All around the country homes were being built endlessly. Here in the swamps of Delaware we've got three new housing developments all built and ready to sell.
Every once in a while it's time to take a deep breath and sell out the inventory.
I'm really a bit sick of all this gloom and doom and hey, the Lamestream keeps finding doom and his brother gloom under every bed.
There is no bottoming out of the housing market. The market will take care of that. If people want homes and there are none after this small pause is over, MORE WILL BE BUILT!
Lots of people settle down to where they are this time of year what with school starting up right soon. Kids off to college, summer over...that kind of thing.
As for ARM mortgages and 7.5% interest rates, I recall Jimmy Carter and the infamous interest rates of 17% or higher. My own first mortgage was 8% and I could handle it.
Slow news....it's either Jonbenet Ramsey or doom and gloom.
Yeah, I remember it as well. But my luxury home in Sacramento coast only $ 45,000. Not the same house costs over $ 650,000.I would rather pay 10% interest (my rate back then) than 7.2% interest now. The difference = $ 650,000 @ 7.2% and $ 45,000 @ 10% = $ 3,700 a month plus taxes and insurance.
Some people, like the media and vultures looking for foreclosures are positioned to profit from doom and gloom.