Many potential home buyers are wondering if this is a good time to buy a house and get back into the house ownership business. These potential buyers have been renting for a number of reasons and with the passage of time are now ready to make the decision to own a home once again.
Foreclosure and Credit Problems Left Behind
For many previous homeowners who were foreclosed on, lost their jobs and income which resulted in some serious hits to their credit report, enough time has passed that lenders will see past the foreclosure and the credit report has recovered enough to qualify for a loan. This type of potential borrower is quite common these days as negative effects of the housing crisis that began in 2007 nad 2008, coupled with many of these same people losing their employment, have been over come. Even with the passing of time and the cleaning of their credit record, many of these people are hesitant to buy a house again.
Even though the housing crisis has passed to some degree, the unemployment situation remains unclear to many. The loss of employment may have been the reason a homeowner had to default on their mortgage and subsequently lose their home. These same people have now been renting for a significant period of time, and are wondering if it’s safe enough from an employment perspective to make the jump into home ownership once again. The Obama Administration and the implementation of Obamacare is a main driver for these people. The effects of the health care law are yet to be fully realized and homeownership may not be worth it for many with jobs that may disappear as expenses for businesses are driven up by the healthcare law.
Congress Could Help Encourage You to Buy a House
Home ownership is seen by many as the leading indicator of a healthly economy. If people are working and making a living, they naturally tend toward the act to buy a house. It’s what we do as Americans. Home ownership is important and it fuels so many parts of the economy. Congress could lend a helping hand to all the people who want to buy a house now, but cutting back on regulations, repealing the awful Obamacare law, approving the Keystone Pipeline, backing off the coal industry and a variety of other regulator actions that would put people back to work and take away the hesitation many have about getting into another home and mortgage.
With the recent revelations about the Justice Department illegally tapping the AP phones and emails, the cover up of the Benghasi incident where four Americans were killed, the IRS admitting that they have been targeting conservative organizations for excessive scrutiny, isn’t about time that this Obama group take some heat and get out of the way of the American economy? The atmosphere could use some positive signals and actions by the government, not to try and help, but to try and get out of the way.