Two things have happened over the last 120 hours that indicate change is on the way.
The first was the passing of the Rescue Plan designed to eliminate the bad paper many lenders are holding. The results of this bill will begin to be felt early in 2009.
The second, flying somewhat under the radar for moment, is that several large banks have initiated loan mitigation programs intended to be on a large scale. This interaction with mortgage holders should enable many property owners across the United States who are on the edge, to be able to stay in their homes rather than lose them to foreclosure.
These two small swirls in the slowing tide, provide the first glimpses of what, over time, may become part of ’The Bottom’ in this housing market decline.
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