» It's Time to Do Something About The Credit/Mortgage Crunch

It's Time to Do Something About The Credit/Mortgage Crunch

Everyday there’s something written in the press about the dire shape of the housing market. Reporters, bloggers, homeowners, lots of talk about the downward movement of the housing industry.

It’s time to be proactive. It’s time to do something to help provide some relief to the people who are in danger of losing their homes. The number two million keeps getting bandied about, a lot of people and a lot of homes. This will have a profound affect on the country as a whole. Neighborhoods will be affected if there are a number of empty homes.

While at Inman News Real Estate Connect, an interesting proposal was presented by Dr. John Vogel, a professor at Tuck School of Management at Dartmouth College, “The Last Chance” mortgage. I explained the details of Dr. Vogel’s proposal in an articleI wrote for The Seattle P-I Real Estate Professionals blog. Larry Cragun also attended Inman News Real Estate Connect and presented his thoughts on his blog, Issaquah Undressed.

Our society, our government need to take steps to mitigate this problem. Unfortunately, little action is being taken. Take a close look at our Presidential candidates. See if the candidate of your choice has a proposal to ease the credit crunch and check how promising the proposed plan will be. It’s important to all of us.

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http://www.orlando-real-estate.biz Chantal in Orlando

Wow, how prophetic with the recent rate cuts by the fed. I also hear they are planning on making another half basis point cut at the end of this month. Is it too little too late? Or do you think it will help?
http://www.debrasinick.com Debra Sinick

Hi Chantal,

At this point, nothing is too early, it can only be too late. If we can help buyers to understand that the low mortgage rates make a huge difference in affordability, maybe we will see some more buyers out there. I know buyers are nervous, because they are not sure if prices will go lower, however a home purchase now should be viewed as a long term investment. If you buy, then stay for 3 to preferably 5 years.

Now, if we can only get the FED’s to increase the loan limit for conventional financing, we might have something!