Daytona Beach Home Sales Remain Stable
Despite the seemingly endless flow of bad economic news, Daytona Beach real estate sales, remain stable when compared against last month.
Through the first 20 days of this month, 154 homes and condos were sold in the Daytona Beach MLS, versus 157 in August. We just posted our weekly market report for Daytona Beach at www.lynnbyrne.com. We see consistency in sales despite failures such as Lehman and loans to troubled companies like AIG.
Congress and the President are hashing out a rescue bill for the mortgage lenders to get bad mortgage loan portfolios off their books. This means the government will buy the bad loans and hope to get the money back later. If this happens, it will help, but how much is another story.
Just a few weeks ago, the government bailout of Fannie Mae and Freddie Mac was supposed to drop mortgage rates to about 5.5%. Well, the rates did drop from about 6.3% to 5.7%, but as of today, the rate is back up near 6.0%. This goes to show that we don’t really know what will happen with any government action until after the fact. Any predictions we see or hear are to be politely dismissed with - We’ll See!
Meanwhile, people in the Daytona Beach homes and condos market are buying at a pretty stable rate. They are able to get loans and close deals. I don’t discount the serious nature of the economic environment, but when only bad news is highlighted, both sides of the story is not being told. It’s bad for many, but not as bad as it seems if you watch an hour of CNN. Newpapers and TV News do not dictate markets, they dictate panic and they’re doing a great job.
Prices are low, but the important point to realize is that the Federal Government is willing to spend $700 billion in an attempt to keep home prices from going lower. If you are considering the purchase of a home in the near future, please, watch mortgage rates and prices very closely. You can do that here with our frequent reports and at my main site www.lynnbyrne.com.
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