If you believe that the Real Estate Market here in Columbus, Ohio is stagnant, you are not alone. What is worse, is that it is not only a local, but a national issue. Data from the Mortgage Brokers Association (right) indicate lending has hit an all time low. Not only that; there are indications that the banks are still making a profit, not on loans but on "tradeable assets like government bonds".
This has to stop. It is hurting our economy and frustrating many who want to buy and sell homes. Probably this current lending hiatus is the safest option for mortgage institutions to take right now. They are being really conservative because of the changes they are facing especially from the Dodd-Frank Act and the changes coming to Fannie and Freddie.
This is my cry to resolve these issues and bring back some normalcy to the lending environment. The environment we are currently in is only creating frustration, apprehension, and stagnation. Hope is needed.