The pandemic has brought about changes to the housing market across our nation and we have definitely felt it locally. For the month of July, the change in the number of units sold in Frederick
The Government Shut Down And The Negative Impact On Real Estate
Dated: January 21 2019
Views: 253
If you think you have to be a government worker to be affected by the Government shut down, think again. The shutdown has already started to have a negative impact on the Real estate Market. Among the biggest concerns is the delay in new mortgages for homes, furloughed federal workers missing missed mortgage payments and big companies making it tough to lend large investments. Both buyers and sellers are feeling its effects. If you are selling a home your buyer could be affected. Home buyers who are financing their home with either the Federal Housing Administration or United State Department of Agriculture could run into some major delays.
In the short term markets can adjust but the longer it goes servicers may slow down lending. This could create a trickle-down effect on approvals, rate locks, and settlements by clogging up the underwriting process and putting homebuyers on hold.
Even on loans not serviced by the federal government may run into some slow down. If you need information from the Social Security Administration or the internal revenue service, it may be delayed due to the shortness of staff.
By and large, a long shutdown could impact the overall economy of the country and impact consumer confidence in making durable good purchases.
The sooner the government shut down ends the better off the real estate market will be.
Jennifer Burns
Jennifer was born and raised in Maryland and for the last 21 years has resided in Middletown, MD. Upon finishing her studies at the University of Maryland University College with a Bachelors degree in....
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