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Friday, February 13, 2009
GOOD AND BAD NEWS
THE GOOD NEWS:A new $50BB Obama plan will soon be revealed to combat foreclosure of owner-occupied middle-class homes.A federal regulator urged more than 800 thrift institutions to suspend all foreclosures.Government-controlled mortgage finance companies Fannie Mae and Freddie Mac suspended foreclosure sales during the winter holidays and have halted evictions from foreclosed properties until next month. Treasury Secretary Timothy Geithner said the government would provide incentives to “try to induce economically sensible restructuring of mortgages,” but offered no specifics when testifying this week before House lawmakers.THE BAD NEWS: In 2008 more than 2MM American homeowners faced foreclosure proceedings; analysts say that in the coming years, depending on the severity of the recession, as many as 10MM homeowners could face foreclosure proceedings.Florida Economist Hank Fishkind now says that the bottom will come in 2010 and positive growth will not start until 2011 or 2012.However, he says home sales have already hit bottom and are beginningto stabilize.