Up and Running in 2010

by kstubbshenderson 23. January 2010 03:16
First, let me apologize for the delay in blogging over the holiday season.  As crazy as it may sound...business has been booming and I've found myself having to re-establish my time management systems.  However, due to the post and urging, I'm going to work to better manage my time and continue to post information I see is worthy of reading.  So...here goes:2010 brings many questions; what's up with healthcare?  are we still going to see double digit unemployment rates?  how many more troops are going to be sent to the Middle East?  (and my favorite)  what's the deal with the housing market and the lending institutions?  Well, I have some pretty impressive data on the latter one.  As it looks with the housing market, especially in the southern region (Savannah, GA to be exact), we are positioned to see growth by the end of the 3rd quarter of 2010.  How so?  In the larger markets, we are seeing that the rate at which banks have become the real estate agents, dealing with REO and foreclosure property, there is an average of 18% of the properties on the market.  That's a substantial percentage of all residential properties.  In the Savannah market we are seeing only 3% of our market falls into that category.  Our resale business is increasing and new home sales are now on the rise.  Stability is not only on the horizon - it's here!Banking?  Now that another issue within itself.  FYI - the FHA loans that have supported the tax credit from the feds may be changing.  There is a bill that would increase the down payment for FHA loans from 3.5% to 5%.  That is a HUGH increase for first time homebuyers and those that are "cash poor" or don't have a large amount of money to put into a down payment.  If you're one of those home buyers that are looking at an FHA loan…  GET GOING NOW!  We're not sure when this change will hit or go into effect.  Don't be caught with your pants down and your wallet empty.Whew!  That's a pretty impactful start to 2010!  Excited to see what will explode in the next few months.  Fireworks and party confetti is my bet! 

 

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