So what do I mean by the title of this blog Bad News Can Be Good News And Vice Verse. It is simply this, what is bad news for some people, can be great news for others.
Let's take the current American unemployment situation. It is very bad news for those who are out of work, and having a hard time finding employment again. The strain on those who are out of work is tremendous, especially the financial pressures that follow. The very high number of American Workers out of work, is also having a very negative impact on the economic growth of the country as a whole.
However, at the same time American home buyers are experiencing the best of times, because of the negative economic conditions. The negative impact to the economy and American Works, has been good news for those in the market to purchase a home. Why is it good news, you might ask? Because generally bad economic news means lower mortgage interest rate, as well as lower home prices. This is what we have been experiencing in many parts of the country over the last several years.
However, like anything else, especially Real Estate, everything is local. While there are parts of the country suffering economically and a down housing market, there are parts of the country doing very well.
Those who are in the position to purchase right now should stop waiting and do so. As quickly as the economy and housing market went down the tube, they can just as quickly rebound without warning.
As much as I like delivering the great news about lower mortgage rates to my Borrowers, I would rather get American Workers back to work. I for one am under the belief when the bad news comes of higher interest rates, the good news of higher home sales will follow as those who have been holding off purchasing a house scramble to purchase before the interest rates go higher.
Higher interest rates are also unlikely to happen until the economy turns around, and with a better economy comes more jobs. Therefore more people back to work, more income, and more people who can afford to purchase homes.
So I for one am ready for the bad news of higher interest rates, and the good news of more people back to work and more home sales. This would be a example of when Bad News Can Be Good News And Vice Verse.
Let's Get American's Back To Work Again!!!
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Info about the author:
George Souto NMLS# 65149 is a Loan Originator who can assist you with all your #FHA, #CHFA, and #Conventional #mortgage needs in Connecticut. George resides in Middlesex County which includes #Middletown, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
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