U.S Housing Market Still Continues To Spiral Down In Terms Of Economic Stability
A lot of experts believe that the U.S housing market is almost going for an all-time low according to recent reports. The only thing that could pretty much help stabilize the continuous downfall of the housing market is to pass the bill stating that foreclosed properties for sale should be reduced in line for better home properties to offer buyers.
The bill was first announced in 2009 – but unfortunately, the senate never voted for any reconsideration whatsoever. According to the proposed Neighborhood Preservation Act – banks and lending agencies can opt to rent out foreclosed properties to interested parties for a 5-year term, which is then going to be offered to the tenant currently living on the said place to have the option to purchase the property.
If you think about it very clearly, it is kind of a win-win situation because of the fact that these properties would not be affected by real estate sales, but rather gets its own category – rent to own properties. This way, banks can set a much higher asking price for the property once the term has ended which gives banks a way to get its previous losses.
There are a lot of things the proposed bill can affect the real estate economy, it will make things much easier for homeowners trying to get by with ridiculous mortgage fees, and at the same time help put the real estate market back on track in the coming future.
Daily News Miami