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Shutdown compromises multiple layers of real estate

CHAMPAIGN -- Housing experts recommend potential buyers get pre-approved for a mortgage since the process is slowing down as a results of the government shutdown.
CHAMPAIGN -- Housing experts recommend potential buyers get pre-approved for a mortgage since the process is slowing down as a results of the government shutdown. We're in week two and now parts of the home-buying process could come to a screeching halt until a budget is passed.

Buyers, sellers, realtors and lenders could all be substantially affected. The president for Champaign County's Realtors Association says usually it takes between 30 - 45 days to process a sale.

Federal government staffers involved with sales have been reduced which could slow the process. It could take 60, 75, maybe 90 days or more which then impacts how soon people are ready to move into their next home.

He says he hasn't seen a huge impact in our area yet, but if the shutdown lasts for awhile, it's just a matter of time. He says Champaign County is more stable than others in Central Illinois since the UI provides a steady job base for many workers. But some realtors say, like the rest of the country, they hope the shutdown ends sooner rather than later.

Another way the shutdown is affecting the bottom line is rural housing programs like the one for USDA loans. They've completely stopped. One area lender says his bank is still accepting loan applications and saving them to submit after the shutdown ends.

More agencies are speaking out about the shutdown. The Department of Education says if it doesn't end soon, it will cripple cash flow for schools, colleges and universities.

The FAA says most workers are on the job, but most safety inspectors are not checking planes, pilots and aircraft repair stations. Meanwhile, the FDA says it could handle recalls and high-risk food-borne outbreaks, but it's less likely to find them because most investigators are on furlough.
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