… I did predict there would be big changes what with a national election looming up…
- A one-time $100-BB tax rebate and tax incentives for employers to hire more workers
- Temporary cut in corporate income taxes
- Emergency assistance for owners who need extra money to help with high heating bills this winter
- Proposals to expand loan modifications and payment relief for borrowers heading for serious delinquency or foreclosure
- Widening “rate freeze” mortgage relief programs beyond just sub-prime borrowers to ALL borrowers, including those with prime credit, who find themselves in trouble on their mortgages
- $MM’s for new assistance for local nonprofit counseling groups who reach out and guide mortgage borrowers in danger of losing their homes
- Federal Tax Code amendment allowing state & local housing agencies to issue tax-exempt bonds to refinance loans of troubled homeowners (not just assisting new home purchasers) at low, fixed rates
- Moratorium on foreclosures nationwide and legislative amendment allowing bankruptcy court judges to unilaterally reduce homeowners’ mortgage debts to lenders… BUT there is non-acceptance for these two issues from bankers and the mortgage industry
Chief Economist for National Association of Realtors, Lawrence Yun, said the market appears to be stabilizing. He noted mortgage interest rates are near historic lows, decelerating price declines, and a modest reduction in the number of homes on the market. NAR President Richard Gaylord said that Congress should expand its efforts to provide affordable finances and suggested raising the limit on conforming loans to help credit-worthy buyers in hard-hit regions such as FL and CA by greatly increasing access to low-interest-rate mortgages. Perhaps now we begin to see a light at the end of the tunnel in the housing market. Editor’s note: Perhaps the best buys will be made between now and early summer, and then “only the pickings” will be left in market inventory. With a national election coming up, perhaps the economy WILL improve and right now the perception is that the economy depends on the rise and fall of home sales across the country.
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