Friday, January 30, 2009

The market's picking up!


This standout Saddle Creek home in Westfield sold this week. Add it to a growing list of sales and new listings in '09 and there's reason for optimism. It's a great time to list your home or buy! Call me today (317.844.4646) or visit my website for your free market snapshot http://www.homesinindy.com/

1 comment:

  1. If the fed keeps putting money into new mortgage paper with Fannies and Freddie, the money will eventually hit the market. So far it is only hitting in the conforming mortgages. I wrote about 10 weeks ago for the fed to borrow on long term treasury’s and put the money directly into new mortgages at low rates to get the market going. I also said they should provide investor financing to get the foreclosed homes bought and rented. Investor will bring a lot of capital to the market. All buyers must qualify under normal standards.
    My investigation also finds the heavily hit markets are reacting to the lower prices and lower rates and volume is picking up nicely.

    The banks can not get the money directly, they won’t lend or at least not at the rate and quantity we need. When a purchaser gets a mortgage, buys a property, the old mortgage gets paid off to the bank. The bank receives the money and the mortgage is retired. If the bank’s reserves are too short to retire the mortgage, that is another issue for their solvency.

    We are all hoping in the real estate business, that the lower rates that are coming in now, along with lenders that will reasonably lend can continue to turn up sales rates. The latest data in some areas are showing a pick up. If the Fed keeps it up we should be able to put on our roller skates.

    I think it is happening!
    Richard

    ReplyDelete

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