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January 4th, 2008 9:18 AM by David W. Welch
It is January 4th, and by this afternoon I will have my first contract of the year. If I can only sell a house every four days, WOW! Pending sales are down well below the 1,600 last month. Inventory is down about 2,000 from where it was a month ago, but it is still very high. Closed sales for December will be announced soon, and they probably won't break 1,000. The median price may actually be a little lower than I estimated last month. I am expecting a median of about $224,000 instead of the $225,000 I reported in my initial estimates.
Folks, FHA is getting very aggressive with their rates, and more sellers are willing to pay 6% towards closing costs and downpayment. That means you can get into a home with a government backed FHA mortgage with almost nothing out of pocket. Check out the FHA Loan link on my home page www.davidwelch.com