Here is a great video from 60 minutes: originally broadcast on 12/14/08
60 Minutes: Where’s The Bottom?
The mortgage mess that touched off the financial meltdown is far from over, with a second wave of expected defaults on the way that could deepen the bottom of this recession. Scott Pelley reports.
I watched this show in its entirety. It is a great depiction of the things to come. Even as the “second wave” of Alt-A loan defaults is expected to come, we have seen an unprecedented amount of Government intervention to help curb the expected wave. For example, the U.S. Government is talking about offering purchase money in 2009 at a full percent lower than the current prevailing interest rates. As of today, that would suggest 4% on a 30 year fixed and 3.625% on a 15 year fixed! This will certainly get homebuyers that are “sitting on the fence” off. The key is to understand that these cycles will always take place. Real Estate will have highs and it will have low’s. If you enjoy your home and look at it as the roof over your family’s head rather than as an investment, you will keep your sanity. Interest rates are at historic lows and buyers now have a great opportunity to find a great deal and obtain awesome long-term financing for years to come!
30 Year Fixed Rates at 5%, charging 1 point and 15 Year Fixed Rates at 4.625%, charging 1 point today!
Call me to find out how…
Scott Gormley
Broker/Owner
Oak Valley Mortgage
Direct: 530-592-8362
Email: Scott@OakValleyMortgage.com