A Band-aid on a Gaping Wound

By dallasrealtor | February 22, 2009

There has been a lot of talk about the stimulus plan and how it will affect the housing market.  Here is a look at $900 billion and where it is aimed:  The plan is aimed to double the home buyer’s tax credit and government involvement to lower the mortgage rates.  The problem lies in the reluctance of banks to lend.  How would this aid a first-time buyer if he/she cannot even get approved for the mortgage in the first place?  “You have to have perfect credit and a huge down payment to get a mortgage these days,” said Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness. “Tax breaks are not the problem for people – it’s getting a loan. There are much larger forces in play than these little legislative tweaks can address.”  Mr. Snaith has a point that needs to be considered by the ones making the decisions with taxpayers’ money.  What is it going to take to change the system, a revolution?

Please check out our website or contact us for all the Dallas real estate market updates.

Topics: Curiosities, General | No Comments »

Comments

Name

Mail (will not be published)

Website