Total Mortgage Services, LLC president John Walsh was recently quoted in a question-and-answer piece about the effects of the first-time home buyer and repeat home buyer tax credits, and how the housing market is likely to respond now that the programs are over.
Walsh’s insightful analysis is currently posted on the Mortgage Orb website.
Among the highlights from the article, Walsh says, “the tax credit had a very positive effect on the housing market. It was a key factor, along with both mortgage rates and housing affordability being near record lows, that helped stabilize the housing market at a time when support was needed.”
Walsh also surmises that it may have been a good time to let the tax credits expire. “The credits had already been offered twice, and any time the government subsidizes a program for too long, there is a possibility to create market inefficiencies. At some point the housing market needs to stand on its own, and artificially supporting the market for too long may simply prolong the recovery process.”
Among other highlights of the article, Walsh delves into his outlook on where home prices are headed, and whether or not he believes the home credits will be reintroduced at a later point in time. The entire article is available at MortgageOrb.com.
About Total Mortgage Services
Total Mortgage Services, LLC is an industry leading direct mortgage lender and mortgage broker, with over 25,000 satisfied customers, and having funded over $4 billion in mortgage loans since 1997. Licensed in over twenty states, Total Mortgage offers a variety of mortgage products and programs including fixed-rate loans, adjustable-rate loans (ARMs), jumbo loans, FHA mortgages, and more. Visit the company’s website for today’s current mortgage rates.
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