The Grinch who Stole Equity

Not to be rude, but I'm really hoping carolers don't stop by my house this year. It's always so awkward; me standing on the porch humming along while strangers sing to me. During the coldest time of year at that. Maybe I'll just start checking through the blinds before I answer. I'm guaranteed to walk right back inside should this crew show up.

It's easy to go meal to meal never getting hungry this time of year, that's what I'm thankful for. Finding food in our real estate office is quite possibly easier than finding coffee in the pot, so this time of year it gets on the verge of poisonous. You could sift through all the gift baskets to find the exotic chocolates of your liking, or just grab the brittle from the basket closest to you. All on your way to the computer of course. If you know where to submit the record for the fastest a Honey Baked Ham was ever consumed, please inform me. I timed and witnessed it today.

As we aim to enjoy the holidays, it's hard for the position of the economy to be ignored. So let's take a look. When things such as prices go down, consumers are merry. Except when it's a product they're selling, right? For most of our country, that cheer is stemming from our super low gas prices and bargain interest rates. That pain, well it's generated from the not so appealing lower figures. Like the fact only 20 homes inside Chapel Hill city limits closed in November. Or maybe it's from the 500k in job losses our country faced in the month of November. The economy has to be The Grinch of Christmas '08.

So what is the fed doing to improve the housing market? It has been told we may see mortgage rates drop to as low as 4.5%. This comes as the Treasury continues to halt foreclosures and attempts to revitalize the countries housing market. Low rates and government bail out don't mean immediate changes to the market. The folks getting these low rates have excellent credit history and money to put down. Problem being this is not most people, and certainly not the same people banks were loaning to during the boom. Let's take a look at what goes into a credit score.

As you can see, many first time home buyers and those with poor credit have no avenue left for purchasing property. With all the foreclosures recently, maybe that is the way the system should be designed. I personally hope that alternate but responsible avenues of credit are created, as that gives more opportunity to the lower income home buyer and average American.

With some brief news on my Alma mater, ECU won the Conference USA Championship and is off to play Kentucky for the Liberty Bowl in Memphis on January 2. I don't think I'll be making the trip, but I still don't have plans for new years. I've seen Widespread Panic play in Atlanta for every new years as far as I can remember, which I'll miss as they are out in Denver this year. I'm envisioning something low key though, as a crowded bar or party is not where I'm looking to be when the ball drops.

Tomorrow night I'll be watching the finale of The Biggest Loser. Please cheer on as friends Heba & Ed complete their journey and vie for the $250,000 first prize. I hope everyone enjoys their holidays. I myself am looking for a little snow to fall this year, as sledding never gets old. Catch back up in 2009 and we'll take a look at the year ahead. Happy Holidays!