Job-Loss Insurance Touted To Lure Home Buyers
LOS ANGELES (AP) — Californians looking to sell their homes can now offer prospective buyers a form of unemployment insurance under a program being rolled out by the state's real estate agents' association.
The new California Association of Realtors program allows home sellers to fund insurance schemes that pay buyers up to $1,500 a month toward their mortgage for six months if they're laid off from their jobs.
The so-called Home Payment Protection Program is a nod toward the role that job-loss fears are playing in the housing market. In California, 12.4 percent of the population remains without work.
Association President Beth Peerce says the program will be a selling point for buyers who feel uncertain about their employment situations.
(© Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
