Many people are asking what the government shutdown means for the real estate market. Great question!
There is a very good article on DSNews.com about this subject. Generally speaking, the market shouldn't be affected too adversely in the short term. There will be delays in processing government-insured loans (FHA, VA, etc.) as well as loans backed by Fannie Mae and Freddie Mac, but hopefully none too severe. If, however, the shutdown lasts for a prolonged period of time, expect greater disruption in the market.
As the article discusses, the potentially bigger issue is how the shutdown affects consumer confidence and the like. If people are nervous about the shutdown, they may put off buying a home. This will hamper sales more severely than any slowdown in processing loans would.
We will continue to monitor the shutdown and how it is affecting the market. Please contact us if you have any questions, and as always we welcome your input and opinions on the subject.
This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.