Here is another take on how the bailout will affect the overall housing market. The bailout does not necessarily allow for the reduction in mortgage amount or interest rate. See my previous blog for BofA's answer to that. Here's the full story:

http://rismedia.com/wp/2008-10-07/bailout-no-quick-fix-skips-strapped-homeowners-advocates-say/

Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572

p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!

Bank of America announced this week that it will begin helping people stay in their homes by adjusting their mortgages to no more than 34% of gross income. This is expected to help 400,000 people. What a novel concept, helping people STAY in their homes and keep paying rather than take over huge debts that then must be sold. Hopefully this will be a step in the right direction of helping people to continue to pay on their mortgages rather than helping them walk away from them. Read the full story here:

http://money.cnn.com/2008/10/06/real_estate/Drastic_plan_slashes_mortgage_costs/index.htm?postversion=2008100616

Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572

p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team & Our Performance GUARANTEES!!