Word: federales
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The looming expiration of two major federal programs - the home-buyer tax-credit initiative and the Federal Reserve's $1.25 trillion mortgage-securities-purchase program - likely won't wipe out the recovery currently under way in the battered housing sector, but it could stall it, experts say.
While the new programs should assist the most troubled end of the real estate market, they will not come close to replacing the huge intervention by the Federal Reserve in the mortgage-securities market, which helped keep mortgage rates enticingly low. (See 10 perfect jobs for the recession - and after...
The other expiring program - the federal home-buyer tax-credit program, which offered an $8,000 credit to first-time home buyers - was so successful at luring home shoppers into the decimated market last year that the government extended it into 2010 and expanded it to include a $6,500...
Of greater concern to many analysts is the pending expiration of the Federal Reserve program, which involved purchasing up to $1.25 trillion in mortgage securities backed by Fannie Mae and Freddie Mac. It could open the door to higher interest rates, although the Fed last week hinted that it would...
Together, the federal programs baited buyers into the market at a time when unemployment exceeded 10% and the credit markets had seized up. Indeed, sales of existing homes have climbed year over year for eight consecutive months, reversing 43 consecutive months of decline. Curran expects housing starts to rise to...