The current real estate market reminds me of the time I started in the business. 1990 was the beginning of a down turn in home prices. We were coming off of some recent highs in terms of average prices and number of sales. The Gulf War had caused widespread panic among many Americans, whose last memory of war as a nation was the Vietnam fiasco. Interest Rates were dropping into the single digits for the first time in 12 years. Still the housing market continuted to spiral downward.
Today we have prices dropping, home sales way down, foreclosures increasing and re-emergence of short sales. We are still in the Middle East fighting terrorism having just killed Osama bin Laden. Interest rates continue to fall, yet we don't have an upturn in the housing market. Fear not because history does repeat itself. We will again experience rising home prices and increased sales. Hang in there because the market will come back.
For a free credit report contact me at 484-695-5972
Andy Williams
President
Abacus Regional Mortgage
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