The Roller Coaster Rides Again!

So, what is happening in the market you ask? Moderation in inflation have settled down recent rate increases over the last 6 weeks as we posted lower rates this past week- yeah. Freddie Mac and Fannie Mae are offering alternative loan programs to help the subprime borrowers with extending loan programs to 40 years and lengthing the time of the adjustment periods to help lower payments and allow the borrowers to finance their homes. The name of the program is "HomeStay". Freddie Mac has committed $20 billion to this effort. Let's see how these programs work. As we get more details we will share them with you, so you can help those who need it - show value and you will build your business. Along these same lines, I believe the Mortgage Bankers Association should consider allowing a streamline refinance with no appraisal necessary if the borrower's credit score has stayed the same or increased and their payment history on their current mortgage has been on time they should be allowed to stay in their home. This would reduce the number of foreclosures we are seeing in the market.

Recent news shows that our area home prices declined 4.3% February '06 to Feb '07 and in March, existing home sales fell 8.4%, the largest drop in sales since 1989. Two things to remember, all real estate is local - even within our market. Share this information with sellers to get their properties priced right to get them sold because there are sales happening out there! Again, I believe attitude makes all the difference. Stay optimistic, stay consistent in prospecting, marketing and educating yourself and your clients and you will succeed.