Monday, July 7, 2008

Welcomed Good News

Have a wonderful 4th celebration????

I saw a wonderful firework display on the 3rd after a Virginia Symphony concert. Though some displays were washed out due to the much needed rain(if you aren't in Missouri or Iowa and reading this blog!), I hope you were able to celebrate our Nation's birth with this wonderful tradition.

Though there haven't been any fireworks in the real estate market, the dire news has begun to fade. A great mortgage officer, Jim Belote, recently shared some fascination news:

First Quarter GDP adjust up to 1%, up from .6% in 4th quarter 2007

Existing Home Sales rose in May and June while inventory shrunk from 11.2 month
to 10.8 in May to 9.6 in June

Federal Reserve working to keep inflation under control by not lower short term rates

Mortgage rates are falling; Prime rates are now: 30 year at 6.53%; 15 year 6.09%;
5/1 Arm 6.09%

Rates remain historically very low and are a bargain!

Thus, Buyers---the time is passing...rates down and inventory falling. Sellers--the time
is passing....fewer homes on the market and buyers are beginning to have fewer selections.

Good news for all!!!

Have a blessed day!!!
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