Posted on 12/23/2009 11:29:40 AM PST by Red in Blue PA
Up to 11,000 Pennsylvanians could benefit from low-interest home loans under a $1.2 billion state package announced Tuesday that is meant to stimulate the housing market.
''To kick-start the housing recovery we need to repair the damage of the past few years and again make it possible for qualified homebuyers to get loans,'' Gov. Ed Rendell said in announcing the package.
(Excerpt) Read more at mcall.com ...
As far as prices have already fallen, I still believe they are nowhere near bottom. Just look at how out of whack the supply of new homes is, with a heavy skewing toward $300,000 - $500,000 and up homes (here in Colorado anyway). We built a supply of homes that was too slanted toward the high end in response to what we now know to be false demand driven by easy credit and rampant speculation. That level of demand no longer exists, but we still have all of the high-end homes that were built as a result.
Could not agree more. Even though home prices have fallen, they have not fallen to where they should be because of artificial constraints like this propping up prices.
If they are qualified,they can get loans. Make no mistake, the money is out there for anyone who has means to pay it back and a track record of personal responsibility. You might have to work a little harder - but that's part of it.
is Eddie going to print the money for this program?
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