Real Estate industry awaits impact of sequester
Just when we thought things were getting
better, the Real Estate industry awaits impact of sequester The real estate
industry is not immune from President Barack Obama's official enactment of a sequester deal that launches $85 billion in automatic spending cuts across the
board.
Prior to the sequester, the Department of Housing and Urban
Development described how the cuts could curtail funding for housing aid for low-income
families, but as of Monday, the housing and mortgage finance industries are
still trying to get their hands around what the cuts will eventually do to
budgets and federal housing programs.
Two representatives for the National Association of Realtors
said in a web posting the Federal Housing Administration acknowledged
"furlough days could impact endorsement/claim timeframes for FHA
loans." However, NAR wrote, "the underlying insurance funds, funded
by premiums, will not be affected by the sequester and FHA loans will be
supported."
In addition, NAR said furloughs at the Department of
Agriculture could slow down the final processing of rural housing service
loans, but all VA programs are exempt, the Realtors said.
Automatic government spending also could result in 75,000
fewer households receiving foreclosure prevention aid and counseling services,
HUD said more than a week ago. The department is expected to provide more
information on the direct impact this week.
Another 125,000 individuals or families could lose
assistance offered through the Housing Choice Voucher program, putting more
people at risk of becoming homeless, HUD noted in earlier reports to Congress.
The HCV program currently provides support to families who are renting in
private apartment units.
HUD also warned that sequestration cuts could cause more
than 100,000 formerly homeless Americans, including veterans, to be removed
from their current residences or emergency housing programs.
Thanks for ones marvelous posting! I seriously enjoyed reading it, you're a great author.I will be sure to bookmark your blog and definitely will come back in the foreseeable future. I want to encourage you continue your great job, have a nice day!
ReplyDeletestop foreclosure utah