Pensacola Real Estate News | Making Homes Affordable working or not?
What will work? Is the economy too big to be directly impacted by govt intervention? Friedman, Sowell, and Kenyes. What works?
Last year, more than two million homes were lost, and Economy.com expects that this year's number will swell to 2.4 million. There is a very interesting article in the NY Times. Click here NY Times article via CNBC. I suppose much of one's own belief system on how things would work best will put you on the side that fits one's own outlook on things.
I know this per my experience last year with the tax credit incentive that was set to expire on November 30, 2009. What this incentive did was to put a small rush of buyers into the market in the Sept to October time frame. What did these buyers do? They competed for non "short sale" listings of homes for sale. Why? Because they were under the deadline of closing on their first time buyer home by Nov 30th. This put them in a non buyers market situation. What was the unintended consequence?
Those homeowners that had their house up for sale in the time frame of September and October did not get looked at. The number of showings dropped off dramatically. The question how many of those short sale sellers would have sold in those 2 months? How many homeowners were foreclosed because of the unintended consequence of the tax incentive?
Some things to really think about....
Jack Lara, "The Jones & Lara Team, Your Realtors for Life!" at Keller Williams Realty of Pensacola
Call: (850) 471-5020 or visit us at PensacolaAreaProperties.com
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