President Bush has declared that it's okay to start being optimistic about the housing market in Arkansas, a sign that things could be getting better for people across the nation in terms of the current mortgage and real estate issues facing the country. This is due in part to the fact that lenders in Arkansas and other states are working on providing good counseling to borrowers (such as reverse mortgage counseling) to make sure that they don't get themselves into trouble with loans that they don't understand or can't repay.
Bush "took part in a meeting with credit counselors and homeowners in North Little Rock, offering a bright outlook on America's housing future as the Senate considers a $300 billion plan to help those faced with losing their homes." (source)
The fact that the government is working hard to remedy the problems with housing in this nation bodes well for the future of real estate. Reverse mortgage lending has been an area of particular attention by the government because of the concern that seniors were becoming victims of predatory lending. This extra attention to the reverse home mortgage has already helped to make it a safer loan and should get even better in the months to come.
Question of the Day: Is it true that we can start to be more optimistic about mortgages and real estate now?
