Feds Reduce Rate

Well the verdict is finally inl Feds reduced this time by .25%! We were hoping for more but at least we are moving in the right direction. The good news is President Bush's new plan to help out home owners with adjustable mortgages that are resetting. Actually a roll back to teaser rates for any loans taken out from January 2005 and set to reset from January 2007 forward. Some folks say "what's in it for me?" Even if you don't have one of these loans you should be able to see the devastation taking place in the market as homes are offered for short sale or foreclosed causing our values to continue to slide. This program should help by reducing inventory from distress sales that were caused by the increase in payments from adjustable loans. There are still obstacles in our path such as the availability of loans but I for one am hoping for a much better real estate market in 2008! Merry Christmas! and to all a good night!