The Obama administration has proposed a major trade agreement to reduce carbon dioxide emissions.But in tonights Economy Rockford report.. we explain why this legislation could translate into higher costs for local homeowners.
23 news Mortgage Expert Terry Bloom says the cap trade agreement will have a major impact on homeownership nationally and locally.
Under the proposal.. homeowners will have to go through an energy audit when they sell their homes. If the home doesn't meet certain standards.. sellers will have to pay to upgrade their homes with more energy efficient windows... And heating and cooling systems.
Bloom says the legislation is a costly policy that could hit local homeowners who are already struggling.
"I understand the overall basis of what they are trying to do on capital hill but what they are doing to homeowners in our country could be devastating to our marketplace. in an economy and marketplace where it is hard to sell your home. values have come down and then to try and have you come up with money to make these improvements could put some people in a very tough position to sell their homes."
The measure has already passed the house and now moves to the senate for a vote.