Senate Approves Home Mortgage Rescue Plan
July 14, 2008
The Senate approved a home mortgage rescue plan for those homeowners that are attempting to stay out of foreclosure. The belief and motivation behind such a plan is that if those homeowners did end up defaulting on their home mortgages, that it would further exacerbate the already soft national real estate market. It is hoped that such aid will help cause a faster turn around for the real estate industry by providing Federal Housing Administration (FHA) loans that would be more affordable to those home owners in need. The amount approved is a whopping $300 billion, which would assist potentially as many as 400,000 home owners.
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Real Estate Quote of the Week
"I often hear remarks from agents like, “the bank sold that house really cheap - 30% below market value”. I don’t agree with that kind of statement. If various banks are the only sellers selling in an area and they are selling all of their houses at a perceived “below market” sales price - perhaps that IS the market for that product in that area. A good price fixes any of the various bad conditions. There is no good reason to take (or keep) a listing that isn’t going to sell."
Russell Shaw - in AgentGenius from Phoenix AZPolls
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I hope this is the last of the big news events