Just to sum up the past few weeks (I am sure there is more, but this is a start!:
1. Mortgage rates fell below 6% for 30-year fixed rate loans, the first time since May.
2. The federal government takes over Freddie Mac and Fannie Mae. The Federal Reserve is expected to make a decision on interest rates on Tuesday.
3. Oil dropped below $100 a barrel for the first time since April, down significantly from the high in July of $147/barrel
4. Sub-prime market takes another hostage over the weekend when Lehman Brothers files for bankruptcy protection.
5. And don't forget Merrill Lynch is forced to sell to Bank of America for $50 billion in stock while AIG (insurance) is asking the government for emergency funding for its major restructuring.
And of course, we can't forget that Haiti and Galveston, TX were hit hard by Hurricane Ike. Countless numbers of people are evacuated and waiting to return to their homes, if their homes are still there....
Financial Gurus... What's your take on all of this -- particularly in regards to Tuesday's planned interest rate news??
Take advantage of lower interest rates! Consider that first home purchase in Norfolk or Hampton Roads today! Investment property on or near the water is abundant in Virginia Beach, Norfolk and throughout our area. Search for homes or call me to show you the best of the best!
The economic news is quite volatile right now, it is especially scary in this area where a lot of our buyers and sellers are on Wall St.
All the best!
Thanks Kevin - Wonder what's happening for your market after yesterday???