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05. Foreclosures in the Housing Market
The foreclosure of a home affects more than just affect one individual or one family. It also has a negative influence on all property owners in the surrounding neighborhood. Steps Congress can take to address this significant problem are varied, and include the expansion of mortgages available through the Federal Housing Administration (FHA), the passage of a comprehensive housing bill, a tax credit for home mortgage interest, and an accelerated depreciation deduction schedule for rental properties. Congress should lead in helping to slow foreclosure rates and restore the housing market.
