Well, President Bush has just announced a plan to help "some" homeowners stave off the"foreclosure" monster for 30 days. Is that really enough? Under his new program six, and hopefully more will join the parade, will soon begin contacting homeowners who are more than 90 days late on their monthly mortgage payments. They will give them 30 days to work out refinancing arrangements with their lenders. This plan will be available to the holders of all types of mortgages from prime to subprime.
I think one of the best remarks came from Sen.Dick Durbin D-Ill, who thought that homeowners at risk of foreclosure are floating 50 ft from the shore and now you're giving them a 30 ft life line! This is a great teaser but not what is needed to fix this problem.
These are crazy times right now and I'm sure the elections will have a big effect as well. Strangely enough however, in the past 2 weeks, in the Metro Atanta area, I am seeing so much more positive activity in the real estate market. There are more showings, more traffic at open houses, and am actually seeing multiple offers on homes that are priced correctly. It's important to stay positive and stay away from the media doomsday portrayals of the state of the real estate market.
This morning I was listening to all the uproar over Greenspan and Bernake as to whether or not we heading towards a recession and I had to shut it off! As a professional realtor, I continue to do my job and advise my clients as best I can but in my heart I think President Bush is too late in his response. Time will tell.
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