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Interest rates went UP?!?

This daily fluxuation is killing me! I never paid so much attention to the mortgage interest rates until the last 6 months. I watched 700 Club Monday when I was on the treadmill and couldn't believe they were saying the words "depression" and "recession". UGH. Nothing like scaring everyone into their cave so they won't buy a home AT ALL this year!

Why don't they talk about how low the interest rates are comparatively? To get a mortgage interest rate in the 5's has been a rare thing the last 15 years that I have been in real estate. It is a GOOD THING! Every buyer should be jumping on board! (Unless they have lost their job, of course.) *sigh*

On a good note, we had 22 groups through the model home office this last week at Greenbrier Meadows out here in beautiful, quiet West Eugene, OR. So they are looking... but will they buy? Seems like all the home buyers are relocation people.

Hope everyone else has smooth sailing. These rough waters are making me sea sick! =)~

D'arcy Usher Martin, Eugene, Oregon

Posted by D'arcy Usher Martin on 03/19/2008 04:29 PM

Comments (4)

entrance to our subdivision

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4 Comments on Interest rates went UP?!?

MAR

2008

I don't know how many more times or ways that I can tell buyers (especially first time home buyers) that now is the perfect time for them to find a home.

the banks are taking a spread

Down here (Florida), the word "recession" is like the elephant in the room. Everyone knows it's there, but no one talks about it! It's impossible to buy if your job is shaky, regardless of interest rates. I remember buying my first home in 1986 & getting a 10.625% 30 year, fixed interest rate. My husband & I were elated! Mind you, we had excellent credit, put down 10% & paid all of our closing costs. Today's buyers are strapped for cash & the tightened credit standards are just making it all more difficult. It'll get easier--in time. Till then, this market will simply be something we'll have to deal with.

Unfortunately, recession is already a valid description of what our economy is in and depression a distinct possibility! I'm not familiar with the television program that you referred, but any conversation of America's current economic situation should acknowledge these facts!

Bob Mitchell

ValueList Real Estate Services, Inc.

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