Dallas Real Estate

With record foreclosure numbers around the nation, The U.S Senate passed the Foreclosure Rescue program this past Friday with overwhelming approval.  The main goal of the plan is to allow homeowners struggling with mortgage payments a chance to secure more affordable loan programs backed by the Federal Housing Administration.  The new program will let FHA insure $300 billion in new mortgages, assisting more than 400,000 home owners that are facing foreclosure.  The plan also provides 14.5 million in housing tax breaks, including a first time buyer credit up to $8,000 on FHA back loans.  Most agree this will assist in rebuilding FHA and creating tighter controls on Fannie Mae and Freddic Mac.

One of the main disputed items is the plan to include 3.9 billion in the plan for buying and rehabilitating foreclosed properties.  Some agrue this would increase the deficit unles paired with cuts or tax increases to cover the cost.

The Senate’s plan for bailing on FHA couldn’t have come at a better time, with foreclosure filings up 53% from June 2006.  More than 252,000 homes nationwide received at least one foreclosure notice in June of 2008.  The states with the most filings and issues are Nevada, California, Arizona, Florida, and Michigan Experts attribute the continued rise in foreclosure rates to a weak housing market, falling home prices, tighter mortgage lending, and a slowing U.S. economy.  Economists predict 2.5 million homes will fall victim to foreclosure by 2008 year end up approximately 1.5 million from 2007.

If you are interesting in learning how you can cash in on the foreclosure crisis as a investor or home buyer, visit our Dallas Real Estate site and contact one of our Dallas Realtors which will discuss current housing options available to you.  Also, check out our new Fort Worth Real Estate Site.  DFW Urban Realty is one of the leading Dallas Fort Worth Real Estate Brokerages in the Metroplex, helping clients with buying, selling, renting real estate throughout the DFW area.