Mortgage Caution Is Needed
NAR is urging the U.S. congress and President to pass a stimulus package. If passed it should help re-energize the economy and help certain buyers purchase homes. In the bill Fannie Mae and Freddie Mac would have less contraints.
The new bill will have a positive affect if passed. Helping the overall Huntsville Alabama Real Estate market. I hope the new proposed bill is put together with certain built in precautions to ensure we don't overheat the housing market. When we do things to over stimulate the economy there is always a backlash; a payday so to speak. The entire country is now paying the price for the over inflating of the real estate market.
It is very easy to be an arm chair quarterback on such things and criticize others. However, I hope everyone learns a valuable lesson for years to come. I want the economy to be good for my children and grandchildren. We need to be good stewards with our blessings. I am a conservative by nature but part of the problem has been greed and taking to much profit. I can't believe I am saying there is such a thing as too much profit. Excessive profit taking is not a good thing. There are always consequences on everyone.
Many areas of the country are very depressed right now. I have several clients from Florida and Michigan. In their states foreclosures are out the roof, both states are experiencing a mass exodus and there is property for sale everywhere. In these two areas property taxes are twice as much as Alabama. In Florida especially, insurance rates are 500% more than three years ago.
Overall Huntsville is doing very well economically. It is our responsibility to keep it that way.