Outside Factors and the Housing Market

As more and more subprime loan companies falter or sink altogether the Federal government has finally decided to step in and is beginning to take measures in an effort to avert further fallouts from occurring. National lending standards are being reviewed by Congress, and if passed laws will put an end to current dangerous lending practices such as overly high interest rates or inequitable penalties and fees forcing banks to provide more stringent requirements for loan applicants. Lawmakers realize this may take some time, understanding the importance of ensuring that any final legislation does not create the opposite effect of some being totally unable to receive loan acceptance. In the meantime, the percentage of foreclosures among bad risk credit homeowners continues to increase creating a flood of homes on the market. Unfortunately, this has not translated to an rise in home purchases; instead the number of sales nationwide is lower than in previous years.

Another factor which may affect the number of homes being sold is an increase in adverse weather conditions and natural disasters, a side effect to the increasing concern over global warming. Although Ocala's inland position decreases the immediate effect of many of the hurricanes and tropical storms which hit Florida, we certainly feel the far reaching outcome these disasters wrought upon friends, neighbors and the local economy.

For information on local market trends or to view property in the Ocala-Marion County areas, visit http://www.crystalmccall.com/.