"Who won't be helped by housing fix? . . . . The jobless and many of those who owe far more than home is worth won't benefit much from Obama's foreclosure prevention plan."
"The program, which begins March 4, allows borrowers to refinance into 15-year or 30-year fixed-rate mortgages at the current market rate, which hovers around 5%. This could benefit those whose mortgages carry higher rates or those in adjustable-rate or interest-only loans, groups of people who could see big rate spikes in the future. The plan, however, will not reduce the loan balance."And in the meantime, there are signs of growing unrest about the Stimulus Bill (or "Generational Theft Act", as John McCain and others have described it):
"It’s been called “the rant heard around the world,” after The Drudge Report linked to the video with a screaming red headline. However Rick Santelli may have given CNBC viewers a preview of what effects Obamanomics will have on the populace . . . . On CNBC’s “Squawk Box” Feb. 19, the Chicago Mercantile Exchange floor reporter, along with several traders, expressed his outrage about President Barack Obama’s plan to “spread the wealth” for people that didn’t deserve it. He said a stimulus should go to people who live responsibly rather than some sort of housing bailout to people that lived irresponsibly."But in the middle of all this turmoil, how is the Florida real estate market doing?
Well, there are some signs of life:
"New contracts: for the three months to January 2009 there were 5797 new contacts, compared with 3455 in the same period last year. A 67.8% increase . ."And some professionals are seeing positive signs:
"It seems that all of the people who WANTED to buy but were just waiting are entering the market! . . Miami and Florida was one of the first areas to be hit by the slow down, so I am hoping that our turnaround will be a sign for better things to come for our area and the rest of the country."But the market is, of course, still heavily biased in favor of buyers:
"Our real estate market here in Brevard County is flooded with short sales and foreclosure properties. There are some absolutely fantastic deals for buyers today. There are short sales at under $100,000 that are 1700 square foot homes, 3 bedroom, 2 bath, 2 car garages, on .23 acres, 2-3 years old, many never lived in. The deals are phenomenal!"And there are real doubts held by some observers that the steps already taken will lead to a recovery:
"Foreclosure Glut Clogging Courtrooms; Will Obama Make it Better or Worse? . . . Am I alone in thinking that perhaps the real bailout is for lawyers and judges to handle all the upcoming foreclosure cases that result from this plan?"The conclusion? There's obviously a long way to go yet before Florida real estate regains even a little of it's attraction for many buyers.
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