Jumping Through Hoops

As we work our way through the summer selling season I am astounded by the financing fiasco and how it continues to effect the market. There no doubt are numerous people who bought homes during the boom that really should not have been able to. And there is no doubt many lenders who had some not so scrupulous lending practices but the government has to be careful about the approach it takes in trying to rectify the situation. There are allot of good people out there that are paying their mortgages every month that are still going to be facing serious issues should they have to move. With values about half of what they were 30 months ago, unless you have a whole lotta cash in the bank or hit the lottery, how do you sell your home for tens or even hundreds of thousands less than owed and protect your credit and the ability to purchase another home? The government is now putting tighter regulations in place that is making an already difficult job of getting financing in this market even tougher. Some hoops to jump through is a good thing but too many just takes a dwindling supply of buyers and makes it even smaller therefore hurting home values even more. We are in a real mess for sure, but the damage is already done and the solution is not making financing so difficult that buyers can't buy.