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For agents/lenders...has anyone inquired today as to whether they should "act now"? Have you seen anyone make any kind of decision based on the new information?
For buyers...anyone thinking of making an offer because of the news?
Ditto. Have cash, excellent credit, good income, not willing to go into extreme debt to purchase a depreciating asset.
3rd Ditto here! We have some cash, but we are going to wait for
spring/early summer to buy. BUNCH of new homes by Centex that are
going to HAVE to have mucho price slashes to move. They are trying their
darndest to get us to buy now, but the floor plan we want wont be available
till next yr anyhoo. Sigh.
Our local news is reporting that local banks are already seeing lower rates for prime borrowers (mainly commercial loans), and for credit rates and adjustable rates coming down a bit to "allow consumers to borrow more". None of the banking experts see a drop in 30 year fixed rate mortgages from this latest rate drop.
Our local news is reporting that local banks are already seeing lower rates for prime borrowers (mainly commercial loans), and for credit rates and adjustable rates coming down a bit to "allow consumers to borrow more". None of the banking experts see a drop in 30 year fixed rate mortgages from this latest rate drop.
Are you serious? ARM's are coming down to "allow consumers to borrow more"
What are they nuts??? This is how we got into this mess in the first place...
Today is a good day for housing, noted the National Association of Realtors®. On the same day that the Federal Reserve cut the discount rate by half a percentage point, the U.S. House of Representatives has passed the Expanding American Homeownership Act of 2007, H.R. 1852. The legislation will offer home buyers a safer alternative to risky mortgage products and help many homeowners who may be facing foreclosure, and the combination of efforts could have a positive impact on the housing market and consumer confidence.
Today is a good day for housing, noted the National Association of Realtors®. On the same day that the Federal Reserve cut the discount rate by half a percentage point, the U.S. House of Representatives has passed the Expanding American Homeownership Act of 2007, H.R. 1852. The legislation will offer home buyers a safer alternative to risky mortgage products and help many homeowners who may be facing foreclosure, and the combination of efforts could have a positive impact on the housing market and consumer confidence.
In other words, pushing people who never should have bought a house to buy more house is a good thing.
The NAR should be banned from public discourse. It is an industry lobby group masquerading as an economic advisory committee.
the office i work at has seen a slight increase in showings but nothing UAG yet. Quick question to the folks who wrote they have cash to buy but are waiting because prices are still inflated, when you say you have cash do you mean you have enough to buy a home outright or that you have a sizeable downpayment (over 30%) or that you have enough for at least a 10-15% downpayment? I've been hearing people say oh i have the cash but i never quite understood what they meant by that. Not trying to pry into your personal financial information just trying to understand what this actually means.
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We have some cash, but we are going to wait for
