Zillow Advice: Home Buying - Is there a chance there won't be a housing bailout?

i also wonder if there would ...

Wed, 24 Sep 2008 13:38:00 GMT

i also wonder if there would be a provision saying that forclosures would have to be frozen in process while "under review" or once the papers are filed... you could be talking a half dacade RENT FREE...

this is a stupid thing to be fighting over

i also wonder what kind of ...

Wed, 24 Sep 2008 13:36:00 GMT

i also wonder what kind of issues 6.5 million forclosures would put on the judicial system if every single person opted to attempt to legally force a settlement through their bank?

i wonder if banks can appeal ...

Wed, 24 Sep 2008 13:34:00 GMT

i wonder if banks can appeal a judges loan modification? or does that too fall under "new powers that are not reviewable by any authority?

It will be passed. I think ...

Wed, 24 Sep 2008 13:18:00 GMT

It will be passed. I think the package will be around 250 billion. It will the first of two or three packages, with each one changing as to how to better protect the tax payer's money.

Not unless an asteroid hits ...

Wed, 24 Sep 2008 11:18:00 GMT

Not unless an asteroid hits Earth before they get a chance to rubber stamp it.

i dont think we have nearly ...

Wed, 24 Sep 2008 11:09:00 GMT

i dont think we have nearly the infrastructure to start a mortgage modification court circuit... certainly the judges, at this time, arent qualified to review mort contracts and modify them fairly/impartially... they need precidents, procedures, training... untill those are setup it will be a free for all.

lol it will get done because ...

Wed, 24 Sep 2008 11:06:00 GMT

lol it will get done because the house and senate wish to go home for holidays and campaigning for the next month... they cant adjorn now without defeating the bill and they absolutely will not go home to attacks saying "since august, during a recession YOUR SENATOR spent as much time sunning himself as he has working for you, the people... blah blah... he wants to shove tax rebates in your faces and say VOTE FOR ME

I think the major thing is ...

Wed, 24 Sep 2008 09:09:00 GMT

I think the major thing is the judges being able to modify mortgages in bankruptcy on primary residences. This will help but not much.

Likely congress will call ...

Wed, 24 Sep 2008 05:56:00 GMT

Likely congress will call it an "intervention" instead of a "bailout" if they pass something anyway.

Now, regarding how it will affect buying or selling houses, that is an entirely different matter, especially as no one has any clue what the final legislation will look like.

The only thought is it might affect inventory; but since they are discussing buying "securities" and not properties with mortgages that are substantually delinquent in payment; it likely won't affect inventory at all in the near future. It may help stabalize some mortgage and other lending institutions, as well as help stablize the securities market, but as long as there is excessive inventory, the prices of houses will continue to fall.

Even if implimented tommorow and it has the unexpected result of increasing buyer demand, it will not suddenly raise prices back to bubble levels. Even if the government inflates the dollar to match existing house prices, the market cannot suddenly change direction.

No matter how you figure this pending "intervention", housing prices are going to continue to fall for some time, and bottom will be a while coming, and will stay their for sufficient time to make buying decissions. There is no rush, and buying now likely means losing the downpayment equity.

Oh sorry, I didn't mean to ...

Wed, 24 Sep 2008 05:39:00 GMT

Oh sorry, I didn't mean to post in the wrong category:( I'm a homebuyer and it is relevant to my situation.