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Just When You Thought it Was Safe to Hope for an End to the Madness!
November 20th, 2007 6:22 PM

Mortgage professionals (FNMA, FHLMC) predict declining prices on housing to continue through 2008 and 2009, and maybe rise again in 2010! And those may be the optimistic people!

Continuing foreclosures and piles of unsold houses will hold back any price rebound for some time yet. While nationally prices may be falling 2% to 4%, many places in FLORIDA are expected to suffer much larger declines.

New home sales are at a seven year low. Yep, we're back to the year 2000! There's an eight month supply on the market, and new home prices fell an additional 8% from July to August. And the correction in the market is not over yet!

Existing home sales are back at the 2002 pace with the supply of houses for sale up to an 18 year high!Can you even remember 18 years ago?

Some of our government-types have noticed “We are in a crisis”and have insisted that Congress do something to help us poor people who are suffering under mortgage payments that keep growing like an uncontrollable fungus. Does calling on Congress for a fix just restore your confidence in the future?
Hmmm?

By the end of 2008 interest rates on about 2.5 million ARMs (Adjustable Rate Mortgages) will be reset again to higher rates.

If you are one of these 2.5 million families facing increasing monthly debt, I have a recommendation.
The Holiday season is upon us already. Try not to be caught up in the spending frenzy that generally occurs at this time of year.

Think back to the real reasons for our Holidays. Be thankful for something – Think about it – You'll come up with something to be thankful for – Children, spouse, friends, family, life itself!
Try something free – visit friends, make music and sing together, dance, play games, have a bonfire, go to church, attend community events. Enjoy each others company without a gift involved. It can be just as much fun – maybe more! YOU WON'T NEED TO WORRY ABOUT PAYING FOR IT!

Linda Carpenter, MBA, SRA

Posted in:General
Posted by Mark Baker on November 20th, 2007 6:22 PMPost a Comment

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