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Tempest in a Teapot...How Stormy Market Conditions Are Creating Positive Change!
Summer weather roared in with blazing high temperatures and strong storms here in Grand Rapids, Michigan!  It's been a little while since I've been able to look out my window at a clear blue sky and gently swaying trees.  In some ways the recent rush of climatic activity is a metaphor for the real estate situation here in West Michigan.
2008 has been a year in which we have seen some stormy conditions.  The year commenced with the down draft in the mortgage sector due to the sub-prime lending crisis.  In fact, until just recently, most of West Michigan was considered a declining market which meant that New Home Buyers were being asked to bring additional money to the closing table to close loans.  Money which many of them were hard pressed to find. Zero down programs evaporated into the cosmic ethers.
Yet, not all the news was bad.  In the midst of this tempest, affordability levels increased as the prices of homes plummeted sharply creating all sorts of opportunities for buyers and investors to pick up properties at rock bottom prices.  Home owners learned hard lessons about the laws of supply and demand Because bank owned properties now constituted almost 1 out of every 3 ... more

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