Where do we go from here?
This is from a lender that I respect, Mark Afman…
We now know who the 44th president of the United States will be. Don't worry, I am not going to rant and rave about whether this is a good thing or a bad thing. But I did want to give some perspective on how this might affect things. I admit that I tend to be a "less government" type of guy but I also acknowledge that the country is swaying back towards a "more government" view of things. Some of that is understandable. In my view, we needed to have the government intrusion that led to the fannie freddie bailout and the $700 Billion that is being infused in to the credit system. Those moves are already showing some signs of working. Mortgage Rates are back down right now to the low 6% range and there are even a few 5.875% quotes out there. The Stock market is showing strong signs of growth back out of the hole it dug itself a month or two ago. When John McCain said that the fundamentals or our economy are strong, he was not wrong but it was bad timing. The economy is nowhere near the crisis of the Great Depression and, in my view, not even as bad as the late 70's or early 80's when rates where double digit. Unemployment is worse but not terrible. We are so used to having unemployment rates in the 5's that when they hit the 6+% range we feel that the sky is falling. It's hard to say that to someone who has lost their job but during the Great Depression, unemployment rates were at 25%.
I have heard and read economic analysts that point toward a leveling, and in some parts of the market, an increase in housing sales. There are certain sections of the economy that are growing. We will have to go through some pain before it gets better but some are saying that we may be out of this by next summer.
In the end, I believe that there will be more regulation and oversight under Barack Obama and if done in moderation, that could be good for our industry. It will, at the very least, give the public an additional sense of trust in what we do.. However I also believe that if it goes too far it could hurt the economy. A politician or bureaucrat from either party can't sell a home better then a licensed Realtor or do a loan better then a licensed Lender.
Like I said Rates are very good right now so get the word out.
I look forward to any questions you may have. Thanks, Mark Afman
Please feel free to visit my real estate and mortgage blog at www.markafman.com
Thank You,
Mark Afman
Senior Loan Consultant
Universal Lending
Delivering Your Long Term Mortgage Needs With Professionalism And Integrity
Direct 303-759-7392
Cell 303-905-2488
Fax 866-896-9240
Denver Board of Realtors 2006 Affiliate President
Denver Board of Realtors 2006 Affiliate Of The Year
South Metro Denver Realtor Association 2007 Affiliate Vice President
Please visit my web site at www.markafman.com
If you have any Friends, Family, or Colleagues seeking home financing, I offer the following services:
- Purchase, Refinance, Investment, and Construction loans.
- Full Doc & Stated Income Loans.
- FHA, VA, Conventional and more
I would be honored to receive a referral from you.
Your friend in the Real Estate business,
Shelli Dore
www.ShelliDore.com