The Economy blog

Just a couple of days ago, President Barack Obama signed two new laws into action. The first one is the Families Save their Homes Act while the other one is the Fraud Enforcement and Recovery Act. Both of these new legislations will help address the problems that people are facing right now in this tough economy.

Helping Families Save their Home Act – this helps the reduction of foreclosure homes all over the nation. The value of each house can be up to $6,000 and at least 10 million owners of home all over the country will also have a decreased mortgage at the same time.

Fraud Enforcement and Recovery Act – there will aid in fighting fraudulent acts that sacrifices the lives and the homes of the Americans. The Department of Justice will have more tools and steps that would help in prosecuting these scams that leads to the loss of the family’s home.

The current president of the United States believe that by protecting the homeowners of the country, the economy will also be protected and hopefully bloom so they could all survive this crisis altogether.

Because of the global economic crisis, thanks to the different complicated credits, the activities of the commercial real estate slowed down. This is according to the reports made by the National Association of Realtors. Aside from that, the prediction of the various indexes tells that the said sector will still become weak until the end of 2008.

Lawrence Yun, the chief economist of the NAR, said that due to the huge unemployment rate the demand for the commercial real estate declined. Moreover, there is also a great delay in the refinancing activities as well as transactions because of the lack of credit.

During the Q4 of 2008, there activity of the commercial real estate reached by as much as 108.7 percent. Unfortunately, it decreased to 103.5 percent during the Q1 of 2009. In 2008, of the same quarter, the activity reached 118.8 percent.