Local News

Congressman John Yarmuth is praising President Bush’s signing of the latest housing bill.

The American Housing Rescue and Foreclosure Prevention Act will allow families in danger of foreclosure to refinance into government-insured mortgages. It also gives first time homebuyers a tax credit as well as helps cities and states rehabilitate foreclosed properties and make financial support available to mortgage giants Fannie Mae and Freddie Mac.

In a press conference with representatives from local mortgage banks, home builders and real estate organizations, Yarmuth said filling empty homes could help address other problems.

“We shouldn’t underestimate the importance of this legislation to ultimately helping to stabilize local government budgets,” he said. “Because so much of what we do here, our educational funding and so forth is predicated on property taxes.”

About nine thousand homes in the Louisville area are listed for sale. That number doesn’t include foreclosed properties or homes that are being sold by their owners.