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Realtors descend on Capitol Hill to vouch for first-time buyers [VIDEO]

Posted on Monday, December 15, 2014 at 12:10:33 PM

Without first-time homebuyers, the U.S. housing market wouldn't be where it is today. This segment is critical to the overall recovery, but few first-timers are taking the plunge.

This has caught the attention of the National Association of Realtors, which recently spoke in front of the U.S. Senate Banking Subcommittee on Housing. Topics included current regulations and potential legislation that are both hampering and helping homebuyers.

"The housing market hasn't been this unwelcoming to first-time buyers since 1987," said 2014 NAR Conventional Finance and Lending Committee chair Mabel Guzman. "Tight credit, high fees and low inventory have combined to make it prohibitively expensive for millions of responsible, creditworthy prospective buyers to own a home. If this is the direction that the housing market is taking, we're headed down the wrong path."

Even with this concern, there are positives to come out of Capitol Hill, according to some of the nation's Realtors. HousingWire reported that many of these professionals are in favor of the reauthorization of the Terrorism Risk Insurance Act and clarifications to the Dodd-Frank Act. These changes could help the U.S. economy and the housing market.

Overall, these changes can be viewed as good news for consumers interested in residential financing and buying a home.