Ready for a Housing Recovery?

Ready for a Housing Recovery?
Fed expresses confidence, mortgage interest rates improve

Some good news from the manufacturing sector (“August 2009 Manufacturing ISM Report on Business^®”, Institute for Supply Management), accompanied by a decrease in planned job cuts announced by U.S. employers in August, left economists feeling relatively optimistic about prospects for a second-half economic recovery.

Of course, that enthusiasm is tempered by the fact that job loses, even in moderating numbers, are likely to continue for quite sometime.

Still, good news is welcome news – and notes released from the mid-August meeting of the Federal Open Market Committee and the Board of Governors of the Federal Reserve System seem to agree.

The committee expressed increased confidence that the recession is coming to an end and that growth will likely return in the second half of the year. Their actions improved interest rates in September: End purchasing of U.S. Treasuries by October. This action slows growth of the national debt.  Defer discontinuation of Mortgage Backed Securities purchases. This action reinforces the Fed’s commitment to support a housing recovery.

With interest rates still low and signs pointing toward recovery, is right now the time for you to open the door to your dream home?

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Doctor Loan Program specialist Sandy Madison, Sandy.Madison@SunTrust.com, 434.566.2420

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Equal Housing Lender. SunTrust Mortgage, Inc., 901 Semmes Avenue, Richmond, VA 23224 is licensed by the Department of Corporations under the California Residential Mortgage Lending Act; is an Illinois Residential Mortgage Licensee; is a Lender in Massachusetts having Mortgage Lender license #s ML1216, ML0133, ML1432, ML1914, ML1913, ML1815, ML2411, ML1214, ML2442, ML2491, and ML2538; is licensed by the New Hampshire Banking Department; is licensed by the New Jersey Department of Banking and Insurance, toll free 1-800-330-4684; is a licensed lender in Rhode Island; and is doing business in Arizona as Crestar Mortgage, 7250 N. 16th Street, Ste. 100, Phoenix, AZ 85020. ©2009, SunTrust Banks, Inc. SunTrust is a federally registered service mark of SunTrust Banks, Inc. Live Solid. Bank Solid. is a service mark of SunTrust Banks, Inc. REV 02/02/09

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