Rescue may be in sight for those struggling in Real Estate

Relief may be in reach for many property owners holding on to their last few monthes of reserve....if there is any left!!! This is definately an interesting time for all of us in the real estate business. You have to ask yourself what is really happening and what can we do to get out of this huge bind we are in?????

Take some time to review some of the articles we have published on www.InvestSmarter.com and publish your own thoughts on the forum section. We need to bind together in tough times like these!

Housing Rescue Bill Nears Finish Line

The housing rescue bill appears to be in limbo. It is expected to pass the Senate today or tomorrow, but then the Senate version faces substantial opposition from the House of Representatives. The White House also is still threatening veto.

Roadblocks include Rep. Barney Frank, D-Mass., the Financial Services Committee chairman who won House approval of his version in May. He has made it clear he doesn’t plan to accept the Senate proposal without changes.Speaker Nancy Pelosi, D-Calif., is working to quell a revolt in the House by representatives who insist that housing tax breaks and any spending in the package must be paid for with tax increases or spending cuts to prevent an increase in the deficit.That means rewriting a $14.5 billion array of housing tax breaks, which falls $2.4 billion short of being fully offset.There is also a push by black lawmakers for far more money for fixing up foreclosed properties, and the Congressional Black Caucus also opposes language in the Senate bill that bars the FHA from insuring mortgages obtained by borrowers whose down payments were paid by the seller.

Source: The Associated Press, Julie Hirschfeld Davis (07/09/2008)

The real question we must ask ourselves is why all the pushback? Some people feel strongly that these people put themselves in the position...but I would argue just the opposite! A lot of builders, real estate agents, mortgage brokers, and even the buyers helped cause this! Greed was a major factor and unfortunately many people got caught holding the hot potato if you will. The Panama City Real Estate market isn't much different and actually we have esablished www.panama-city-beach-florida-mls.com so you can see what properties are for sale and search the entire area for more information and see if something hits your needs or is similar to property you are trying to sell.

The key with any market, Panama City Real Estate being no different, is price point and who is going to pick up the pieces??? It's bad enough for the owners that are falling behind, but what about the banks? They aren't doing well either. We have to look at this globally to see the true potential impact!!!