Re: Calling the bottom!
I see 2 more full points cut by July. This will put prime at 4% and you should be able to get home loans at a similar price. First time home buyers and mortgages for people with household income of less than 53K per year will be able to buy with little or no money down. Yes I know that affordable housing is not what SOWAL is known for but many of the people who own here make their living off of mortgage lending, construction, Real-estate sales, ect. You will be able to buy for what you can rent for if you stay in the 100k to 200k range. We are so blessed to have the Airport on the way because of its impact on the economy over the next 20 years. As far as a pricing bottom, many will be forced into selling on fear and desperation and that is heartbreaking to see, though some find joy in it. SOWAL is a amazing place and in time it will be discovered. I hear more and more of Hedge funds buying up REO?s controlled by Banks and people buying up foreclosures. Hopefully this summer will be the bottom but appreciation from the bottom will be a slow climb up.
00seer00