Marin Real Estate - President Signs Housing Act

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President Signs Housing Act

Good news for the housing market; President Bush has signed the "Housing and Economic Recovery Act" and many experts are agreeing that it could be just what the housing market needs. First and foremost, the Act will help homeowners who are facing foreclosure, which as you know by now, the Marin real estate market has not been immune to. As we have posted here before, the luxury real estate areas in Marin, at this time, have not been hit hard with foreclosure, but areas like San Rafael and Novato have been hit quite hard.

On the other side of the coin, some experts are thinking that the new mortgage program will not be of much help. The new program's requirements, according to some bankers, still has too many requirements. The program will allow those, who are eligible, to get rid of their old mortgages by replacing them with a new 30 year fixed, which covers up to ninety percent of the current value of the home. All of this still depends on whether or not the bank decides to let the homeowner participate. If the bank doesn't see this as being a big loss on the principle and if they would risk more than if they just let the home go into foreclosure, then there is a good chance the homeowner in crisis will qualify.

The mortgage program is intended to help around 400,000 homeowners that are currently facing foreclosure, by giving them another chance with a loan, insured by the government. However, there are nearly 3 million homeowners in the United States that are predicted to either sell their homes for less than what they owe, or will face foreclosure by the end of 2009.

For first time homebuyers, the program offers a tax credit, up to $7,500, which will be an interest free loan that can be paid back over 15 years.

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