Well here we are waiting for Congress to make our nation look foolish again and make the same mistakes that they always make and there isn't a single thing that John Q. Average can do about it. I am in the real estate business. I have been for a very long time. I am absolutely certain that giving tax credit to people who don't owe any taxes will not be particularly stimulating. I am relatively certain that giving free money to banks will not cause those banks to make it available to home owners or small business people.
Here is the reality in Austin Texas. Loans are generally not available to self employed. Loans are generally not available to employed with less than two years in their current line of work. Loans are not available for properties that do not meet bank's restrictive definitions. Lenders can not process the loans that we do have in a timely way because they have laid off staff and are too busy process refinance loans. Lenders have consolidated underwriting so that communications have been lost between the loan officers and the underwriters.
Buyers with nice cash reserves are buying nice urban homes and investment properties at discounted prices. Buyers wanting something special such as rural or ranch properties are fighting an uphill battle with lenders.
We can not see any scenario where government involvement will do anything but further stifle our economy and particularly the housing industry with ill advised oversight and added restrictions on lending.
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