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October 31st, 2007 2:48 PM by David W. Welch
As expected the Fed gave us a treat not a trick with a quarter point drop in the rate. GDP numbers were strong for the last quarter at 3.9% and inflation remained tame at 1.8%. There are indices out there reporting that nationally home prices are falling pretty significantly. I don't put much stock in an index that says that Tampa is falling faster than Detroit. Just think about that for a minute. Right now you can't give a home away in Detroit.
If you are thinking of buying, stop thinking! There are huge inventories of homes to choose from. The prices are definitely softer than they have been in years. The interest rate on a thirty year fixed mortgage is running close to 6%. What else are you waiting for - Google stock to go back down to $50? Don't count on it.