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I read an article today in the Washington Post that suggested the Treasury Department was working on a plan that would allow lenders to give mortgages at 4.5%. Now in fairness it sounds like they're still working on the details of the plan, but are interest rates the reason people aren't buying homes?
It's my belief the reason people aren't buying homes is a simple matter of jobs. Like will they have one in the coming months? None of my clients ever went into a home, hoping they would lose it in a foreclosure. Most clients think long and hard before buying a home. My realtor brethren will attest to this. They scrutinize everything. This is a good thing. The thing that will stop buyers dead in their tracks is the fear of losing their jobs. The last thing they want is to move in to their new home and in a short period of time have to move again because one or all of them lost their job.
Rates could go to zero percent on Wisconsin FHA mortgages. Home prices could be half of their tax value and people will not budge if
they fear they will lose their jobs. When I talk with my clients their number one fear is losing their job. Interest rates and property values are much smaller concerns for them. They would rather rent until they know they weather the current financial storm ripping through this country.
I fear Secretary Paulson and his teams are once again looking for a simple answer to the current economic problems and I'm not sure this is it.
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I was visiting the website of one of Lake Geneva's top Realtors, Bob Webster of Keefe Real Estate, when I stumbled upon his podcast. I was impressed with the insights he shared. I think you will be impressed when you take the couple of minutes to listen to it. He knows his stuff.
One of the things he talks about is what an amazing time it is to purchase a home in this market. Prices have fallen and rates are at levels we haven't seen in years. It's worth the few minutes.
Here it is: Lake Geneva Real Estate Podcast
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Mac Daddy of Mortgages
820 E Geneva St
Delavan, Wisconsin, 53115 US |
Work: 262-740-7751
Mobile: 262-745-5055
egant@communitybankcbd.com
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Lender, Lake Geneva Real Estate
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I know its Halloween, but have some of you lost your minds? Are you intentionally scaring your children about the doom of our economy?
I read an article by Liz Pulliam Weston where she makes it clear some of us are doing just that. It made me pause and ask myself if I'm in the same boat. I catch myself on occasion speaking frankly about what's going on in the world and she brings up some valid points. I know this; I will pay a lot better attention to it now.
Take a look and tell me what you think. Are you doing this?
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Wisconsin Rapids, Wisconsin - Sure, gas prices have come down lately. But to 34.9 cents a gallon?
That's what Kelly Joosten and dozens of other motorists paid at a Citgo station Monday. The sign advertised $3.43 for a gallon of premium fuel, but the pump cost read $0.349 a gallon.
"That was amazing," said Joosten, who normally spends about $100 to fill up her 1998 Ford Expedition.
Joosten proudly showed off her receipt for 25.36 gallons at $8.85. She said she saw other motorists filling gas cans, too, at the discounted price.
Station owner JP Raval says the attendant on duty couldn't figure out why the station was suddenly so busy.
Raval estimated 30 to 40 customers fueled up at the incorrect price - between 200 and 300 gallons worth - for about 90 minutes.
"People kept coming, so fast," Raval said. "Everything was crowded; it was like a fairground."
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Today is the 7th anniversary of 911. Almost a decade later after the
tragic events and stregths that united our country and our nation's friends and I still remember where I was, how I felt, what I did on that day in 2001.
I remember that my family was in Door County Wisconsin for a family wedding, my cousin had just gotten married the day before. I remember coming into the living room where my brother was fixated on the t.v., and then I remember watching the t.v. as a plane hit the second tower.
I remember my dad, a New Yorker, pacing back and forth and saying that it was the "end of the world as we knew it". I remember being relieved when I found out the daycare in one of the twin towers had not been occupied that day. I remember worrying about what was next.
I remember the need to hug my children tight. I remember driving home how quiet the ride was, flags were at half mast, there were no planes in the sky. 911- I remember.
What I learned today is that the events of that day are fresh in the minds of many.

I sent an email to my fellow co-workers at Connect2Agent , asking them to "...answer the question what do you remember, starting each thought with "I remember...".
Here are their memories of September 11th, 2001:
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