Good News from Fannie Mae and Freddie Mac.

Below is an article hot off the press concerning the use of the term “declining markets “. This terminology which was instituted during the aftermath of the sub prime fiasco in 2007 has affected more minorities and lower income families.

“NAR and other real estate and banking organizations have been calling on both Fannie Mae and Freddie Mac to change their declining market policies, which disproportionately affects minorities and lower income families and communities as well as first-time home buyers, further contributing to the sluggish housing market”

This way hopefully the stigmatism of “declining market” can be put behind us and we can dig ourselves out of this mess. With it came higher down payments and interest rates. In order to jumpstart this real estate economy those two scenarios definitely were not a help. Trust me I’m not the biggest fan of “zero-down” loans. A buyer should always invest some money into the purchase. So possibly there will be better opportunities to purchase homes in the future. We have to stay positive. It (hopefully) can only get better.

http://www.realtor.org/press_room/news_releases/2008/fannie_mae_policy_change

For all your real estate needs:

Robert L.Brown

FleXit Realty

616 366 7030

www.mrbrownsellsgr.com

Robert