Finally! If the death spiral of our home values is to stop it must begin with entry level homes. If the entry level home market were to pick up then those that currently own them can sell them and purchase the larger home that their growing families and incomes can accommodate. The recovery will begin at the bottom of the home market and work its way up. My only suggestion might be that the exemption be available to only the homes that are financed by 30 year fixed conforming loans. Let’s protect our young home buyers and the housing market from creative high risk financing that allows the purchase of more home than the buyer can afford.
I am proud to be from the district that has proposed this bill. It is a step in the right direction. Any revenues the state may lose as a result of this bill would be counteracted by what ever level of home value stabilization the bill achieves.
Larry Clark
Real Estate Licensee
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