The effects on Boulder County Real Estate from the Foreclosure Prevention Act of 2008
The effects on Boulder County Real Estate from the Foreclosure Prevention Act of 2008
I am writing to give you my thoughts on the “Foreclosure Prevention Act of 2008” and to encourage you to contact your congressional representative and request that they work to redraft this bill before it is signed into law.
One provision of this bill, the Extension of Net Operating Loss Carry Back, in essence, provides a 6 billion dollar tax credit to home developers. As a real estate professional, my experience leads me to believe that home builders are in large part responsible for the current foreclosure crisis. The unbridled growth in Eastern Boulder and Western Weld counties has created an excess in the supply of homes. For communities in Boulder County bordering the development, such as Longmont, Lafayette, and Erie, home prices have slumped. Though I consider myself a Boulder realtor, I know the painful consequences for those who have had to sale their homes in these communities.
A tax credit directed at home developers is likely to exacerbate the over-supply problem as builders are able to purchase new land for new developments and thus build more homes. Tell your congress person and senator that this is unacceptable. Tell them that an economic recovery starts by stabilizing home prices, getting rid of excess housing supply, and letting the market control the fate of home builders. Tell them that you don’t want your home to depreciate further due to pressure from the Home Builders Association’s Lobby.
As an individual wed to the fate of the Boulder County Real Estate market, I have provided the contact information below and encourage all home owners in Boulder, Larimer, Adams, Weld, and Arapahoe counties to act in their best interest and write their respective congressional representatives. By being proactive we can tell our congressional representatives that this bill is wrong and hurts Boulder County home owners.
Senator Wayne Allard (R- CO) 202-224-5941
Senator Ken Salazar (D- CO) 202-224-5852
Representative Diana DeGette (D - 01) 202-225-4431
Representative Mark Udall (D - 02) 202-225-2161
Representative Marilyn Musgrave (R - 04) 202-225-4676
Representative Ed Perlmutter (D - 07) 202-225-2645
Please note that if your representative is not listed here, I would be happy to help track down their contact information for you. Additional contact information – such as e-mail contact info – can be found by clicking on your representative’s name.