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Job-Loss Insurance Touted To Lure Home Buyers

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(credit: AP Photo/Luis M. Alvarez)

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 This material may not be published, broadcast, rewritten or redistributed.)

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