When we see a short sale or a foreclosure in our community we know we have just lost a little more of our own value. You could say we are losing value as we sleep.
I was driving home late this afternoon and was listening to the radio, a talk station that was discussing real estate sales. I already knew what they were going to say and they were right on the mark. I was just about ready to change the channel when they mentioned they had some news from FHA after a break, I decided to wait.
You know, just when you think things shouldn’t, I used to say can’t get any worse, but I don’t dare use that any longer, they can and are getting worse. We all know the real estate market is in the doldrums. We, that would be you and I, are losing value on our homes every day. When we see a short sale or a foreclosure in our community we know we have just lost a little more of our own value. You could say we are losing value as we sleep.
Banks still aren’t lending, and it appears they have no intention to start lending any time soon.¬† If you want to purchase a home you have to pass more rules and regulations then someone trying to crash a White House state dinner. Uhhhh, scratch that one.
You would think that Uncle Sam would be doing all he could to make it easier for a “qualified” buyer to purchase a home and stop this crazy downward spiral. Does this sound outlandish to you, it doesn’t to me. The talk show host came back on the air and announced that FHA has now “tightened” their rules for a home buyer. They are going to require more money down and it is going to be much more difficult to get a loan. I must say I was in shock, I couldn’t believe what I was hearing. Why don’t we just shoot ourselves in the head and get it over with.
Are we seeing a system that is broken due to stupidity, or a system that is failing by design. It really doesn’t matter what the answer is, it is unacceptable. If the FED doesn’t wake up, and soon, 2010 is going to make 2009 look like a walk in the park. I can’t help but believe that if you and I can see this train wreck coming, why can’t anyone in Washington DC?