Average interest on a 30-year fixed mortgage fell to an all-time low of 4.69 percent this week, down from 4.75 percent a week ago, reports Freddie Mac.
Although rates have held below 5 percent since early May, Michael Fratantoni of the Mortgage Bankers Association notes that demand for purchase loans has fallen in six of the past seven weeks and now is at a 13-year low. Consumers have grown used to low rates, he explains, adding that they balk at buying because they are more concerned about stagnant wages and high unemployment.
Source: Washington Post, Dina ElBoghdady (06/25/10)
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Posted by NHB at 06:22 |
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I am one of those people who usually can remember my dreams. I wake up in the morning, and will share with my spouse what I dreamt. I will ask him, “What was that dream all about?” He has often responded, I should write my dreams down and someday write a book about them. I have no intention to do so, since I really don’t want to know how the experts might interpret them.
So, here is my dream from last night. I was in a very cluttered home, and it appeared as though I was preparing for a party. My husband informed me he was leaving to pick up the food. I was to stay back and wash the large picture window looking out at the front street and pick up the clutter in the house. So, I sprayed cleaner all over the large glass and started to clean the window. Before picking up the clutter and completing the window task, I decided to stop and find my husband who was getting the food. I left the house and proceeded to walk through something that appeared to be a maze with no end in sight. In the meantime, I saw in my dream, guests starting to arrive at the party. I noticed the window was still not clean, my guests could not see out, the room was full of clutter, and there was no food. I suddenly woke up with no conclusion to my dream.
Now, I am not an expert, but thinking about this dream, here may be why these thoughts are in my subconscious. Lately, I have been spending a lot of time listening to talk radio, television news shows, and reading real estate trade journals and websites. Like most of us, I’m concerned about the economy, the government bail-out programs and the upcoming presidential elections. Not knowing if this bail out is good for my real estate career and the future of the housing market, the window probably represents my unclear view of the future. As for the clutter in my house, this must represent the mountain of information I receive on a daily basis and not having a grasp on what is fact or fiction. As for the maze, I know I work diligently everyday following a path to help people sell or buy real estate, but recently this path has so many twists and turns along the way. Real estate is my profession. I have been at it for a long time and this is how I put food on the table and make a living. However, like my dream, getting to the party and obtaining the food has been a challenge, to say the least. I prospect daily for the next client, who may need my services but are on the fence afraid to do anything, even when they have to! I am finding clients with good credit and down payments having a challenging time obtaining financing. The market value of the homes in our area has not gone down as sharply as other parts of the country, but it is still a surprise to have an appraisal come in low just before closing; and everyone is scrambling to make the deal work. I know builders who have left the business because they cannot obtain a construction loan for their next spec home; and credit problems and unpaid bills have created problems with tarnished marketable title.
In conclusion, I know I am in real estate for the long haul. I plan to stick it out and continue through this maze of uncertainties. Everything in life is cyclical, and we always learn from our mistakes. In real estate there will be a party again. This time, hopefully, it will not be a wild brawl. This party will have food which will be well prepared. Houses will be purchased for shelter by people who can afford them, prices will not be inflated, and stability will become the norm. The window will be cleaned and the future will be clear for us, our children, and grandchildren. In order for this party to get started, we need to elect the right candidates who have the right motives with our intentions in mind, greed and selfishness need to be stopped, and all of us must return to the basics of living within our financial means.
Posted by Christina Rickey at 10:33 |
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While in church today, I noticed unfamiliar faces around me with a look of despair and uncertainty probably thinking of a possible Cat 4 hurricane heading toward the Gulf Coast and their homes. I remember Ivan and Katrina when Birmingham became a host to thousands of evacuees. I can’t speak for the entire community, but in the area around the 280 corridor, you find true Southern hospitality. When we approach you and express our concern, we mean it! When we ask, how are you doing, we want to know! When we mention, can we help, we will! Birmingham may not be the biggest city with a fancy skyline or considered a vacation destination, but we represent good, genuine, caring people, who truly mean, “have a nice day!” So, to our friends from the Gulf Coast, “welcome and enjoy your stay!”
Posted by Christina Rickey at 01:20 |
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Christina Rickey 