Many of you know that I work in real estate. I don't buy or sell properties; I work for a title company. For the past few years, the real estate market has really slowed down in a big way. We used to do 100 closings a month. Now? We're lucky if we break double digits. It's pretty scary.
But things may be looking up! Many people I've spoken to seem to think the dam is about to burst and we'll be really busy doing refinances and purchases for all those people who are waiting for the banks to start lending again. People have high interest rates and want to bring them down, it's just a matter of timing. There is a huge backlog of loan applications, and once the government is able to help the banks accept new loans, the tide will turn. And I can't wait to be busy again!
It will be so great to see the number of foreclosures go down, and the number of purchasers with good, solid loans come up. I want people (um, including myself) to be able to get out of loans that probably weren’t a good idea to begin with. And it’s looking that’s going to happen very soon!