hmmmm it seems like a while since I have posted a blog here on Active Rain.
I have been focusing on gearing up my company for increasing my business and getting large sized commercial loans...ie $1 million or more.
I will always help people with loans down to $75,000. But reality is that larger loans wil increase my ability to expand my business.
A close friend of mine who was a residential mortgage broker calle dme up and said he was closing shop....eh should have gone fHA...if you are a broker and not FHA in NY you are facing a difficult time right now.
I am glad to be out of residential and have some people I will refer out to. These are people that I know will do right by my customers.
We are in for some tough challenges. I am hearing oil could go up to $6.00 and the local taxi company said his company had a meeting warning that if their is an oil crisis they will close.
Mobil was charging $4.19 for unleaded regular and Getty was charging $4.07.
If something bad happens then prices will go up more. Diesel cost $4.99 and used to be cheaper than unleaded.
Once the foreclosures here on Long Island flood the market (I am hearing 250,000!!!) property values could be down more. An additional hit will also occur when rates on the fannie mae go back up to 7.5%..AND THEY WILL...but nobody knows when!
A flood of foreclosures and higher rates are the perfect future for buyers but a nightmare for sellers.
The positive side is that I can enjoy all the Freedoms that America has to offer and bought some "Burpee Select Sweet Sunshine Corn" seeds to grow enough corn for my barbecues and the ethanol industry!
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