The National Lieutenant Governors Association recently approved a resolution that urges President Barack Obama and Congress to address the housing crisis with a sense of urgency, without issuing any legislation that may negatively affect the recovery of the home building sector. According to Lieutenant Governor Timothy Murray of Massachusetts, the resolution is aimed to prevent more residential homeowners from entering the foreclosure process.
The National Association of Homebuilders issued a statement in support, saying that following the resolution will prevent any negative effects on the nation's home builders.
"The nation's lieutenant governors understand that Americans deeply value homeownership and that it is essential to get the housing sector back on firm ground to achieve solid job growth, build healthy communities and move our economy forward," said NAHB chairman Barry Rutenberg.
The residential market was hit hard during the housing crisis, and markets are just now beginning to see signs toward a recovery. According to DataQuick, new foreclosure starts hit the lowest level in California since 2007. Starts fell 2.9 percent from the previous quarter and 3.6 percent on a year-over-year basis.