Bill Talks Politics… Sort Of

This isn’t meant as a political statement, so indulge me. The story is so amusing it just must be shared.

In a bid to stem taxpayer losses for bad loans guaranteed by Federal housing agencies Fannie Mae and Freddy Mac, Senator Bob Corker (R-Tenn) proposed that borrowers be required to make a 5% down payment in order to qualify. His proposal was rejected 57-42 on a party-line vote because, as Senator Chris Dodd (D-Conn) explained, “...passage of such a requirement would restrict home ownership to only those who can afford it.”

Sarah ‘Krebsy’ Adams Assesses July

Where have all the buyers gone?  Even low interest rates are not working these days.  Prices continue to drop a little and overall inventory, including resales, are up slightly over this time last year.  “The tax credit pulled some first-time buyers from the second half of the year into the first half,” surmised NWMLS director Pat Grimm from Windermere Capitol Hill.  Hurme speculates that government incentives are backfiring because they are training consumers to wait for the next, great government bailout.  New Home Trends reports, however, that sales of new construction homes written in the last 12 months exceeds the previous year by 28.1 percent.

Email based communication avoids unnecessary spending on paper and helps to preserve our ever depleting natural resources. We do not wish to share our valuable information with those who are not interested. If you do not want to receive this publication from us in the future, you may choose to unsubscribe below.