Actions on Housing Policy Will Make or Break Recovery
By Margaret Kelly on RISMedia
Posted by: RET Staff
We have many reasons to be optimistic about housing. Past-due mortgages and foreclosure filings have been trending down in recent months, not to mention inventory is decreasing, interest rates are lower than ever and home prices are stabilizing. But the progress is fragile, and ongoing recovery won’t be helped by unreasonable regulation. The only appropriate focus for legislators is helping families who are struggling right now and doing whatever it takes to keep properties out of the REO market.
Recent steps to provide distressed homeowners with more viable alternatives to foreclosure, such as easier refinancing through the Home Affordable Refinance Program (HARP), and ongoing streamlining of short sales by major lenders, are important steps in the right direction—and at the right time.
Lawmakers have the power to either continue helping or risk hurting the economy with their decisions on housing. It’s important they hear the message that housing needs focused attention to gain real traction toward sustained recovery, which really is in the best interest of the entire economy. I urge you to contact your representatives to offer your professional opinion on what it’s going to take to make the turnaround stick.