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US Congress to help housing market: Paulson optimistic

(EMAILWIRE.COM, July 23, 2008 ) SAN FRANCISCO – On Tuesday US Treasury Secretary Henry Paulson predicted that the troubled American real estate market would begin to recover from the spate of foreclosures and find a bottom to falling home prices.

This hopeful language seemed designed by the Bush administration to reassure the American people that national political figures are resolved to deal with the chaos in real estate markets across the nation. Paulson said of the housing downturn, “I believe we can get to the point within months where we turn the corner on housing," in an interview on the Fox Business Network.
Industry watchers indicated that with the House of Representatives and the US Senate poised to enact housing market rescue legislation, the administration would need to come out with some reassuring words. and are likely to be given significant financial support in the legislation moving through Congress that could hit the President’s desk as early as next week. The

Real estate expert disputes optimistic projections

“Any talk of a nationwide housing recovery is premature,” said real estate and foreclosure expert Patrick McGilvray, J.D., president of “The picture on the ground in American communities across the nation is full of foreclosures, people falling behind in their mortgages, and people hoping to sell their homes in a short sale because they owe their mortgage lender much more than what their homes are currently worth. Some markets that did not see outrageous appreciation in the first half of this decade will stabilize soon, but we are many months, if not years away, from a true bottom to home prices in many regions of the US.”

McGilvray added that there are opportunities for people to buy a foreclosure home in many parts of the country and expert assistance is usually a good idea as problems with bank owned, so-called REO homes can be common. His company provides access to a large nationwide database of foreclosure homes for sale as well as individual counseling for people looking to sell their home to an investor as well as for people looking to buy residential real estate.
Patrick McGilvray
patrick @

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