Housing Prices Still Dropping!

I hate to say it but the reality is that prices of homes seem to be taking a nice dip downward. Everyone wants a steal/deal and is bidding that way on offers to purchase. I also still see a big hesitation on behalf of the buyers.....very afraid and cautious to move forward. This is a great sign if you are confident and looking to buy real estate. I personally have been buying investment property and continue to do so. Once everyone gets back in and is confident about buying a home again....I will be sitting on the sidelines and more than likely will be selling what I am buying now.

NEW HOME SALES DOWN IN FEBRUARY! Our Gov't says its the weather....WAKE UP! No one can qualify for a mortgage....this is the tightest credit I've seen since getting in the business in 1990. Its is way too difficult to get a loan. Even my great borrowers with huge incomes, great credit and big down payments are being hassled by my lender's requirements to get a loan. This housing crisis won't end until credit starts easing up to a more realistic level.

Mortgage Rates

sign up for my blog and I will regularly post Interest rate Trends advising you when to lock your Interest rate. My 20 years experience will help you save money. Rates at this time are flat, hovering between 5.0-5.25% for a 30 Year Fixed with 0 points. The Fed is supposed to stop buying mortgage backed securities as of March 31st so at this time I recommend locking your interest rate. Once the Fed stops buying if the public sector does not pick up the slack rates may go up.