Rob Stewart

Got the news this week that Taylor Bean was shut down. A sad day for mortgage brokers and Realtors. Taylor Bean had been one of the biggest players in the residential mortgage business. They focused on the customer with the best rates, and one of the few big banks with empathy. The sudden shut-down surprised everyone.
http://www.mortgagenewsdaily.com/08052009_tbw_shuts_down.asp

What this means for the customer, is increased turn times, higher rates, more thorough examining of every file. I supposed it is good in the long run to really hold these banks accountable to a very high standard, but the fact is: The ability for a lot of mediocre credit buyers to get a good loan is going away again. As we see underwriting start to tighten up, and rates start to rise again, this can only mean a further deterioration of housing prices.

The First time home buyer credit expires in about 3 months. If you are looking to buy, do it now for three primary reasons:

1. $8000 tax credit
2. Great interest rates (still under 6% as of today)
3. The ability to get financing

Prices will keep sliding for quite a while, but look at these numbers:
A $150,000 house financed at 5.25% is $852 per month.
that same house could drop 10% to $135,000, and at 6.75% would costs more, $876 per month.

We may or may not see another 10% drop in housing prices, but you decide where rates will return to:
http://mortgage-x.com/trends.htm

Got another short sale approved today! It's such a good feeling getting that approval letter in your hands. It seems like the lenders are really tightening up thier act. On our way to the closing table.

Wise Estates was considerd for a Japenese TV documentary special!

Wise estates is considered one of the classicly great neighborhoods in Lake City, or north florida in general for that matter due to several factors including; great water, easy access to the interstate, stable home prices, low crime, pride of ownership. An example of a home in Wise Estates is the new home for sale on Melba Glen, a 3 bedroom 2 bath, all appliances included home listed at $189.900. Watch for the special coming soon on JTV.