The National Association of Realtors has commended the Federal Government for announcing this week that aside from the purchase of mortgage backed securities from the banks on Wall Street the rescue package has morphed into allowing $500 billion to purchase home loans from Fannie Mae, Freddie Mac and Ginnie Mae.
The move has been commended by NAR as is will provide stability to the market by instilling confidence in Wall Street as well as Main Street USA. Also, the move will mean lower interest rates for home loans for the longer term stabilizing the market. NAR says that just a one percentage point reduction in Home Loan rates can spur an extra 500,000 home sales which is a much needed shot in the arm for the industry as well as the economy.
It is thought that the infusion of capital and aggressive implementation time line will enable the scheme to be successful since the nationalization of Fannie Mae and Freddie Mac.
If you are looking to purchase a property in New Albany Ohio or the surrounding area in Central Ohio such as Gahanna, Plain Township or New Albany itself, then please contact The Raines Group for professional Real Estate advice in the region. The Raines Group are more than happy to assist you in your real estate needs. Contact them today via their online contact form or by calling Sandy Raines on: 614-418-7417