The Year of the Bailout?
Cast your vote: Top real estate news story of 2008
By Inman News, Monday, December 8, 2008.
Flickr photo by hojusaram.The federal government takes over mortgage giants Fannie Mae and Freddie Mac. Congress approves a spending package worth up to $700 billion in an effort to snap the credit crunch. IndyMac Bank fails. Bank of America absorbs Countrywide, JP Morgan Chase picks up Washington Mutual Bank, and Wells Fargo & Co. grabs Wachovia Corp. Zillow and Redfin announce layoffs. Help-U-Sell and LandAmerica enter bankruptcy proceedings, Canada's Brookfield Residential Property Services buys GMAC Home Services LLC.
The real estate landscape has changed much in the past year -- and it ain't over yet.
Inman News is compiling a list of the top real estate news stories of 2008, and we want your input.
Please send us your pick for the real estate industry's top news event of the year, and a brief description of why you believe it is so important.
We'll be compiling your responses and will publish some comments in upcoming articles.
To participate, send an e-mail to: readeropinion@inman.com. Use "Top Story" as the subject line, give us your pick for the top news event of the year, and add a brief comment about why it is so important. Please include your name, title, company name and your location (city and state) in your response.
You can also add your comments to this article (below).
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Submitted by Stefan Swanepoel on December 9, 2008 - 7:53am.
Think you nailed the top two - The Bailout and the Collapse of the Financial Institutions/Markets. I would also add as a seperate item the Foreclosure Mess. Although not directly real estate related I think the Presidential Election should be in the top 5 as well.
Stefan
Author: Swanepoel TRENDS Report
Submitted by Steve Hicks on December 9, 2008 - 8:58am.
The top news story for 2008 has not yet made the news. The story will read the more the federal govt. injects itself into the free enterprise system the harder it becomes to right its self.
The only thing the govt. should do to turn all markets around is REDUCE TAXES by allowing a $10,000 or $20,000 tax credit without any strings attached to anyone who buys a home in the next 12 months. This includes non-occupant owners. The gov. should do the same thing for the big 3 automobile cos.,or all automobile cos.
Don't give them cash as a bail out give them the incentive to work and sell out of this market.
One other suggestion I have made is make all fed backed mortgages completly assumable no qualifying for a one year period. This will unlock many eqiuties and create sales that would not have happend any other way. Buyers who could not qualify for a new loan but had cash for equity could get back into the market. The net affect of these measures is, all other markets will follow the real estate market out of recession.
Thank you for the opportunity to sound off,
Steve Hicks,Broker Keller Williams Realty El Paso Tx. shicks@kw.com