A few days have passed, and although it is too early to see any effects, we have a some hints on what the immediate future will bring.
Among the notable plans Presidebt-elect Obama has to help stimulate the economy (according to CNNMoney.com
Allow savers to temporarily tap into their retirement plans without early withdrawal penalties
Require financial institutions participating in bailout to put a 90-day moratorium on foreclosures for homeowners “acting in good faith
Allow troubled homeowners to refinance to a loan insured by FHA
Create a 10% tax credit for homeowners who do not itemize their taxes
Create a $10 billion fund to help victims of predatory loans
Authorize bankruptcy judges to reduce mortgage principal
Again, only time will tell, but the hope for something new and a better future for all of us is welcome news right now.
As for our local market.. though sales are still slow, the outlook seems to be brighter in Silicon Valley. Many agents are gearing up their business for the start of 2009. Buyers—though cautious—are out touring properties, visiting open houses and meeting with their Realtors. We seem to have a lot of buzz, though little of it has resulted in notable amounts of activity. Much of that inaction was due to the volatility in the stock market over the last several weeks and the lack of knowing who our next President would be. Now that one of the two is settled, we may see a return to stability and security in this region.
No comments:
Post a Comment