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We need the govt to stop hand tying the investors. We can only have 4 loans. I live in Ca. Try getting a non-owner occupied loan here in Los Angeles. Even hard money lenders have tightened their requirments so much that they now resemble banks. Who else but investors is going to bail out the banks? Why doesn't the govt do what the state of Miss. did. You can get a tax credit going back 5 years and ahead 15 if you buy a home and rehab it.That might incourage investors to do a lot of buying. check out my blog!!! www.realestateclubla.com
This is a good article and gets right to the point. Very little has been passed that will do ANYTHING to alleviate the mtg mess or prevent any future foreclosures. In addition the govt keeps making new rules that hinder the ability of investors to step in and buy reos. We saved the market in the late 80's. Give us the chance to do it again. phyllis@realestateclubla.com
It's about time. Everyone has been waiting for something to happen. California real estate is stuck in the water. Banks won't lend, lenders won't negotiate, sellers are waiting to get bailed out, and buyers are hiding. Maybe this will loosen the logjam. phyllis@realestateclubla.com