This week our listings saw 3.3 showings each on average which was the highest we’ve seen in months. The numbers are skewed a bit however, as some of our aggressively priced listings are seeing well more than average while others are seeing less.
The biggest real estate news to report this week was the announcement this morning that the federal government has taken control of Fannie Mae & Freddie Mac. Fannie Mae & Freddie Mac are private corporations best know for purchasing mortgages in the secondary market, hence providing much of the capital for today’s real estate loans. It is estimated that between the two of them, they own almost half of the country’s outstanding mortgage debt.
The federal intervention is likely to be a controversial take over. In the short term, it should help the real estate market as the government will be injecting necessary funds to keep them afloat. Long term, however, the question remains whether individual tax payers should be responsible for subsidizing the losses of high risk taking lenders during the real estate boom. Nevertheless, investors seemed pleased with the decision today as the Dow Jones Industrial average closed out the day up almost 300 points.