It seems that quite a few people some of which have purchased Homes and Vacant land before, As well as some who have never owned property are waiting for the total collapse of our economy to feel they have gotten the best possible price, The fact is that right now is probably the best time in recent history to purchase property. Of course the problem is getting a loan from the very people who started the Housing bubble in the first place.
Its the Lenders of money trying to shore up and cover the very bad mistakes they themselves brought about by lending money to people in hopes of making them "slaves" to there Homes, By increasing the payments over a few short years by in some cases double or more the original amount of there monthly payment, And to make sure they made money on the deal they came up with "PrePayment" penalties of six or more months worth of payments in effect taking away any hope gaining any equity in the property to cover the ever rising monthly payment with the promise of refinancing before the increase took effect. This whole housing collapse can be blamed on the greed of the already rich institutions trying to find more ways to become even richer by building the hopes and dreams of working class Americans and then blaming those same people for taking the bait and signing on the dotted line.
The end results here were at the very least predictable from the beginning, You can not increase your monthly income within three years enough to cover an increase in your mortgage payment of several hundred dollars, But that is just the tip of the iceberg as we all know the bubble was brought on by insiders buying property and increasing the price double digits and then reselling to make thousands of dollars in a few short months or in some cases Days, Having buyers lined up to buy and going out to find properties to purchase themselves then turning around and calling the waiting buyers to sell the property to them while still in escrow.
This last few years will go down in history (Again) refer to the Savings and Loan collapse as the years of BIG BANKS taking over all control of all the Money in our Country and in effect making it so we will only have a few choices for our Banking needs. J.P Morgan (Chase), Bank of America and a couple others will be our choices.
Right now the interest rates are at a 10 Year low hovering around 5.67 to 6.25 and as sure as we are in this slump once the Banks gain the positions they have as goals #1-2-3 or whatever, They will start to increase the rates again and at that point the sky is the limit. If you can do it now you won't be sorry you did because with-in the next two years as sure as I'm sitting here today the interest rates will be at 8 to 9% That's just my predictions and is not supported by anything more than my own gut feeling. (But I would bet you a quarter I'm close with that guess) .
If you have a credit score of 650 or more there is money available for you to purchase a Home and if you are smart you will get off the Fence and really try to buy now because the short sell and pre-foreclosure properties available today have forced all the sellers to look at prices equal to what they were in 2003 before the crazy balloon started. I have taken several properties including my own and started with the year 2001, By increasing the property 6% a year ( Which use to be the norm. in the regular market) I come up with prices equal to today's asking prices. So if you have owned your Home for 7 years you still have about a 6% return on the investment over time in a normal market.
That makes Real Estate the solid investment it has always been and will continue to be as proven in the past with "Real Estate Time Heals all".
Your Thoughts ?
As I sip on my fresh cup of coffee and read through my daily news, It ac-cured to me that many of my fellow countrymen and women probably are or will be doing the same thing. As I am writing this, Thoughts of the future of our great Country keep interrupting my concentration and reminding me that there are thousands of young people who would love to be sitting at there computers just as I am now.
They are our military who for decades have woke up in strange hostile Countries around the world and faced yet another day of not having the simple pleasure of sipping a fresh cup of coffee, Relaxing with the morning news paper or just contemplating what to do today.
And sadly as we all know many have not awakened at all, This is the time to honor those who have given there all so that we can continue to enjoy the simple things in life we all take for granted, It is a day to fly the flags at half mast and take a few moments of silence, Perhaps a prayer for those who are away now.
Remembering loved ones that have gone before us and reflecting on a few happy memories of times had together safely stored in our memory banks to be retrieved on special days like today. I awoke today at 5:15 A.M. like most days, But unlike the others instead of thoughts of appointments and things I need to do I have spent the last hour daydreaming and remembering a special handful of people from the past.
Take the time to remember those who were dear to you, Those who are not here with you, and most of all those who have given there all for you.
Well after quite a few years of asking the County to improve the main road through Town it is finally happening.
Construction is always painful especially when you only have one road through town. The work has been going on now for a couple months and I must admit at first I was frustrated and at times just down right ticked off. I would have to explain to people that I may be a bit late depending on how long I was trapped in the construction even though I leave ten or more minutes early.
Now that they have widened our road and added more dirt, Took out all the old pavement (including those pot holes) and are now finally doing the new asphalt I must admit it is nice to drive on a new road surface. Before I would kinda just complain mostly to myself about the condition of the road and when hitting a low spot or almost changing lanes to avoid those annoying pot holes say a few words to our county supervisor.
I like most of us wondered what the heck they were thinking when they bounced from one end of town to the other digging and ripping, Adding and subtracting dirt in places, I thought why don't they just finish were they are before moving to another spot ? Now if I'm right (and I'm not sure I am) they will be making one long pass all the way down the road with another layer of asphalt to complete the job.
All in all now that its taking shape I can see that it will all have been worth it in the end.