Housing Bill to Provide Relief to Southeast Michigan Real Estate Homeowners

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on July 25th, 2008

Whether it’s election year politics, the White House responding to poor public opnion or a probable veto override or political payback to the lending industry, Congress and the White House will shortly enact housing legislation which will provide relief to Oakland County, Michigan which has been hit hard by a huge rise in foreclosed homes on the market. Presently one in every two homes sold in Oakland County is bank owned as the result of a bank foreclosure. It is expected that the new law will save an estimated 400,000 homeowners from foreclosure by allowing them to refinance into more affordable loans backed by FHA. The law will provide $3.9 billion to areas hit hard by the housing crises to buy and fix up foreclosed homes. Lastly, the legislation will give the Treasury Department power to spend unlimited amounts to keep Fannie Mae and Freddie Mac solvent. The net result of the new law will be a reduction in foreclosed properties on the market which, in turn, will cause prices to stabilize.

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
Call:  248-514-2640

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