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Bailouts, Stimulus, and Credits...Have They Worked?

With all the money our nation has thrown at the banks, Wall Street, the automakers at the taxpayers expense to fix a problem caused by housing, my biggest question is has any of it worked? I still see declining sales, prices, increasing days on market, large numbers of foreclosures still coming on the market and new home sales pretty much non existent.

In the statistics...the sales that are selling are the bottom tier of homes. First time home buyers and distressed sales are leading the pack and luxury home sales are in the tank. What impact if any have you seen from the government intervention on your business and market place?

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Posted by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO on 05/07/2009 01:50 PM

Comments (18)

Bailouts and Tax Credits Are They Working? in the ActiveRain Channel

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Originally posted at: Atlanta Real Estate | Atlanta Housing News for Real Estate: Bailouts, Stimulus, and Credits...Have They Worked?

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18 Comments on Bailouts, Stimulus, and Credits...Have They Worked?

MAY

It's worked pretty well for the biggest banks.

I agree with Lenn. The ones who caused the problem are benefiting; other than that, it's made little difference so far. The govt. is revamping the Hope for Homeowners plan to try to have an impact since the first plan flopped. As far as helping housing, their efforts have done little other than providing an incentive to a few first time buyers; it's done practically nothing to stop the wave of foreclosures.

Jim, you know me for some lenthy opinions.

As far as getting mortgages available, I give them an "A".

For the handleing of General Motors and Chrysler, i give them a "F".

Ultimate market participate with capital should own the stock, not the employee's and the government. The bond holders should get stock that is fine, they are politically neutral.

Socialism is running high here and never, never has been a way to run a business.

I feel that some areas need different attention than other, i said that many times. Atlanta is one of them.

Other areas are picking up because of the capital available and the low prices.

Political agendas are troublesome!

See I kept it short.

Richard

Jim,

The government buying mortgage-backed bonds is keeping the interest rates low, therefore giving the market something to work with. Otherwise, not much there, yet.

Jim,

Well, rates being low is still good...

but, geez getting some of these people that would have normally been approved OUT OF UNDERWRITING is driving me crazy!

I have a couple of people looking at the first time home buyers credit of $8,000. Thats about it Jim.

Jim, I think we are all thinking less government is better. The best stimulation of the small business sector, the engine of this country, is to lower taxes, leave some money left over from every dollar earned.

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate LOL! Lenn you hit the nail on the head again! The banks and the politicians benefited greatly from 'the biggest Ponzi Scheme in hte history of the world!'

John Mulkey, Housing Guru (TheHousingGuru.com) John, I personally feel all these mortgage modifications and refis are just a reaffirmation of bad debt! These persons could not sell the homes for what they are refinancing them for. It really is like a Ponzi Scheme! They are buying time and just postponing the problem for another time...preferably after elections for the political schemers!

Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates) Richard you can go on as long as you like. You are a very well educated man, and I value your opinion very highly. I agree, socialism is no way to run a business, it is a way to ruin business.

Esko Kiuru - Las Vegas NV Mortgage Consultant (Sinifox Financial) The sad thing we all know this is artificial...

Sheila Moran, SanAntonioSheila.com RE/MAX Access, Broker, At your service! (RE/MAX Access (Garden Ridge, San Antonio, New Braunfels)) Sheila ...normally rates this low would have the phones absolutely ringing off the hook. The are not. I am starting to see homes on the upper end for long extended periods of time. I think there has been a lot of structural and collateral damage to our markets that no one is talking about, nor does anyone want to acknowledge. My own thoughts...? I do not think the upper end real estate will come back as we knew it.

Slidell LA Homes FDor Sale John Walter Slidell Louisiana Homes (7824 Real Estate of Louisiana,LLC) John, for us it has meant about three deals. That is it. That isn't a lot considering the amount of money the government has thrown at it.

Andrew Mooers | Northern Maine Real Estate / Aroostook County Broker (MOOERS REALTY) I agree! Less government is much better. Look at the banks. What a surprise today that all the big boys need more money! Who do you think will really buy their stock and bad assets?

Hi Jim,

Definitely the first time buyers are leading the charge- that means under $250k in my market. And the under $200k market is absolutely a pain in the butt. Like 3 offers for every house. The thing that is having the most impact on the buyers I am working with: the up to $8,000 tax credit.

But it is having a trickle up effect. In the main section of home for sale ($200k to $300k) there is only a 6 month inventory level. And the houses over $300k are moving faster. I know it might just be the spring season, but it feels more even than that to me. Time will tell I guess.

Jim,

Regardless of what I think, many people feel the Obama stimuli are working...I see no evidence, but public perception...Oh, well...!!! Thanks, Fran

MAY

Sarah Nopp, REALTOR(R), CRS. RE/MAX Four Seasons, Olympia WA (RE/MAX Four Seasons) Thanks for sharing such positive news. You are right..."Time will tell!"

Fran 'The Title Man' Gaspari Title Insurance-PA & NJ (Patriot Land Transfer, Inc.) I am hearing there is a lot of refis going on. I am not seeing any major uptick in homes under contract or pending sale.

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