Yesterday, I asked our Trulia Voices community to share their thoughts and ideas on how to improve housing in the world. We’ve received some good feedback already and are opening up the question to all. I’ll put together everyone’s comments and send them off to the President himself to make sure he hears your opinions.
Thanks for sharing your thoughts!
Popularity: 2% [?]
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January 21st, 2009 at 5:01 pm
The overall economy is lacking. The slumping housing market and mortgage fallout has been devastating to housing prices and the economy. I as an American and a Realtor do not understand how billions of dollars can be distributed to “jumpstart” the economy with no accountability as to where and how the money was to be spent. This money was intended to free up money for lending and that has not happened. The thought that these billions have paid bonuses to upper management while others are losing their homes because they lost a job is mindblowing. I witness people who are upside down, have been laid off, and have no options. It is heartbreaking! It seems to me that the money has not helped the housing market or the economy.
I feel that the monies should be used to relieve homeowners across the board so that the homeowners can fuel money back into the economy to buy cars, clothing, etc. How do you do this? At this point the rates are at unbelievable rates but many cannot refinance because there homes are not appraising, the do not have the money down needed to qualify these days, they are 1099 and cannot prove income, or their credit which was worthy when they purchased is no longer worthy due to the qualification requirement changes. If this money was spread across the board to the mortgage companies and banks to be used for the sole purpose of modifying loans of all americans to todays rates this would have a huge impact. It would give americans money to put into the economy….spending money.
The current rates are unbelievable but many are still frozen because there is no consumer confidence to spend money. People are or at least feel stuck.
The banks could work better with those having trouble paying their mortgages or with upside down values. There is a lot that could be done that is not being done to help the housing market.
One thing is for sure. We need to stop going into billions of debt to pay for a bandaid. There needs to be a solution that will actually end the problem. Is the governement going to bail out every failing company?
February 22nd, 2009 at 12:35 am
I believe people who can afford their mortgage, but were put in interest only loans at a considerable percentage rate and can’t refinance because their property has lost value, need help too. If no help is given to these people like myself, many may be forced to wald away from their homes too.
Very Sad,
Tracie Mejias
February 23rd, 2009 at 10:17 pm
Obama needs to offer a flat 4% mortgage rate to any and all Americans.
The government is basically offering 0% interest to banks. If the government offered 4% to Americans, that is 4% more than it will see from the banks.
At 4% Amerians would be paying themselves back with interest.
Additionally, the 105% of appraised value maximum loan amount is ridiculous. Americans who are upside down are potentially upside down more than 5%. Even those who financed with 5%, 10% or even 20% down stand to be upside down with housing at a 20% reduction in appraised value.
Obama’s plan needs to be at least 115% of appraised value in hard hit states. If these go to foreclosure, they typically sell at 20 or 25% below appraised value……and EVERYONE loses - the bank, the owners and the American taxpayers.