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  1. #1
    Join Date
    Mar 2007
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    Default You gotta love our government....

    So, the real estate market is pretty much in the toilet. No houses are selling and, just to kill any possibility of working before the end of the year, there's an announcement that there may be 4.5% interest for homebuyers 'sometime' in the future.

    Well, we might as well all just go fishing, or shopping, or plan on doing something other than working for the next month or more.

    Is it just me or is this the absolute WORST thing our blessed leaders could have done for us? It's not like the phone was ringing off the hook but we've barely had a call since this news broke in the middle of last week.

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  2. #2
    Join Date
    Mar 2007
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    Spring City/Surrounding Philadelphia area
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    Default Re: You gotta love our government....

    Let's see........I could get a mortgage now and have a monthly payment of $2,000.00 OR I can wait for this low low low interest rate and save hundreds on my payment every month.

    Yep, no need to buy now.


  3. #3
    Ron Bibler's Avatar
    Ron Bibler Guest

    Default Re: You gotta love our government....

    Yep lets all go out for the month. take a break you have been working to hard.

    Best

    Ron


  4. #4
    Join Date
    Mar 2007
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    Oklahoma City
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    356

    Default Re: You gotta love our government....

    Taking a break is not feasible when you depend on your HI biz for a living. He is right though. I had a decent week last week, but the phones have gone dead now. They should be sayng that rates are unpredictible and may go up in the future which is true. They do not know that rates will be down to 4.5 anytime in the future. All they did was cause even more downturn in the market with everyone on the fence now that was thinking seriously about buying.

    Isn't the information age great. There is so much crap being spewed around by the media that is not accurate and the people just seem like a herd of sheep running one way and then the other with no real direction. I truly believe that this mess has been greatly exacerbated by all the media guru's spouting off about things that are just speculation on their parts. 4.5 would be great for us, but isn't it crazy that even positive news is bad for us in these times. If they have a plan that is going to lower the rates, they had better do it now, not wait til' the new administration is in office. 2 months is an eternity with things the way they are right now. We have seen what can happen in two months time already. If they wait any longer, it may be too late even for that to help much.

    This is about the worst possible time to be having a lame duck administration and all of congress going away for the holidays. I want my holidays as much as the next guy, but I think these times warrant sacrifice and they should be doing whatever possible to help get things on the right track. Getting the housing market stablized would be a great start.

    If it weren't for lawyers, we would never need them.

  5. #5
    Join Date
    Mar 2007
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    Default Re: You gotta love our government....

    Quote Originally Posted by Frank Bombardiere View Post
    This is about the worst possible time to be having a lame duck administration and all of congress going away for the holidays. I want my holidays as much as the next guy, but I think these times warrant sacrifice and they should be doing whatever possible to help get things on the right track. Getting the housing market stablized would be a great start.
    Amen to that Frank. I drives me up a wall that our government played a role in our economy being where it is and they have the balls to close up shop for the holidays. I don't know exactly what could be accomplished by them delaying or shortening their break but it would be nice to know they view the economy with the same sense of urgency as us. But then again, maybe if they all go away on break, none of them will be around to say dumb things like "possible 4.5% interest rates".


  6. #6
    Join Date
    Mar 2007
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    Oregon
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    Default Re: You gotta love our government....

    fwiw... I just heard from an agent today that the morning 30yr fixed rate was 5.125% - Hopefully, that's close enough to 4.5% to make some people jump.

    I'm thinking of re-fying just to get a month off of making a payment.


  7. #7
    Join Date
    Feb 2008
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    Chicago IL
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    Default Re: You gotta love our government....

    Unfortunately, 4.5%/30 yr. isn't going to do much in the short term to improve housing sales. 2 million lost jobs this year, existing jobs are unstable, people are broke from $4+ gas and overextended on credit.
    It's going to be bad for another year and then so-so for another 1-2 after that. I didn't see this coming 4 years ago because, I'm all that smart. I just remember the recession of the 70's, managed to make it through the recession at the end of the 80's and worked towards being ready for this one.
    The American public doesn't need more credit, it needs less credit. Providing bail out money to Banks so they can lend more to consumers, just continues the enslavement of the public as debtors to those building fancy glass towers. Bringing back manufacturing and infrastructure that provides long-term, full-time jobs for people is key to any sustained recovery. Without available employment that pays wages that provide more than a paycheck to paycheck living, the vicious cycle of the recent years may just be started all over again.
    As for the politicians, let them go home. I doubt the majority of them are half as informed about the housing market as many of the guys on this board. They've spent the recent years cashing on the the crazy housing market. Please don't even get me started on that idiot Paulsen. He's about as smart as a box of rocks.

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