Media Center :: Press Releases

Washington, DC – Congresswoman Ileana Ros-Lehtinen, a senior member of the Florida Congressional Delegation, is concerned with reports indicating that Miami’s home values will plunge another 29.9% by June of 2010 on top of the already precipitous declines of almost 50% since they hit an all time high in 2006. 

The Congresswoman has voted for legislative projects in the House that will spur housing activity across the state and in South Florida. These bills are:

•     Mortgage Reform & Anti-Predatory Lending Act – Bill creates standards for mortgages and prohibits certain unfair lending practices. Also expands availability of mortgage counseling for homebuyers. Legislation has also been approved by Senate.
  
•    The Helping Families Save Their Homes Act – This bill gives homeowners more options and tools to prevent foreclosures. It helps coordinate a mortgage fraud task force to help prevent homeowners from being taken advantage of by unscrupulous lenders. This bill has been signed into law by President Obama.

•    The Service Members Homeownership Tax Act – This legislation helps cover and extend the first-time homebuyers tax credit to service members and Foreign Service officers who are on official extended duty.

Said Ros-Lehtinen, “Miami’s housing market is in serious trouble and this forecast predicts another big downward tumble in the months ahead. Homeowners want results from their elected representatives and that is why I have voted for federal assistance for the housing market every time the bills have been brought up for a vote.

These bills will have a positive impact on South Florida’s distressed real estate sector and I am hopeful that their impact will come sooner rather than later. Every time housing prices fall, so do the savings in equity of countless families across Miami-Dade County. That is not acceptable and the federal and state governments must continue keeping a close eye on this grave situation. Whenever helps is needed, it will be offered.”