There has been some disturbing news out in the recent cycle. The Republicans are trying to do away with HAMP and have voted to repeal it. It is unlikely the Senate will pass the bill, but if they do the President will surely veto the measure. HAMP may or may not be a good program, we will never know because the lenders are not using it. The lenders are reluctant to help the homeowner either on their own, or with government help.
On another issue the results nationally on the housing market were the worst they have been in 20 years. Part of this was driven by the horrible weather that the country had during that time. Part of it was due to the fact the tax credits that helped last years numbers are not available and part of the issue is that there still in very little new job creation. These factors are keeping the new sales at a lower number. The thought that more people will go into foreclosure as has been predicted will also make sellers and buyers wary waiting for another shoe to drop. It appears we will be living with this uncertainty for a while.
The good news is that the prices and interest rates are great. Those buyers and sellers looking to take advantage of the market should do so. I partner with Prospect Mortgage on their Home Buyers Marketing Reports and am privy to their industry news. Here is today's Market Report that shows more disturbing news, but ends by saying the interest rates are better. We should focus on that because that will help our buyers and sellers.
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