Merkley: We Must Act Now to Stop Falling Home Prices

PORTLAND, OR – Oregon’s Senator Jeff Merkley issued the following statement on news that home prices have fallen to their lowest level since the collapse of the housing market:

“Nearly three years after an economic collapse caused by the actions of Wall Street, the big financial firms are back on their feet – but homeowners are not.  Falling home prices are wiping out the investments made by American families, hurting our economy and triggering another wave of foreclosures.  We must act now to stem this tide and keep families in their homes.

“We need to take action now to put housing at the top of our national agenda. That includes a much improved mortgage modification system and common sense foreclosure intervention including third party mediation and a national short refinance program.  It doesn’t make sense to force families into foreclosures that further drive down prices.

“In coming weeks, I’ll be renewing my call to the Obama Administration to put housing issues at the forefront because our economy cannot recover until our housing market recovers.”

 For more on Merkley’s plan to help homeowners, click here.