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Articles Tagged "government shutdown"

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October
23

The government shutdown has impacted people in all states and industries. In the housing market, the shutdown has caused serious issues when it comes to processing loans, verifying buyer information, and conducting transactions for housing purchases. The state of Virginia has specifically been hit hard because of its large number of federal workers and members of the military.

The Shutdown's Impact On Housing

Government shutdown

Throughout the country, the government shutdown has caused some serious challenges for people that are looking to buy a new house. Loans that were going to be approved by the FHA or Federal Housing Administration are backed up because of the shutdown. Even private mortgage market companies that are not government entities were impacted by the shutdown because their pending loans could not be researched properly: the IRS was unavailable to verify the income of someone trying to purchase a house or get information about them by researching their social security number through the Social Security Administration.

Effects Felt By Virginia

Virginia in particular has seen drastic impacts on its economy and housing market because of the large impact the government has in the area. According to the Vienna, VA Patch, Virginia is one of the five states with the most federal workers per capita, the most federal contract money per capita, and the most veterans per capita. Without income from government contracts or benefits from the Veterans Administration, even those that are not directly employed by the federal government felt the sting of the shutdown. And while many government employees that were furloughed will get what they were owed during the time that the government was shut down, many contractors saw pending awards simply vanish because of the government shutdown. Without these valuable federal dollars it is difficult, if not impossible, for many in Virginia to purchase a home.

Although it is now over, the government shutdown had a ripple impact on markets in all areas of the country. In Virginia, the real estate market was hit because of the state's huge presence of federal workers and contractors. Buyers or sellers that are interested in navigating the post-shutdown housing market should get help from specialists like the ones at Old Dominion Realty.

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