As commodity traders in the Chicago trading pits will tell you, ‘The cure for higher prices is higher prices.’ In other words, let the free market do its work. But the government can’t have that. property management in baltimore Housing is just too important, you can’t trust the free market, or some other such nonsense.
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U.S. housing agency likely to tap Treasury funds: sources
The agency, which offers private mortgage lenders guarantees against homeowner default, has nearly exhausted its reserves for the mortgages it backs. Housing officials have yet to determine how much money the FHA may need to draw, the sources said. Losses on loans made from 2005-2008 as the market was heading south have eaten away at the agency’s cash reserves.
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First Person: If the Housing Market Has Peaked, We’re in a Heap of Trouble
Buying outright is our greatest ally Maybe our greatest ally in being able to combat a tough market is having purchased our condo outright. Without a mortgage potentially adding thousands of dollars in up front costs just to obtain it, and then tens of thousands more in interest to pay it off over time, we eliminate these costs all together by being mortgage free. This substantially lowers the amount we would need to sell at to break even on our property. Many homeowners will pay nearly double the purchase price for their home by the time they’ve paid off a 30-year mortgage simply due to the interest they pay. Even then though, with our home value still a good 15 percent below where we purchased, and understanding closing costs, the market still has a ways to go before getting us back to even. However, I’d rather be aware of such issues than come to closing down the road and be shocked at having to bring a big check along that we might not be ready or able to do.
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