Transferring Soldiers Hurt in Home Sales

InRich (05/02/08); House, Billy
Transfers from slumping residential property markets nationwide are forcing more and more members of the Armed Forces to sell homes for thousands of dollars less than they owe on their mortgages. The troops have found a sympathetic ear in Rep. C.W. Bill Young, R-Fla., who noted, "The current problem hits these Americans particularly hard as they have no choice but to move when issued new orders." The congressman, who sits on the House Defense Appropriations Committee, outlined the problem in a memo this past week to Defense Secretary Robert Gates. In seeking guidance on how Capitol Hill can help, Young stated that the problem is particularly acute for service members who rotate through duty assignments on two- or three-year cycles. Some are even opting to leave their spouses and children behind when they transfer. A housing assistance program was recently established to aid communities that have been affected by base closures and realignments. Young's memo raised the question of whether reassigned service members could also be eligible for such assistance. He added that a supplemental defense spending bill currently being drafted might serve as a vehicle for military housing assistance.