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Did Congress cut off the nose to spite the face?

I'll keep this one short and sweet:

What will cause more damage to home values: Termites or Congress?

How many of today's short sales and foreclosures are FHA? Not many! - During the boom years, you couldn't do an FHA loan because the loan limits were lower than what homes were selling for. On top of that prices were rising so why would a seller give up a 3% donation, especially when others didn't need it due to the readily available 100% financing programs?

Now that we can agree that our market woes were not caused by FHA loans going into default...

It leads us to...The million dollar question: Which will cause more foreclosures:

scale of truth

First time homebuyers using down payment assistance so they can buy a home that will deliver a payment at or lower than currently available monthly rent payments?

- OR -

A lack of buyers to absorb the growing number of short sales and distressed property owners?

What was congress thinking?

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Posted by Mark Organek - Tempe Gilbert Mesa Chandler REALTOR on 08/20/2008 01:43 AM

Comments (9)

down payment assistance, first time homebuyers, tempe, scottsdale, realtor, real estate, rentals, mesa, chandler, arizona, short sales

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9 Comments on Did Congress cut off the nose to spite the face?

AUG

2008

ha! isn't that the question of the day? I don;t think Congress knows anythiong these days!

John - At least investors are going to make some money picking up ripe opportunities.

So, you are cracking me up just by saying congress was thinking. They were not thinking about real life, that's for sure!

Should we quote Bill Clinton, "It's the economy stupid?" I think this is the other shoe that is droppionng

Congratulations!!

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I thought your post was good and wanted to get you a little more exposure.

I never trust Congress to do anything that makes sense.

Congress is the problem. You've identified the problem, now all we have to do is fix it.

Doreen - It was so sad to see the uneducated response from our representative. Used to have a lot of respect for him. Maybe our former Tempe mayor had too much on his plate to understand our housing mess.

Charlie - It's one thing that we've all collectively created this mess together but to have congress creating worthless solutions so they can pat each other on the back? I don't think that's fair to the US citizens.

Timothy - That's neat that you created that. I'll check it out!

Jim - That's the beauty of the freedom that we enjoy in this country. I'm not trying to bad-mouth our political system, just the people in office that are faking concern for the country.

Jean - Sometimes I question the embrace that is given to the new laws that are supposedly designed to help people. RPAC is important and we just have to make sure the right issues are given the proper amount of push.

GREAT BLOG!!! What are they thinking!! Anyway thanks for your comments on my english bulldog Bruno Isnt he a cutie

Tinker

AUG

2008

Tinker - You do have quite a good looking dog. I'm not much of a pet fan but your dog is easy on the eyes!

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