Rick Davidson, President and COO of Coldwell Banker Commercial was our keynote speaker at todays Federal Way Chamber of Commerce breakfast at The Commons.
He proved to be a good speaker with all of the statistics that led us down the road that we find ourselves on right now. Here are some highlights of his talk:
- Residential real estate takes up 20% of the GDP
- Our recovery will be in a jobless market
- Bankers new philosophy is "Extend, Amend and Pretend" AND
- "A Rolling Loan Gathers No Loss" (I rather liked that one)
- The National Association of Realtors says that the median prices are up
- The NAR says that 29% of home sales are distressed
- Home Affordability is at its highest
- 47% of Purchases aare to 1st time home buyers.
- Now is the time to buy.
Bring on the buyers, bring on the escrows!