Let's take a look back in History! I think everyone is forgetting how times used to be just 3-8 years ago!!!
Consumers only hear the negative news. Even others in my industry are saying how bad the market is. But we have agents in our Coldwell Banker office who are experiencing their most profitable year yet!
I did some checking and according to our MLS statistics in Utah County we are selling about as many homes in the same amount of time that we did in 2004... just 4 years ago!! And before that we were selling LESS than we are selling now!!!
Here are the actual numbers:
September 2008 sales: 433 Days on the market: 87 (Election year)
September 2007 sales: 400 Days on the market: 53
September 2006 sales: 644 Days on the market: 39
September 2005 sales: 662 Days on the market: 70
September 2004 sales: 468 Days on the market: 79 (Election year)
September 2003 sales: 428 Days on the market: 81
September 2002 sales: 367 Days on the market: 86
September 2001 sales: 280 Days on the market: 88
September 2000 sales: 289 Days on the market: 95 (Election year)
September 1999 sales: 316 Days on the market: 84
What happened??? Well, home sales went up 50% in a year and that only lasted for two years!! Now they are back down to 'normal'! Do you see the pattern during Election years? There were less home sales the year before and after election years!
The market is doing just fine. Buyers are buying and sellers are selling. Buyers are getting loans. Sellers are lowering their prices to more affordable price tags and then finding they can buy a lower priced home too.
I am looking forward to 2009 because 2008 was great. The market is stabilizing. The elections will be over. The economy is stabilizing. Utah is growing. Jobs are available. All is well.
Friday, October 31, 2008
Tuesday, October 7, 2008
$700 Billion Rescue Bill
President Signs $700 Billion Rescue Bill
President George W. Bush signed a historic economic rescue bill on Friday, which sets out to revive the U.S. financial system by allowing the federal government to buy up to $700 billion in failed mortgaged from banks and other financial institutions.
The president signed the bill shortly after the U.S. House of Representatives voted 263-171 today to pass the far-reaching legislation.
"This legislation is critical to stopping the economic turmoil that millions of Americans are facing," NAR President Dick Gaylord said in a statement. "Today's action will go a long way toward ending the current economic crisis crippling the housing and financial markets."
The legislation will help restore liquidity to the mortgage market, which will stabilize the housing market and protect home owners, Gaylord said.
President George Bush, along with congressional members, had lobbied throughout the week for the support of spending billions of dollars to buy bad mortgage-related securities from troubled financial institutions, as a way to ease the credit crisis.
The bill was tossed a setback earlier in the week after the House voted it down, which sent stocks plunging 777 points, the biggest single-day drop in U.S. history.
The Senate revived the bill on Wednesday by making changes to the $700 billion measure, which was aimed at garnering more bipartisan support. The revised bill extended bank deposit insurance and expired tax breaks. The Senate passed its version of the bill in a 74-25 vote on Oct. 1. (see NAR Applauds Senate Stabilization Action).
Earlier in the week, NAR had called on its members to contact Congress to support the bill. NAR also teamed up with eight other business organizations to run an ad in major newspapers across the country that urged Congress to pass the recovery plan.
Source: REALTOR Magazine Online (10/3/08)
President George W. Bush signed a historic economic rescue bill on Friday, which sets out to revive the U.S. financial system by allowing the federal government to buy up to $700 billion in failed mortgaged from banks and other financial institutions.
The president signed the bill shortly after the U.S. House of Representatives voted 263-171 today to pass the far-reaching legislation.
"This legislation is critical to stopping the economic turmoil that millions of Americans are facing," NAR President Dick Gaylord said in a statement. "Today's action will go a long way toward ending the current economic crisis crippling the housing and financial markets."
The legislation will help restore liquidity to the mortgage market, which will stabilize the housing market and protect home owners, Gaylord said.
President George Bush, along with congressional members, had lobbied throughout the week for the support of spending billions of dollars to buy bad mortgage-related securities from troubled financial institutions, as a way to ease the credit crisis.
The bill was tossed a setback earlier in the week after the House voted it down, which sent stocks plunging 777 points, the biggest single-day drop in U.S. history.
The Senate revived the bill on Wednesday by making changes to the $700 billion measure, which was aimed at garnering more bipartisan support. The revised bill extended bank deposit insurance and expired tax breaks. The Senate passed its version of the bill in a 74-25 vote on Oct. 1. (see NAR Applauds Senate Stabilization Action).
Earlier in the week, NAR had called on its members to contact Congress to support the bill. NAR also teamed up with eight other business organizations to run an ad in major newspapers across the country that urged Congress to pass the recovery plan.
Source: REALTOR Magazine Online (10/3/08)
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