Scary property statistic of the year came out in this week's press as they reported the US Senate's Banking Committee Chairman, Christopher Dodd, as saying that about 8000 homes a day were being foreclosed in the USA.
He did this as frantic and somewhat competing efforts to pass legislation to ease the problems of home-owners, lendors and yes ultimately even property investors are being made by US legislators.
One proposal means that, if passed by both Houses, up to $15,000 would be available as tax credits to those who purchased and moved into foreclosed property. Interesting idea..
Other proposals are aimed at reducing the impact on sub-prime Lendors by using the Federal Housing Administration to guarantee 100's of billions of dollars worth of loans - provided lenders reduce the size of the loans and reflect lowered home values. The measure would mean banks make less money on the loans - but reduce their credit exposure.
So, this could mean that some kind of bottom in the US housing market is approaching - which would traditionally be the time when sharp-eyed investors return to the market.
I will be checking out the Central Florida real estate market in person next week and will report back!
