At the bottom!

Hello everyone,

I was ready some mortgage information today and it was good news for once! Starting June 1, 2008 Fannie Mae and Freddie Mac, the two big companies that basically control the mortgage market, have decided to stop the declining market stipulation.

What does that mean? Well that means the tight standards we have experienced over the last year are going to be loosened. Some limited 100% programs will be back and most loans will go from the 10% down requirement back to only 5%. this should help to loosen the market, locally.

I have noticed from all the bank appraisals I have been doing that the prices have stopped dropping for about the last month. In my opinion we have hit bottom. I do not know how long we will be at the bottom,but we are there. In April new construction actually went up 0.8%!So if you are on the fence about buying a home it's time to get off!