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On June 29, 2022, NAR submitted a letter to the House Financial Services Committee for its hearing entitled: "Boom and Bust Inequality Homeownership and the Long-Term Impacts of the Hot Housing Market." The letter applauds the committee for exploring the current housing market and the problems that are plaguing many borrowers who are trying to obtain homeownership.
Homeownership has traditionally been the main driver of household wealth in the United States. While this system has benefited a great number, it has also laid bare many of the current inequalities that make it difficult for millions of potential borrowers to enter the world of homeownership. While there is no one silver bullet for solving the housing irregularities, innovative and robust ideas like those of the committee and the White House will help to ease many of the burdens so many Americans face when trying to purchase a home. NAR supports the work of the Committee as they explore solutions to increase safe and affordable homeownership.