Monday, October 13, 2008

90 Day Moratorium on Home Foreclosures

Regardless of your political affliation I think you may agree with me that the latest idea from one of our candidates is a good one. Barak Obama called for a 90 day moratorium on home foreclosures as well as a proposal to allow people to withdraw up to 10k from their retirement accountw without penalty for the remainder of this year and 2009. I think letting people dip into this money to help themselves out is a great idea! A lot of us are feeling the pinch of the money woos, so a little extra cash on hand would help relieve the stress. For those people who are in danger of loosing their homes this extra cash could possibly save them from loosing their homes.

Foreclosures are increasing at an alarming rate. The US Census Bureau reports that just under 2.2 million empty homes were for sale in the most recent quarter.

The vacancy rates for homes built in April 2000 or later was 9.8%, more than triple that of houses constructed earlier. Why you ask? Possibly because of the way the builders took advantage of the booming real estate market, they overbuilt leaving much vacant inventory on the market.

Those of us in the south had the highest vacancy rate at 3.2%.

Moral of the story....if you're in the position to purchase a home, NOW IS THE TIME TO GET THE DEALS!


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