Does everyone have at least 1,000 bottled waters in their basement? Flashlights working? Plenty of candles? MRE meals? You would think we were seeing the end of our country if you were listening to the media!!
"IF OUR GOVERNMENT DOESN'T SIGN A RESCUE PACKAGE THE BANKS WON'T HAVE ANY MONEY TO LEND!"
False: The financial rescue package that congress is pondering over right now doesn't throw money into the market! The market has money! The problem is insuring the underwriters who are writing jumbo loans - $417,000 and up! Rates for those loans run 7.5-9% and have a high percentage of foreclosures!
So what does that mean to us?
It is all about location, location, location! If your living in Washington D.C. or New York City where the median home price is $450,000, then yes your local banks may feel that crunch somewhat, however, if you are living in the Metropolitan Atlanta Area where our median price point is $285,000, know that we're okay! There has been no change in our local interest rates since this bill was first talked about and we are closing houses daily!!
Get involved! Email your congressman/Senator and let them know what you expect of them!
Life is good!!!!!
Teena