Indications that things are turning around or blips on the radar?

By
Mortgage and Lending with Guild Mortgage Co - Oak Harbor WA

I just posted a new article on my website about recent financial reports and the possibility that we may be approaching the bottom of the Real Estate Market. Now, I am no Guru, but I read the stuff that is coming out and there is a possibility that things are turning around and if they are, it is time for those sitting on the sidelines to get in the game. If they aren't????

Author: fchamberlin  //  Category: Bank Owned properties, Eugene Homes for Sale, Eugene Oregon, Florence Orgon, Interest Rates, Local Information, Mortgage Loans, Real Estate Loans, Springfield, lane county, refinance

The latest news from the housing market continues to be mixed but with some definite upbeat news. Yesterday, the government announced that existing home sales were higher than expected and higher than the month previously. Today the consumer confidence came in lower than was expected and lower than the month before. It is the consumer confidence that shows that people are willing to start making purchases, not just homes, but appliances, cars and other than staple items. The Fed continues to purchase mortgage backed securities and mortgage rates are dropping below 5% again for a 30 year fixed.....read the rest of this here.

I honestly thing things are changing. I am talking to people around the country that are getting more purchase business than they had before. I am talking to Realtors that are getting calls on listings and are showing homes. I realize that this is just a microcosm, but I have to read what I can see. Ok, maybe I am a cheerleader in this business, but if so, so be it!

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Rainmaker
647,661
Team Honeycutt
Allen Tate - Concord, NC

We have also seen the activity pick up quite a bit. I hope for all of us it continues! Thanks for sharing and good luck in '09!!!

Jan 27, 2009 08:45 AM #1
Rainmaker
216,697
Margaret Oscilia
Creative Concepts-Home Staging and Contracting, Salem Oregon - Salem, OR
Home Stager, Salem Oregon

Just had a house sell last week that we had staged in Independence, and just got a call yesterday that another one sold in Monmouth (these are not places where hundreds on homes sell per day).  Can't be just our homes that are selling -- but we've had several sell in January!  Hope it's an indication that everyone is having to work as hard as we are!

Jan 27, 2009 09:11 AM #2
Rainer
333,705
Danny Thornton
R & D Art - Knoxville, TN
WordPress Guru

Fred, if you are a cheerleader then so am I. I guess we can get some pom poms and start jumping up and down. But seriously, the Realtors that I am talking to is telling me that they are getting phone action like never before. That in itself is a great sign.

And for the people that are "waiting" on the positive to happen, maybe it is time to find a new career.

Jan 27, 2009 09:12 AM #3
Rainer
171,765
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Allen - I am hearing that from more and more people all of the time.

Margaret - That is great news. You are right Independence and Monmouth are not big sale areas. I bet your staging had a lot to do with it also.

Danny - I will get a pom, you get a pom and then we will have a pom pom. Right on about looking for something else to do if you will only wait.

Jan 27, 2009 09:18 AM #4
Rainmaker
1,086,704
Greg Nino
RE/MAX Compass, formerly RE/MAX WHP - Houston, TX
Houston, Texas

I hope that you are right. I too have heard about this as welll, that the eye of the storm is just above.

Jan 27, 2009 10:35 AM #5
Rainer
171,765
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Aptly put Greg. I think we could be in for a whirlwind in the future.

Jan 27, 2009 11:31 AM #6
Rainer
179,681
Erik Hitzelberger
RE/MAX Alliance - Louisville REALTOR-Luxury Homes - Louisville, KY
Louisville - Middletown Real Estate

Fred - Signs of life definitely abound in Louisville.  I have been swamped with activity over the last few weeks, but am stil waiting to get to the signed contract stage.  I think, the frustrations of the last quarter have worn on people and they are ready to move on with their lives.  My biggest concerns right now are layoffs and the threat of layoffs.   

Jan 27, 2009 11:53 AM #7
Rainer
29,656
Jay Williams
Greenville, NC - Greenville, NC
Mortgage Loan Officer - Getting You The Right Loan

Fred, I'm sensing more purchase activity as well. Also hearing positive results within our Realtor community. I do believe it will be the 1st time home buyer that leads the way out.

Jay

Jan 27, 2009 12:06 PM #8
Rainer
116,722
Bo Hussung
Bell Title /Triserv LLC - Nashvle, TN

Rah, Rah Ree, kick 'em in the knee, rah, rah rass, kick 'em in the ...... hahaha. Or Fred, Fred, he''s our man if he can't do it, no one will.....J/K Fred.

Good post and upbeat. The bottom is good, the nadir is a ong way away given how long it has taken to get it where it is.....in the meantime, I keep working like a mad man and keep trying to get National Accounts to close and setlle loans.

Thanks

Bo

Jan 27, 2009 03:57 PM #9
Rainer
171,765
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Bo - What the heck is a nadir? Keep working on those settlements. It can only help.

Jan 27, 2009 04:05 PM #10
Rainer
132,319
Jon Wnoroski
America's 1st Choice RH Realty Co., Inc. - Green, OH
Summit County Realtor

Hi Fred - We are all encouraged by good news and reports that the market is beginning to rebound.  We all know it won't happen all at once but seeing signs of an "upturn" is always exciting.

Jan 28, 2009 12:16 AM #11
Ambassador
273,238
Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058

Lots of good stuff is going on - and if the nationalization of banks comes about QUICKLY - then we could get lower rates...

Jan 28, 2009 02:27 AM #12
Rainer
171,765
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Jon - The upturn is indeed appreciated. Going to keep shouting until I get hoarse.

Eleanor - Lots of good happening. More to come, I hope.

Jan 28, 2009 06:58 AM #13
Rainmaker
99,135
Gerry Suarez Jr.
Jet Home Loans NMLS 1660135 - Maitland, FL
FL Mortgage Guru

Fred,

The renewed affordability is opening doors for many who were priced out and we are seeing more inquiries here too. Unfortunately many are finding tightened lending standards are preventing them from qualifying. Don't you have any customers who could close right now if seller funded down payment assistance was still around? I know I sure do...

but we will just have to work with what we have and see what comes out of it. In the interim those that qualify now are well advised to buy now and not wait, wouldn't you agree?

Gerry Suarez, Jr.

Your FHA Loan Pro!

Jan 28, 2009 11:00 AM #14
Rainer
171,765
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Gerry - I absolutely agree with you. I think the DPA would help, but not sure how much because so many people don't have any additional equity in their property to give away. So, I am of two minds in that. I know it would help with the REO sales though.

Jan 28, 2009 11:15 AM #15
Rainmaker
238,410
Angelia Garcia
Pure Realtors - Dallas, TX

All of you experiencing the growth in offers and showings, send me some of that luck.  Sure I am working with buyers but I would love to have my listings sold.

Jan 28, 2009 11:32 AM #16
Rainer
171,765
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

I can't send you luck Angelia, but I will send my hopes and prayers. Luck doesn't sell but skill and hard work do. I know you have that in you. Go for it!

Jan 28, 2009 11:37 AM #17
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Fred Chamberlin

Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
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