Happy New Year!


I hope everyone had a great holiday last week! I also want to wish everyone a Happy 2009! My hopes for 2009 are a recovering economy, more business and happiness for all.

On another note, my friends from First Financial told me that loans for condos over 419K have gone to 15% down. This hasn't hit purchases for houses…YET. Keep your eyes open for more lending changes as 2009 progresses.

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Holy shmoly!

Rates have dropped on 30 year fixed mortgages to 4.75% because of the rate cut enacted by the Fed yesterday!

If you're STILL waiting for the rates to drop to 4.5%, you better start hoppin'. You (or a friendly seller) can buy down your interest rate to 4.5%. It's not going to cost too much with rates at 4.75%. Wahoo!

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There's a lot of bad economic news in the press. I know that, you know that, the whole WORLD knows that. BUT there are a few bright spots out there. Recently, two interesting articles were published about housing.

The first, which was published in the New York Times is titled "It May Be Time Think About Buying A House".
http://www.nytimes.com/2008/12/06/business/yourmoney/06money.html?_r=1&emc=eta1&pagewanted=all

I think it's a must read for anybody considering purchasing a house in 2009. It brings up some valid points about purchasing: you must have a down payment, your credit score must be strong, and you must look at your purchase an investment. (ahem..all points I've been emphasizing in this blog. Just sayin'!)

The other article in the Wall Street Journal is about what would happen IF interest rates actually fall to 4.5%. This is a highly discussed possibility in real estate circles. Is it realistic to think it could happen? Maybe. Historically, rates have never fallen below 5.3%. My friends in the mortgage business have a hard time seeing HOW the Treasury and other entities can make this work. They think it's wiser to take advantage of the rates now then waiting for a pipe dream. But who knows? That's what's so bizarro about this market. Meanwhile, the article is very informative.

http://online.wsj.com/article/SB122842410459080525.html

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I'm feeling refreshed from the Thanksgiving holiday and I'm back on the blog. There's been some interesting developments in the last week that make me feel more hopeful. SOME interesting developments. I also had a deal blow up so all is not rosy. Ho hum. That's life in the real estate world.

But onto the good news! Interest rates for mortgages dropped dramatically in the last two weeks. At one point during the week of Thanksgiving, my friends at First Financial were quoting 30 year fixed mortgages at 5.5%. Heck yea! I'm refinancing (to 5.3% from 6.1%…hurah!) and I emailed all my buyers. If the rest of the world wasn't so gloomy, I'd be doing a jig!
http://www.washingtonpost.com/wp-dyn/content/article/2008/12/05/AR2008120501633.htmlews

Also, DC Gov just published the tax rate for real property for next year and it decreased from $.89 to $.85. Bad news for public services but great news for us.
http://otr.cfo.dc.gov/otr/cwp/view,a,1330,q,594394.asp

Oh..I just remembered that pesky deal that blew up. Dang.

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