The Real Estate Industry Is Freaking Out
It’s a tricky time for the real estate industry. Prices are up, but they’re not “up up.” Also mortgage applications are down roughly 60 percent from their peak in April, and several heavy financial hitters are getting ready to take the money and run.
Thus the “housing recovery” – such as it was – is drawing to a close.
“Who will be left holding the bag this time?” the website Zero Hedge asks.
Um … taxpayers, naturally. Unless of course you think (gasp) those who made bad loans should be held accountable for their decisions – which is kinda hard to insist upon when the federal government mandates so many of those loans (like it now mandates us to purchase health insurance).
Anyway while we await the popping of yet another government-inflated mortgage balloon, the real estate industry is in full-fledged freakout mode over the partial government shutdown – specifically the impact it’s having on tax transcript processing, Social Security verification services, USDA/ RD loans and FHA/ VA loans.
Take a look …
(Click to enlarge)
Good luck buying or selling a house during the #Shutdown.