According the RE/MAX CEO Margaret Kelly, the best way to fix the troubled housing market is to do nothing – let it stabilize and find its’ own equilibrium. In a recent speech to the National Association of Real Estate Editors, Kelly commented that the multiple layers of taxpayer-supported programs to aid with housing might actually be doing more harm than good.
“It’s time to stop the artificial stimulators and let the market settle where it needs to settle.” To support this viewpoint, she cited the alarming number of people who did get their loans modified under one of these support programs, only to find themselves in the same bind of not being able to make payments once again. She explained how more foreclosures will actually help the market bounce back, adding to the slow recovery now underway. She credits smarter homeowners who are willing to explore their options to stay out of foreclosure, including short sales.
Read the full article here.