We're a little over a week into the government shutdown and
many are wondering whether the closing of federal offices has or will impact
the housing market.
The short answer at this point is no. But since none of us
can predict how long this may last or what the outcome may be, it's hard to say
with certainty that no glitches will arise.
Fannie Mae and Freddie Mac back the majority of mortgages in
the U.S., and thus far have not been affected by the shutdown. However, the
Federal Housing Administration is operating with a reduced staff, which means
that FHA loans may experience delays in processing due to the lack of staff.
In fact, news sources say that the Department of Housing and
Urban Development, which oversees the FHA, has just 64 of the nearly 3,000
employees who normally work at its offices reporting to work right now.
