NAR calls on Congress to raise the debt ceiling to protect the fragile housing market and home buyers' financing options.
NAR issued a statement today calling on members of Congress to raise the federal debt ceiling with the warning that the continuing debate over the issue is destabilizing housing markets around the country as households, concerned about rising interest rates, remain on the sidelines.
"Until a resolution is reached, Congress will be unable to address the myriad issues facing the nation’s families, communities, and economy," NAR President Ron Phipps says in the statement. “The indecision in Congress is paralyzing progress on other fronts, and it is harming home buyer confidence and negatively affecting home sales.”
NAR does not take a position on the specifics of the legislation but has been in communication with members of Congress and their staffs throughout the debate over the risks of a default by the U.S. government. Although the consequences of default can’t be anticipated with certainty, there is broad consensus among economists that interest rates will rise. Higher interest rates will dampen home sales at a time when markets around the country are struggling to recover.
