Home sales impacted by government shutdown

Published On: Dec 24 2013 10:16:43 AM EST   Updated On: Oct 08 2013 06:54:44 AM EDT

The brakes continue to hold on the partial government shutdown, and we're seeing more on what it might mean for the local economy.

The government shutdown is affecting all kinds of things around the country and one is something that's just been starting to rebound in the Jacksonville area, the real estate market.

There are two ways this is happening , one affects rural properties all over our area, pretty much every county in our area other than Duval.

Because U.S. Department of Agriculture loans can not be processed while the government is shutdown, Duval is not included because no land in the county qualifies for USDA loans.

"There are homes in St. Johns Nassau, Clay, so those folks are having a hard time." said David Elian of Keller Williams Reality. "Those folks are stuck in the water."

Elian says the other area where there are problems will affect home sales in Duval county too.

Since operations at the IRS have slowed down if you want to buy a house it may be impossible to get access to your tax records and a loan simply can't be processed.

"Those folks are not able to get irs documents, 1040's, that it's what's holding it up."

Trinity Baker she says she wouldn't even consider buying a house right now.

"I'd probably reconsider my decision. I don't like to wait for things," she said.

So the waiting game is on for people who are either trying to get into a new place or get out of an old house.

"Be patient. That's really all that they can do. We have no idea when the govt is going to get back to business," Elian says. "As soon as they do, those loan programs are going to be up again. But at this point in time we have no idea when that's going to happen.

Only USDA loans are technically on hold, other loans like VA loans and FHA loans are still being processed."


The views expressed below are not those of News4Jax or its affiliated companies. By clicking on "Post," you acknowledge that you have read the Terms of Service and your comment is in compliance with such terms. Readers, please help keep this discussion respectful and on topic by flagging comments that are offensive or inappropriate (hover over the commenter's name and you'll see the flag option appear on right side of that line). And remember, respect goes both ways: Tolerance of others' opinions is important in a free discourse. If you're easily offended by strong opinions, you might skip reading comments entirely.

blog comments powered by Disqus