Housing Recovery Stymied With Government at Cross-Purposes
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Sue Stamper, a business owner in Sacramento, California, wants to buy a home. After mortgage-financiers Fannie Mae and Freddie Mac imposed the strictest loan standards in more than a decade, she doesn’t qualify.
Pam Crawford of Lyon Real Estate is trying to sell a three-bedroom bungalow on Sacramento’s east side for $179,000, a third less than what it went for in 2004. She hasn’t found a buyer even after cutting the asking price by $10,000 two weeks ago.