User 251931

Bad News for Housing

Until housing costs come down for both new construction and exisiting inventory, it will basically be tough to buy or sell. Another action that would help would be to have Fannie and Freddie make all thier existing loans assumable to qualified borrowers thereby reducing the bailout by billions that taxpayers will pay. One last thing no one is considering is the everlasting credit issues every borrower in this country will face as a result of job loss, divorce, bankrutpcy, and foreclosure. The buyers pool in this country will shrink as credit bureaus continue to tighen the screws with tweaking of credit score formulas. Assumable moprtgages versus the government buying properties and loans is the way to ease all of this.