So what is the bailout money being used for exactly? I heard that the auto industry "big 3" have just been put to the back of the line... What now? Bail out more banks?
As a member of the National Association of Realtors, here is what we are pledging:
Why don't we take a portion of the bailout money and use it to buy down the rate for primary homebuyers next year? Think about it... what if next year's homebuyer received a 30 year fixed loan with an interest rate of 4.5%? Not only would it stimulate the economy, it would create huge urgency to buy and wipe out most of the distressed properties! It is proposed to last for a very short while, but man what an impact it could have! A lot of buyers are fearful and still on the fence... this is exactly the type forward push that we could use!! In one year's time I really believe we could see a stimulated real estate economy by this act.
As real estate agents we are working together to improve this economy.... one home sale at a time.
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