WASHINGTON (National Association of Realtors) – The House of Representatives has passed legislation that National Association of Realtors (NAR) officials say will help stabilize the housing market and stem the rising rate of foreclosures.

The Housing and Economic Recovery Act of 2008 includes Federal Housing Administration modernization that will simplify and make FHA-backed mortgages more available while helping thousands of families refinance existing mortgages and keep their homes.

“We look forward to prompt Senate action to finalize this bill, helping ensure that every American who can afford to own a home and wants to do so will have the opportunity and that everyone who responsibly owns a home is able to keep it,” said NAR President Dick Gaylord.

Also see complete RECON issue for 7/25/2008.