The spring market is over and one bright spot for both buyers and sellers is the resurgence of the FHA loan program. These loans offer borrowers a chance to buy a house with only 3% down.
The return of FHA loans has provided some much needed liquidity to the huge number of existing homes on the market. We still have a way to go, but some houses did sell and many buyers were able to realize their dreams of a new home.
Drop me a note if you have a question or comment on this or any issue about the housing market.
Take care, Steve
It seems we have seen the mortgage crisis take a turn for the worse in the past few days as Bank and Mortgage company stocks have taken it on the chin, again. Amid all the gloom there are some markets which remain active. Even a highly distressed area, like Prince William County, have begun to see some sales movement.
The economy, like the real estate market, moves in ripples and waves, the up and down price cycles reflecting the markets daily interpretation of what is going on in the world and in the industry. The mortgage companies have borne the brunt of the downturn. Next, I expect to see the private mortgage insurers get hit.
If you need to talk about an appraisal issue or the real estate market in general, please feel free to contact me.