What a tumultuous time this past month has been in the real estate industry. The government shutdown significantly slowed down the processing of mortgage applications, since lenders were unable to obtain IRS tax return verification information. Gregory A. Topal of Reliant Home Funding Team, explains that after a few days of the shutdown, many lenders decided to waive the requirement for W2's to avoid delays in closing, while self-employed clients were handled on a case-by-case basis. Now that the government is back to work, there is a backlog of verification requests. According to Greg, the government shutdown actually kept interest rates at low levels by delaying the Fed's taper of its bond-buying program. When the Fed announced that it would delay the taper, the market reacted with lower interest rates, and we are still seeing the benefits of those lower rates. So now would be a good time to buy a new home since the interest rates should stay low for the foreseeable future.
As always, please feel free to call me at 914.234.4444 with questions about the current real estate market. I am here to serve your real estate needs. Email to mark@markboyland.com www.markboyland.com
