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Here are some interesting points of the article:
"...top officials continued to work on a plan to bolster the housing market by subsidizing 30-year home mortgages with rates as low as 4.5 percent — a level that home buyers have not seen since the early 1960s."
"..the cheap mortgages would be available only for people buying houses, not the roughly 50 million families that already have mortgages and would want to refinance at a lower rate."
The key here is this only helps buyers buying homes now...NOT homeowners who are facing foreclosure.
What are your thoughts?
http://www.nytimes.com/2008/12/05/business/05housing.html?_r=1&hp
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 1 responses
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Posted: Dec 05, 2008 at 8:43 AM
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Hi Dave,
I think low interest rates along with declining prices and large inventory is great for buyers. There has not been a buying opportunity like this in Manhattan in 15 years - not since 1993.
The homeowners facing foreclosure is a problem I don't have a solution for. In Manhattan foreclosures have not been a problem. To buy in Manhattan you need some skin in the game.
I'm not sure who is to blame for the foreclosures throughout the country but I think there is a lot of blame to go around. Buyers getting in over their head, banks selling risky products and giving mortgages to unqualified buyers, agents selling properties to buyers that couldn't afford them etc etc.
I don't think the government should bail out corporations or homeowners but low interest rates should also apply to refinancing.
Dec 6, 2008 at 11:38 AM
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