Housing Crisis? What Housing Crisis!

I was driving through a neighborhood the other day where I have some new construction listed. I saw this building site and thought you might like to know that our country isn't doing as badly as the news media say's it is. Well, at least in Oklahoma, we're doing okay.

These guys are pooring a slab in this brand new neighborhood. This new development has acted like there is no housing crisis in America. Builders are building houses and people are buying houses and moving in - although at a slower rate than normal - but they are buying houses.

I had a contract on a new construction house in this neighborhood that fell because the FHA mortgage rules changed on Sept 30. The potential buyer owned a house in another state that he had rented out. The new rules, as I understand them, say that if you have a house you are not selling, that you have to count the payment on that house in your debt to income ratio, even if you have it leased! I am being told that this rule change will hit conventional mortgages in December.

I swear, somedays it seems like everything's against us...and then the phone rings! You gotta love this business...AND this country!