Transportation Funding Interfering with Real Estate

Congress tried to pull a fast one using monies from Fanny Mae and Freddie Mac to pay for infrastructure....
December 3, 2015  Dear Mr. Forrest: Thank you for your letter about using housing guarantee fees to pay for transportation.  I share your concerns on this issue. As you know, the federal gas tax has been set at 18.4 cents per gallon since 1993.  Unfortunately, this has not kept up with our growing transportation needs.  This year, Congress needed to reauthorize our nation's surface transportation programs.  In order to pay for this year's bill and avoid raising taxes, the U.S. Senate used money raised by guarantee fees, tools used by Fannie Mae and Freddie Mac to protect against losses from bad loans.   Please know that I oppose using these guarantee fees to pay for transportation.  I support bipartisan, common-sense solutions to repair and maintain our crumbling roads and bridges and our struggling transit systems.  Thankfully, the final version of H.R. 22, the Fixing America's Surface Transportation (FAST) Act of 2015, does not include housing guarantee fees to pay for the bill.  This bill passed the House by a vote of 359-65 on December 3, 2015.  Again, I appreciate having the benefit of your views on this important matter.  On my website, you can learn more about issues and sign up for my e-newsletter.
	Sincerely, John Lewis Member of Congress

Weekly Market Update

For the Week Ending December 4, 2015 Please enjoy this quick update on what happened this week in the housing and financial markets. Recent economic data points to a stable and growing economy. Comments from Fed officials have markets anticipating the Fed will raise policy rates this month. The ECB has increased actions to stimulate the European economy. European economic weakness is not expected to prevent a Fed policy rate hike this month. Jobless claims continue to remain at levels consistent with a strengthening labor market. A strong labor market could contribute to the Fed's decision to raise rates. Private residential construction spending continues to rise, hitting the highest level in 8 years. Construction spending has now risen every month this year. New home sales were up significantly in October over September, and up year-over-year. Prices are also up, and supply remains tight but steady. Pending home sales were up slightly in October after falling the two previous months. Homes continue to sell quickly. Where does a snowman keep his money? In a snow bank. Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time. This Update is from my Prefered Lender ...  See Lenders.BillForrest.com