Happy Sunday to You!
Only 25 business days before the First Time Homebuyers' Tax Credit expires...if you have a buyer who is interested in moving ahead, we have very little time left to process a loan. Please have them call me for preapproval.
In Other News...
Continued good news from corporate earnings and from the real estate world shows us that the bottom is firming up! Don’t we all wish we could say that about ourselves! This week, according to the National Association of Realtors, the inventory of existing homes shrunk to a 7.8 month supply, down from a recent high of 10.1 months in April. New homebuilders continue to start homes at a level that is ½ of what it was in 2007, creating a similar reduction in months of supply of new homes. THIS IS KEY for the stability of home prices as the fewer homes on the market, the more pricing power the sellers have. But estimates are that 45% of last month’s sales were made up First Time Homebuyers as they rushed in to take advantage of the $8000 tax credit.
By the way, WR Starkey Mortgage is a certified Homepath Lender...more about that at Tuesday's Team Meeting.
This week, rates ranged from 4.875% – 5.125% depending on program, credit and points.
Have a great weekend. Have your buyers call me so we can get them approved to buy!
Neil
Neil Hediger
Senior Mortgage Consultant
W.R. Starkey Mortgage
THE HEDIGER GROUP Mortgage Advisory Team
115 Perimeter Center Place, Suite 100
Atlanta, GA 30346
Office: 678-298-1631
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