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The real estate industry received some good news finally on Wednesday

 

The housing market received some welcome news this week with two sets of government backed relief packages.

The housing market received some news this week that should help boost up home values. The government signed into legislation the long talked about stimulus package that will boost up the loan limits for many high value areas such as Hawaii, California, New York that will allow conforming loans to help with assisitng home owners with jumbo loans. The tax rebate will also help with economic stimulus. The second piece of good news this week that many home owners who are not in trouble may overlook is the lenders that have temporarily halted foreclosures. This is good news for individuals who have faced foreclosure, but it is really great news for the housing market. Home values have been sharply driven down by the glut of foreclosures and bank owned homes within the market. Working to reduce this inventory is the first step towards balancing the supply/demand challenge within the market. The major lenders have been under pressure from Secretary Paulson to put a temporary halt in foreclosures. This news has been well received by Wall Street and home owners who have been searching for good news in one of the worst real estate market periods in history.

2-14-2008 ? LoanNetwork.com

 

 

 

 

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