Banks Giving Money Away

You have got to be kidding me. I just receive a new rate sheet and a 30 yr. fixed is less than 5.5% with no points. These are the kinds of rates that fueled the last go around of a great market. In our market we saw a slow down for the last 18 mos. or so. The rocket fuel has fumes leaking and I feel that we are going to go up in flames quick. I just know this is going to get going. Many people are talking that the stock market is not the place to be right now, bonds are no good, and real estate is cheap. My guess, the banks are ready to lend to good people and are all but giving money away.

The new FHA rules are looking more and more like a zero down option with talk of a 1% down payment. Shoot I can get sellers to pay that and closing costs when you add 2% to the asking prices because those loans allow for for 110% of value. Now is the time for people to get off the fence on buying that next new home. Prices are not going lower, interest rates are not going lower, and sellers are feeling beat up. This might be the last stand for buyers to get moving and get great deals. BIG MONEY is going into real estate. The hedge funds are going that way, lets follow suit. Check out the Colorado Springs Real Estate Market.