Home prices and sales has increase raptly during this year. After six years of decline the rise of prices suggests a recovery. For the first time since the Great Recession of 2007-2008, the housing sector started adding jobs in areas such as construction over the past few months in a sign of a dramatic market turnaround.
Investors had been just targeting foreclosed properties at bargain prices and most of the time paid with cash. Mortgages had been difficult to obtain because banks wanted to lend only to the most credit worthy. First time buyers have had a hard time getting credit since the recession. Some homeowners who bought when the market was overpriced in 2006 and 2007 have been stuck paying high interest rates on loans that total much more than the current value of their home. Hopefully this trend is turning around for the better.
The government is encouraging banks to make loans to low income buyers and the government makes decisions when it comes to interest rates . Making Home Affordable is a program that can help homeowners avoid foreclosure and help our nation’s economy. Also, the MHA program can help lower monthly mortgage payments,
Do you think that people who borrowed too much at too high of an interest rate should be helped during the housing crisis? Do you think citizens deserve financial help when they need it if they pay their taxes and the economy is not good?