OK, I'm ready to get back to work. My dog was ready to come back from vacation the minute we got there (he doesn't appreciate being away from his own bed for very long).
The Fed has announced it will be meeting on 9/18, a little sooner than their planned meeting, which indicates another rate decrease is coming. Forecasters say the government rate could be down as low as 4% by early 2008.
This is great news! While Realtors have been saying it all along, others in power positions are noticing that something MUST be done to stimulate the real estate market as it is now affecting other disciplines associated with real estate. For instance, since the numbers of people moving has decreased, many cities are facing tax shortfalls and budget cuts. People are losing jobs in record numbers and the saddest part is, THERE IS NO REASON FOR IT!
Buyers are still a little gun-shy, or waiting for prices to drop even lower. I can say emphatically that in this area, at least, we are at the bottom of the pricing barrel. I don't believe prices will or can come down any further so it's time to get those great bargains!
I hope you all had a great weekend. I did.
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