Quote:
Originally Posted by Jim B
How is this economy supposed to get better when the banks don't really want to lend???
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Jim the economy will only get worse as credit tightens.
That is what is so scary about some of this proposed legislation. If anything even close to what is proposed is passed into law it will be almost impossible to get a home loan. Especially in markets that have enjoyed higher than normal rates of appreciation in recent years.
The Housing industry has a significant impact on the overall economy as we have all seen this past year. When the housing industry stubs its toe the rest of the economy gets a nose bleed.
When homes stop selling so do cars, appliances, clothing, textiles and even vacation accommodations. It affects everything.
So when the government starts proposing legislation like this I almost want to apply for food stamps and beat the rush.
~Mack