My New Blog

November 1, 2007

Good Afternoon and a Happy Belated Halloween.  While I managed to pass out a hoard of candy without taking one bite (really !!) and the night ended uneventful, our industry continues to be plagued with one scary story after another.  Locally we are all watching the unfolding story of the Dream Homes fiasco.  Homeowners are scrambling to make huge mortgage payments that they weren't anticipating and many will fall the way of foreclosure before this story ends.  A recent New York Times article states that as of the end of next year, there will be fewer home owners than 8 years ago.  Now THAT'S a scary story.  The American dream has always been homeownership, now the reality is a living nightmare.

On a better note commercial banks responded to the Federal Reserve's move by announcing a quarter-point cut to 7.5 percent in their prime lending rate.

Here's to a brighter tomorrow !

HAPPY THANKSGIVING !!

Remember to drive careful and have a safe and happy holiday.