America's Financial Bailout

First let me say, I severly doubt the bailout is going to be enough to stabilize the market through the election in November, I actually think we should see some more activity to the down side in about 2-4 weeks. But then again what do I know?

I first mentioned in February 2007 the closing of ResMae & Fremont Bank and the begining of the subprime mortgage mess. I told you in January 2008 in the "It's a Wonderful Life" article bad times were coming. I wasn't quite expecting it in September but October came early.

I watched the Emmies last night and always get emotional during the "In Memorium" segment so although it is not the end of the year I think it is only fitting through this crisis we say goodbye to some financial companies we know and loved in 2008:

Failures:
Douglas National Kansas City,MO January 25, 2008
Hume Bank Hume, MO March 7, 2008
ANB Financial Bentonville, AR May 9, 2008
First Integrity Staples, MN May 30, 2008
Indy Mac Pasadena, CA July 11, 2008
First National Bank of Nevada Reno, NV July 25, 2008
First Heritage NewPort Beach, CA July 25, 2008
First Priority Bradenton, FL August 1, 2008
The Columbian Bank & Trust Topeka, KS August 22, 2008
Integrity Alpharetta, GA August 29, 2008
Silver State Bank Henderson, NV September 5, 2008
Ameribank Northfork, WV September 19, 2008

Bankrupt or Bailed out on Wall Street:
Bear Stearns
Lehmann Brothers
Freddie Mac
Fannie Mae
Merrill Lynch
AIG

We are all waiting on the bailout plan which is expected to cost 700 billion dollars (only the latest bailout this does not include the earlier Bear Stearns and mess). I hope whoever is elected on November 4th, 2008 will stop rewarding Wall Street and company CEO's for their bad behavior at the expence of the shareholder and American taxpayer.

What does this mean for you if you are looking to buy a home? Low interest rates, large amount of home inventory to choose from, falling home prices nationally although only very slightly in Albuquerque. Jordan and I keep hearing "We want to wait until the prices fall some more" Holding off to buy that home may not be the best idea. Currently home buyer down payment assistance programs are going away. In the future you may not be able to qualify for a home loan under future conditions without putting 25% of the purchase price down for example. You may need a credit score of 760 or above or other examples. The market also may never go down. We all hear about the un-ethical Realtors, Mortgage Lenders and Home Builders that got us into this mess (rather than the truth up at the Fed and Wall Street) but not much of that around here in Albuquerque where the foreclosure rate is 951 to 1 verses San Bernadino, CA where the ratio is 60 to 1.....?

I truely believe now is the right time to buy a house if you are looking for a home to live in, can afford the mortgage payments, and can qualify. I also believe it is a good time to sell your house especially with a top notch Real Estate company like Coldwell Banker Legacy and Realtors like William Staab & Jordan Knecht! Our philosophy is to help guide you in making a wise Real Estate investment decision regardless if it is your first and ever only home or the begining of your Real Estate empire!

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