Why the Obama Plan will cause MORE foreclosures and short sales!

Here's a re-run of my analysis of the Obama Housing Plan: Unfortunately, and not just for St. Louis MO homeowners who may be in trouble, it is much ado about nothing ...

To complicate things, unfortunately, our friends in the media know little (and want to report less about the truths of the market – remember sensational title sell best) about the housing crisis that we're living through, but let's start talking about this new "Homeowner Affordability and Stability Plan" that was announced by the President. Obama’s administration is saying that the plan will enable "up to 4 to 5 million responsible homeowners to refinance."

That's true ... and a great boom for loan officers and title companies, but let's look a little more at these claims that they will stop foreclosures. It helps folks who right now aren't the ones really struggling ... and ignores the folks under water on their mortgage beyond 5%. Please let me explain as the media and most of the rest of the world missed this 5% issue – and it’s a big one for foreclosure and mortgage relief.

Click here for the complete blog post.

Kevin Cottrell / Cottrell Realty Group / St. Louis MO

http://www.cottrellrealty.com