No Recovery with out Jobs
This news affects homes for sale Everett and real estate in Everett in general. The government revised the United States Gross Domestic Product downward for the second time from 3.5% to 2.8% and now down to 2.2%. Now you are probably thinking no big deal but it is. That’s because despite the 2.2% growth, the nation’s pronounced recession has taken a toll. Over the previous four quarters, the U.S. economy contracted 3.8% — the most severe downturn since the end of World War II — including a 0.7% decline in the second quarter and a 6.4% plunge in the first. In 2008, the world’s largest economy grew a scant 1.1% — well below capacity.
Now many are saying that this 2.2% growth is enough to keep the economy growing but I think there is something hidden in these numbers that you should be aware of. The U.S. economy is being fueled by increased business efficiency, exports and government spending. That last part government spending is the problem. You must remember that the government produces nothing. Government spending is inflationary and creates no wealth. It is result of taking money from producers and giving it to non producers.
Now how does this affect homes for sale Everett or real estate in Everett in general? Well if you don’t have a job or your job is not secure how are you going to buy or refinance a home in Everett?
Last month we lost another 11,000 jobs. That is the 23 consecutive month of job losses. We don’t have employment gains we simply have less of a decline. That is still a sign of weakness in the economy.
Cap this off with the Fed’s plan to stop buying Mortgage Backed Securities at the end of March 2010 and we have the making of a double dip recession. If you are looking at homes for sale Everett and you are thinking of buying do it now. Rates will be much higher by the end of 2010. If you have a home to refinance Everett do it now before rates go up.
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You see, by having a strong guarantee, the loan modification company essentially provides a check and balance on whether to take your fee or not – since they know if they don’t do their job, or get a poor modification done for you, they bear a financial risk.
Of the 2.2 million foreclosures supposedly “prevented” by Hope Now Alliance, 53% of homeowners were in default again within 6 months. Why, you ask? Because the supposed modifications led to higher, not lower payments, since lenders are tacking on missed payments, taxes, and big fees to borrower’s monthly bills.
Since we’re talking about subjects in the area of Everett Mortgage Homes for Sale Everett Creative Mortgage Solutions, In this situation your current mortgage provider may be willing to provide you with a new loan but it would be wise to get some independent advice and shop around a bit to find the best interest rates and special deals that suit your circumstances.
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