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The long anticipated housing stimulus is caught in game of politics

 

The housing market is continuing to struggle and the government can not agree on a solution.

The number of home owners losing their homes to foreclosure continues to grow. Real estate sales are much slower than most economists would have hoped for. Mortgage rates are near record lows, yet the market is still very much struggling. The government has promised some reform and relief but to date their has been no agreement on what form this would take. As proposed bills move through both the congress and the senate it is becoming more clear  that this will become more of a game of showmanship than anything of substance. The longer the government takes to announce a compromise puts in jeopardy rallying around the peek home buying season. The government is denouncing the recent proposals as nothing more than subsidizing the housing market. The problem is that they have already taken this approach on a number of areas including expanding the role of agency lenders such as Fannie Mae and guaranteeing loans when Bear Stearns faced a near collapse. It is very apparent that it could take years for the housing market to self correct and in lieu of a struggling economy and record oil prices the idea of putting a floor in place to help boost the real estate market seems like a good idea to help turn the economy in the right direction.

5-08-2008 ? LoanNetwork.com

 

 

 

 

housing reform appears to be stuck @ loannetwork.com

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