I just read the Housing and Urban Development Secretary Shaun Donovan said Sunday on CNN's "State of the Union" that the administration would "do everything we can" to stabilize the U.S. housing market.
So what does "everything we can" look like? Donovan said that the Federal Housing Administration will launch an emergency loan program to help unemployed borrowers stay in their homes and a program to help underwater borrowers refinance. This is great news and I'll be interested to see these "new" programs unfold.
However, it's my belief that the administration must do a better job of addressing the un/under-employment situation. As long as people are worried about making a living or the long term viability of the corporation they're working for, most will not have the confidence to participate in the real estate market.
What can we do here in Boise, Idaho? Actively support our local economy every chance we get! Don't allow yourself to get weighed down by the "Fear Factor" tactics used by the media. Keep in mind, bank rates, home prices and local inventory are all fantastic and people ARE still buying homes!
Focusing on the positive and keeping our consumer dollars where we live and work, will help stimulate confidence and growth! Plus, it's way more fun (and healthy) to feel hopeful rather than pessimistic and cynical!
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