What happens when a buyer going 50 mph toward a short sale in Beaverton, OR, while a Bank backed by the politicians in Washington DC is going 1,000 mph toward the house, what happens when the market comes crashing down around us?
Every day we hear of the talk in Washington DC and how their policies are supposed to help the housing market. Last week we even heard that the recession ended in June 2009! To me, that was right up there with the dumbest statements ever to come out of Washington.
So, how are we supposed to fix this? We have buyers that want to buy, we have sellers that have to sell because they can no longer afford homes with unemployment here in Oregon at 10.6% and holding. That doesn’t even count the people that aren’t collecting unemployment anymore because their benefits have run out and they no longer qualify, but still don’t have a job.
We have buyers that want to buy, but because of the mess in Washington, and inside the banks, even people with great credit scores are unable to qualify for a loan. Or the loan they qualified for last week is no longer available all because it was a government loan in the first place. (Once again creating a false economy just like the $8,000 first time buyer tax credit did)
We need to let private enterprise set what is bought and sold in the aftermarket and not bail out these banks. In the end, it will keep coming back on us tax payers because of the banks not doing the right thing in the first place. How many loan modifications were requested vs how many were granted? Many of these people just needed to have fees waived because they couldn’t pay when they lost a job and now are back to being employed but can’t catch up.
Instead, these banks are strong arming these people in to selling or foreclosing on them, forcing them out of home ownership for 2-7 years for their failed policies rather than letting them keep their homes. Then, these same banks have their hands out waiting for money from us tax payers to bail them out when they had a solution in front of them the whole time. They just wanted the money now rather than waiting for the loan to be paid off in 30 years.
So, I ask again, what really happens when a buyer going 50 mph toward a short sale in Beaverton, OR while a Bank backed by the politicians in Washington DC is going 1,000 mph toward the house, what happens when the market comes crashing down around us?
Todd Clark and the Friendly Home Team
Capstone Real Estate
Todd Clark is a licensed Realtor who specializing in Washington County, Oregon and also works both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard.
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