, I ask unanimous consent that the motions to suspend the rules relating to the following measures be considered as adopted in the form considered by the House on Tuesday June 24, 2008:

House Resolution 1294, House Concurrent Resolution 163, House Resolution 353, House Resolution 1231, H.R. 2245, H.R. 4264, H.R. 4918, House Resolution 1271, House Concurrent Resolution 370, House Concurrent Resolution 195, House Resolution 970, House Concurrent Resolution 365.