Sales for the year have been great. My only concern is a possible breakdown of the housing market again. This time with FHA loans. With the incentive for the $8000.00 for first time buyers I have seen many with no cash on hand and getting (gifts) from family members. By not having a savings built up I am thinking this could be a problem with home ownership in the near future. Many extra costs are involved with home ownership and if repairs are needed it will cause a breakdown of finances for those that are not capable of saving anything. Let's hope I am wrong!
Salt Lake City, UT
Utah Real Estate
It always better to have savings.
I do like FHA because of the mortgage insurance that is paid by the one receiving the benefits (the borrower).
I really glad we are past the no mortgage insurance loans especially the negative amortization.
Dec 22, 2009 07:51 AM
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen
FHA was never a factor in our area due to high housing costs, then when the limits increased it seemed that almost every loan was FHA.
Dec 22, 2009 07:58 AM
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