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How not to solve housing problem
The Federal Reserve, under Chairman Ben Bernanke, has announced a plan to purchase $40 billion each month in mortgage backed securities — i.e. home mortgages — through the end of the year, beginning this past September. When added to the previously announced purchases the total for each month amounts to $85 billion.
They plan to continue this level of purchases until the economy improves projected to be in 2014. Welcome to another trillion dollars borrowed from China. And this is just to buy mortgage backed securities all in the name of boosting the housing market and keeping interest rates low.
The Fed also announced its funds rate would remain unchanged at near zero percent, which affects home mortgage rates, at least thru 2015. Lower interest rates have had some effect on home purchases. Mortgage applications for home purchases are up 7 percent over the past 12 months. But as someone has written, "how many potential home buyers are waiting for a drop in interest rates from 3.75 percent to 3.25 percent."
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Bill Roark is a Commercial Associate Broker at Keller Williams Realty and may be contacted at bill_roark1@yahoo.com. |
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