RISMEDIA, Nov. 4, 2008-The Emergency Economic Stabilization Act of 2008, also known as ‘the bailout bill,’ has real estate leaders talking about its impact on the industry, real estate markets around the country and the overall effect on consumer confidence when it comes to buying and selling.
RISMedia recently interviewed several industry experts on the subject and is presenting their comments in a regularly occurring series called, “The Bailout-Looking Ahead.” Here, Patricia Hoferkamp, President and COO of Burgdorff ERA in Central and Northern New Jersey, offers her thoughts about the bailout, what it means to consumers and the government’s new role in real estate.
RISMedia: What are your overall thoughts on the bailout?
Patricia Hoferkamp: We didn’t have a choice. This was necessary to make credit available. Without credit, we have no market.
RISMedia: What do you think it will take to get consumers back to buying and selling?
PH: I hope this bailout helps restore consumer confidence, but I don’t know. There’s so much unrest with people right now-and with good reason.
There’s a great lack of confidence in the market-and we very much affected by the New York market. We’ve had a downturn. People are now waiting for the market to bottom out. Now, the bigger problem is job loss. That is going to keep buyers out of market. They’re looking for security right now more so than whether they should be buying or selling.
RISMedia: What do you think about the government’s new rights (within the bailout bill) to purchase foreclosed homes and refinance them at their current value so that homeowners can stay in the home?
PH: I think the government should turn this over to those who do it best-the real estate industry. We need a system or guidelines to help those in foreclosure and connect them back to the market. We need a system of checks and balances between the banks and the real estate industry. We need to reach out to our industry leaders, come up with a plan and then boil it back down to the local level.
To read more of Patricia Hoferkamp’s and other industry leaders’ thoughts on the bailout, see our cover story in this month’s issue of Real Estate magazine, here: http://remag.rismedia.com/.
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