This past Thursday we just had our monthly luncheon for the Frederick County Association of Realtors. Our featured speaker was a representative from a local bank/mortgage lender. He had some interesting statistics to share.
First: Did you know it's been 37 years since interest rates were this low?
Second: Were you also aware that the percentage of monthly income spent for a mortgage hasn't been this low since 1973?
Third: I certainly hope, by now that you all know there is a $7,500 first time buyer tax credit available which doesn't expire until June '09.
Fourth: Are you familiar with the fact that USDA has a 100% loan program with no MI? There is a funding fee but that can be paid by the seller.
I know were are inundated with REO's and short sales but I also believe there is an end in sight. I'm not trying to get preachy here but "Where there is no vision, the people perish" Every top trainer I've every studied teaches that there must first be hope to start moving ahead.
So why are we still hearing the doom and gloom from the media? Here's a theory. The incoming administration wants a stimulus package passed (For all your rich people that means a redistribution of wealth) by congress. I could be totally wrong but I have a feeling this is a set up to re-engineer the financial system in America. By the way, does anyone remember the attack by the left on the Bush administration about the deficit? Hmmm, has anyone been listening to the president elect? If you have then you know that deficit spending is suddenly back in style.
One thing I've learned in my real estate career is, it's not wise to be overtly partisan. Believe it or not, I'm trying not to be but let's be fair. What's bad for the Republicans to do is also bad for the Democrats. The financial situation in our country will only be corrected by level headed individuals from all parties coming together and doing things that actually make sense. Just yesterday I heard someone on the radio talking about investing money in the economy where we can expect a return. She then went on to name some of her suggestions. They were a string of entitlement programs that would lots of love (votes) but no money. Every day I pray that people will wake up and work to solve problems rather than please people. And, in order for that to happen our media has to stop trying to engineer society and start reporting the news. I hope you'll be praying that prayer with me.
Comments(2)