Over here we have over 90 homes in foreclosure and there are just 400 homes....
So what did the refinancing do...NOTHING!
What did the stimilus do...NOTHING! 12% unemployment and counting...
The only thing we see is people living for free for months and some for years...maybe one or 2 are to feel sorry for, the rest bought over their head and either lied on their application or got bad advise from professionals who all should be denied a license by now if the government want to change anything...but no they are still working and trying to get money and mostly not in the best way since their history has showed what they did.
After speaking with some people who have small businesses in like A/C or other kind of fields related to building, or homes...I learned that the tax credit is useless as well...
People buy homes which are cheap and they just get approved for that amount which is the highest they can afford...the tax credit is used to buy stuff they like but not to improve their homes. When property taxes will rise in a couple of years they propably can't afford it and we will see a 3rd round of people failing to pay. People won't change...now the new buyers live in homes they couldn't afford for the price they were build in '05...now they live in better homes for less which is great, I'm all for free markets and people buying a bargain and I'm glad some homes have been sold, but I'm scared what will happen in a few years...already a couple of the once recently sold have gotten fines from the HOA after 6 months, when they didn't start to maintain their yard, etc...these are people who don't belong here and just could afford it due to the low prices and paying similar as they paid for an apartment and not having a clue what it is to own a home and being responsible for maintenance...
Luckily some have bought by people who are maintaining them
But still all this artificial credits that the government is giving away...tax credit here, there....isn't learning the people how to deal with their salary.
Freddie and Fanny are causing more issues...Obama should stop interfering and just let the free markets run it's cause.