Stimulus Package Passes in the House of Representatives
January 29, 2009
President Barrack Obama has been successful in obtaining the support of the Democrats in the House of Representatives. There will always be controversy over what programs and over how much to spend to recreate a healthy U.S. economy.
Some of the provisions that may actually help ordinary people are the possible reduction in the withholding amount taken from their paychecks. For folks who have been laid off from work, the extension of their unemployment benefit checks will be a help as will increases in the amount of food stamps issued to them.
While all of these programs are designed to put money in citizens hands, the help for homeowners is still up for discussion. Fortunately, like many housing market down cycles, prices do come down to a level that is seen as a good value. The statistics from December that show the increases in the number of sales are a sign that we may have reached that price point. For those of us in the trenches of the real estate industry, what needs to happen is a speeding up of the "short sale" process. We believe that a significant number of properties could be sold before they reach the sale on the court house steps. What is necessary is for lenders to respond quickly to a buyer's bid and to process a sale. Losses to the lender could be cut and properties would not have time to become overly neglected.
I have read that the government is working with servicers and investors to make the short sale process more efficient. Let's hope that monies to accomplish this are in the final stimulus package.
President Barrack Obama has been successful in obtaining the support of the Democrats in the House of Representatives. There will always be controversy over what programs and over how much to spend to recreate a healthy U.S. economy.
Some of the provisions that may actually help ordinary people are the possible reduction in the withholding amount taken from their paychecks. For folks who have been laid off from work, the extension of their unemployment benefit checks will be a help as will increases in the amount of food stamps issued to them.
While all of these programs are designed to put money in citizens hands, the help for homeowners is still up for discussion. Fortunately, like many housing market down cycles, prices do come down to a level that is seen as a good value. The statistics from December that show the increases in the number of sales are a sign that we may have reached that price point. For those of us in the trenches of the real estate industry, what needs to happen is a speeding up of the "short sale" process. We believe that a significant number of properties could be sold before they reach the sale on the court house steps. What is necessary is for lenders to respond quickly to a buyer's bid and to process a sale. Losses to the lender could be cut and properties would not have time to become overly neglected.
I have read that the government is working with servicers and investors to make the short sale process more efficient. Let's hope that monies to accomplish this are in the final stimulus package.
posted by shirley harry at 8:38 AM
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