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US Government Could Ruin The Coconut Creek And Overall Real Estate Rebound

home-ownership-florida-american-dream-real-estateThe United States Government is trying to impose new standards that would significantly increase the amount of down payments for a government-backed loan.  The Center for Responsible Lending (CRL), along with the Mortgage Bankers Association and the National Association of Realtors (NAR) released a joint statement opposing this new government proposal, “In the midst of a very fragile housing recovery, the government is throwing a devastating, unnecessary and very expensive wrench into the American dream. First-time homebuyers will have to choose between higher rates today or a 9-14 year delay while they save up the necessary down payment. And 25 million current homeowners would be locked out of lower refinancing rates because they lack the required 25 percent equity in their homes.”

These high down payment and equity requirements will have a negative impact on Coconut Creek, Florida and overall national real estate market recovery.  It will rob the American Dream of home ownership to millions of families.  If our government gets its way, it will penalize responsible consumers!  How does that make sense?

We urge the regulators to institute better lending and borrowing practices without causing harm to “credit-worthy consumers.”  The government and banking institutions must continue to be a part of the process for the recovery of the real estate market and not be the wrecking ball!  We wrote a great article on our sister website, entitled, Hooray For Parkland and Broward Real Estate Home Sale Increases announcing that Broward County real estate sales have continually increased in the past few months, and that overall available inventory is coming down.  As a result, the local real estate market is showing signs of life!  Why would the government now want to ruin this rebound?

We know the numbers, we analyze the market, our clients make better decisions. If you are interested in buying or selling real estate in Coconut Creek or South Florida and are looking for experienced local Coconut Creek Realtors, please do not hesitate to contact us at 954-609-0591 or send us a message here.

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