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David Dawson

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Do you think lowering the intrests rates would boost sales?

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pinksandbaby

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I'm just curious... do you think that would spur more "shy" buyers?
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July 25 2007 - US
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Carrie R

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I think we need to figure out a way to keep the people who have bought homes in the last few years in those homes. Meaning....figure out how those homes can be remain affordable once their teaser rate is over.

Lower rates certainly open up affordablitiy to more buyers but we need more responsible lending practices.
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July 25 2007
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Carrie R

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Maybe if underwriting practices for homeowners who were only interested in refinancing to get into a loan product they can afford were eased and those refinancing for cash out or purchase were tightened it could help. I don't know.
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July 25 2007
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pinksandbaby

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Thanks.... that's something I've been wondering. Thanks for your reply!
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July 25 2007
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Kary L. Krismer, "Krismer"

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IMHO, lower rates only lead to higher prices. The effect on volume is marginal, at least at the rates we've been having the past several years.

If we get really high rates, like the late 70's early 80's that will hurt sales.
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July 25 2007
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Randy Henderson, "Randy Henderson"

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I doubt it. A lot of my clietns look at me after we write an offer and say "So what are rates right now?" Seems like they don't give it much thought.

I think that the current round of inventory price corrections will right the ship.
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July 25 2007
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VicenteFox

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So you have an alcoholic, gambling-addicted relative that is just starting to recover.

Now you hand them a bottle of Jack Daniels and loan them some chips, what do you think will happen?

Nothing good.

It amazes me that people think
1) More of the same thing that created this mess, will help
2) That the Fed is so all-fired interested in preserving the profits of the REIC.

Unbelievable. There are limits. I hate to break it to you, but the shaky US dollar and our debts will ultimately trump your petty short-term needs.
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July 25 2007
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Rob Robertson, "Mortgage Broker"

San Jacinto, CA

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Generally, as interest rates increase 1% (each time), approximately 11% of consumers/home buyers purchasing power is lost.

So to give you a direct answer to a direct question, "YES," I think that as interest rates dropped, more and more potential homebuyers, including the "shy" or ultra-conservative buyers, may be lured out of hiding and into the active market place to buy an OWNER-OCCUPIED Property.

But there is a little more to this current market than interest rates that might be keeping the "shy" would-be buyers away from the market:

Keep this in mind: It doesn't matter how low rates are - if the homes are too expensive, the market will prevail and the properties will not sell, regardless of interest rates, until the price is lowered enough to stimulate demand.

If a potential homebuyer is thinking about buying a house today, say, for $300,000, but is worried that in 6 months, the property may only be worth $250,000, is that buyer going to wait? Some will, some won't. (Buy Low, Sell High Mentality). The ones who are buying now in my area are buying because of a particular need for housing or to "scoop up" an investment property that's being bought out of foreclosure, at 60 to 70 cents on a dollar (or less).

Today's Market: Too Much Supply, Not Enough Demand, Lender's "Tightening their Belts" with more stringent Underwriting requirements. Result: Lots of Houses for Sale (Saturated Market or "Buyer's Market) in most areas, values dropping, borrowers who need to refinance cannot, and are losing their homes in foreclosure (they can't refinance, and they can't sell), yet further increasing the supply of housing.

Interest rates are still relatively low, historically, as compared to the last 40 years. It's just that Banks/Lenders are not as liberal with their lending policies anymore.
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July 25 2007
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VicenteFox

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Still unanswered for me, why REIC true believers, think the Fed will lower rates?

Propping up the Credit Bubble may have been Greenspans' hobby, but it is not the primary business of the Fed.

Primary duty of the Fed is controlling inflation. The only real lever they have for controlling inflation is raising interest rates. Banks in UK and all over the globe are raising their rates right now.

About the best you can hope for, is Bernanke holds it where it is for another year. Rates WILL go up in the long run.
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July 25 2007
 

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