Home Slump Costing Military, U.S. Rep Says

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Tampa Tribune
May 2, 2008 By Billy House, The Tampa Tribune
WASHINGTON -- Transfers from the Tampa Bay area and other slumping housing markets nationwide are forcing military members to sell homes for thousands of dollars less than they owe on their mortgage, a Tampa Bay area congressman said.
"And the current problem hits these Americans particularly hard as they have no choice but to move when issued new orders," said Rep. C.W. Bill Young of Indian Shores, top Republican on the House Defense Appropriations Committee.
"I think this is happening all over the country," Young said in an interview Thursday.
Young said he knows that the poor market has affected military families stationed at MacDill Air Force Base in Tampa, as well as Army reservists assigned to the Army Reserve Center in Pinellas Park.
He outlined the dilemma in a letter this week to Defense Secretary Robert Gates, seeking guidance on how Congress can help.
Gates' office did not comment Thursday.
"This is to bring to your attention a serious problem that is affecting service members from the Tampa Bay area, as well as I am sure the entire nation, as they change duty stations and attempt to sell their homes," Young said in his letter.
"As you know, the depressed housing market has made it difficult for homeowners to sell their homes at a price high enough to pay off their mortgages," Young wrote.
This is especially true for service members, who rotate through duty assignments on two- or three-year cycles and must move when issued new orders, Young added.
He said some service members are even choosing to leave their families behind while they transfer to new duty stations because of the problem.
 
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