Some Experts Weary of Government Intervention

I totally agree with this article! 

An increasing number of economists and housing analysts are urging the government to step back and let the housing market fall where it may.

”Housing needs to go back to reasonable levels,” says Anthony B. Sanders, a professor of real estate finance at George Mason University. ”If we keep trying to stimulate the market, that’s the definition of insanity.”

”We have had enough artificial support and need to let the free market do its thing,” housing analyst Ivy Zelman says.

Even the National Association of Home Builders hasn’t been supportive of another tax credit, because its members believe that in order for one to have impact it would have to be worth at least $25,000 an unlikely proposition.

”Our members are saying that if we can’t get a very large tax credit one that really brings people off the bench why use our political capital at all?” says David Crowe, NAHB’s chief economist.

Source: The New York Times, Davie Streitfeld (09/06/2010)

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Statistics

LISTINGS  Residential (Single Family & Condo) 
   
 Sept 13 – 19    533
 Last Year 471 
   
 SOLDS  
 Sept. 5-11 131 
 Last Year 203 
   

Statistics

LISTINGS Residential (Single Family & Condo)
Sept. 6-12, 2010 484
Last Year 533
   
SOLDS  
August 29 – Sept. 4, 2010 266
Last Year  290
LISTINGS Residential (Single Family & Condo)
August 30 – Sept. 5, 2010 560
Last Year 649
   
SOLDS  
August 22 – 28, 2010 200
Last Year  286

Mortgage Rates Continue to Fall :-)

Average interest on long-term mortgages slid to a record low for the eighth time in nine weeks and could dip more. Freddie Mac reports that 30-year fixed loans averaged 4.36 percent this week, down from 4.42 percent a week ago; the 15-year fixed rate fell to a new low of 3.86 percent from 3.90 percent; and adjustable-rate mortgages were also below 4 percent.

The Mortgage Bankers Association’s Michael Fratantoni said the group expects that rates “will begin to rise as the economic situation improves along with jobs.”

Source: Pittsburgh Tribune-Review, Sam Spatter (08/27/10)