Frame of Mind

By
Real Estate Agent with Frank Rubi Real Estate
I caught a lot of grief with my last blog.  I wrote about the interest rate cut and maybe it would help mortgage loans a bit.  Just look at the response the market had to the rate cut announcement.  You can't tell me when the market goes up, the wealth effect from it helps one frame of mind.  Even if it doesn't go up a bunch you still feel wealthier than when it declines.  At least it makes me feel better.
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Rainer
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» Bill Burress Nationwide Mortgage Originator
» Bill Burress Nationwide Mortgage Originator - Fort Myers, FL

John:

True.  The wealth affect is a factor.  Currently with Americans having less equity due to the housing decline, they feel less wealthy.  Maybe the market rally will help.

Sep 19, 2007 12:59 AM #1
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

The interest rate isn't the problem in my market in MD and Northern Virginia, it's home prices.  What good is a slight interest rate cut when home prices went up 100%??

Prices are the problem, not interest rates.  This was a sop for Wall Street and the banks, not home buyers.

Sep 19, 2007 01:02 AM #2
Rainer
147,934
Marc Blasi
Palm Beach Gardens, FL

Good Morning John-

While I agree that feeling better is a good thing, it's going to be a while before we see what those cuts actually achieve.

We need to keep people grounded and not give them the impression that 1 bit of good news is going to turn everything around.

Sep 19, 2007 01:03 AM #3
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Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com
John, our market is one of necessity. Due hurricane Katrina, just in St. Bernard parish they need 1000 home today to help families who are homeless due to the storm two years ago. Interest rate drop are a perception of a drop does not help these folks. They need homes.
Sep 19, 2007 10:34 AM #4
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John Walters

Licensed in Louisiana
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