An article in the Wall Street Journal earlier this week reviews some of the ideas being discussed in Washington to try and revive the housing market.
Policy ideas include having taxpayer-owned mortgage holders Fannie Mae and Freddie Mac relax their rules for loans to investors, allowing those buyers to purchase excess housing inventory. In certain markets, they could hold some foreclosed homes off the market and rent them out to ease the property glut.
Washington is also looking to have banks sweeten incentives by reducing loan balances for those borrowers who are "underwater," or owe more than their homes are worth.
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
These options could help lending and reduce the number of foreclosed houses on the market, but would put more risk on Freddie and Fannie and federal agencies. Freddie and Fannie have cost the taxpayers $138 billion and counting.
Listed below are the statistics for current houses for sale in Mayfield, Mayfield Heights, Mayfield Village, Lyndhurst, Highland Heights and Gates Mills.