Since the elimination of sub-prime loans and the ever increasing challenges to obtain a loan, many willing buyers are struggling to purchase a home today. The result is that the national inventory of available homes is at about an 11 month supply. The steady increase in inventory and growing trend of desperate sellers reducing by large amounts will further be a downward pressure on the housing market unless something comes into play soon.
There needs to some replacement program to help get some buyers back in the marketplace and also more alternatives to keep homeowners in their homes.
The housing bill circulating in Washington, could help set a floor on the housing market by enabling more homeowners to stay in their homes. Slowing down the increasing inventory is one of the first steps to help stabilize markets and that is something every homeowner wants to have happen.
Moreover, the up to $7500 credit to first time home buyers will make it a little easier for those that are having trouble with current guidelines. The big question will be how many people will qualify for these programs because that will determine the effects on the housing crisis.
Your comments and opinions are welcome.
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