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2012-12-27 11:53:52
How the 'Fiscal Cliff' may impact Denver Home Sale

How might the 'Fiscal Cliff' affect Denver real estates and home sales activity in 2013?

With the odds of a compromise looking more bleak by the hour, the impact of the 'Fiscal Cliff' on the slow recovery of the Denver real estate market looks to be threatened, both by the event, and by the possible resolutions that may affect the ability to get affordable home loans, reduction or elimination of the mortage interest deduction on federal tax returns, as well as the overall consumer sentiment about buying and selling real estate in the Denver area.

'If Congress does nothing, that double hit would mean a negative economic impact of about $650 billion, enough to shrink the economy by 4 percent and push the country back into recession,' says NAR Chief Economist Lawrence Yun.

For real estate, that has the potential to derail the recovery that’s been slowly taking hold. Foreclosures would rise, home values would drop, hurting households but also hurting FHA, which could get hit with another wave of bad loans. That could put FHA into financial trouble.

Read the rest of the article written by Robert Freedman on Realtor.org...



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