Monday, 3rd of November 2008 at 02:00:27 PMIt was a pretty busy weekend (as all of them are) and typically I don’t post over the weekend. This weekend, not only was I busy showing listings to clients and talking staging to investors, but my inbox was getting battered by my clients. So instead of trying to address them individually, I thought I would share some of the notes here.
First up, Christie, a past/current client of mine and an all around great person sent me a link, just in case I didn’t see it, which I didn’t. Recently, the Arizona Republic issued their annual Home Price Trend Report, which is based by Zip Codes. I will warn you, the results are not positive for a lot of Zip codes and that Zip Codes are still a very large market area. It’s just a good tool for a general idea of home value trends.
The Arizona Republic also reported over the weekend that Bank of America will be freezing foreclosures for 90 days. I consider this to be a great thing to do for the holidays, let’s give people a little break from the stress and let’s give the inventory an opportunity to get absorbed. I also have to send BoA some kudos for being proactive. I also got wind from Chris, an investor friend of mine, that letters from lenders are starting to go out for workout packages. I have not seen one yet, but that is encouraging. I’ll keep you posted as I hear/learn more on this topic.
The New York Times also did an article on Eight Weeks of Turmoil, this will give you some in depth history of recent events. Thanks Howard.
What do I think will happen after the Elections? Some of my investors have questioned me on this, I have remained quite on the political front (having worked in both Administrative and Legislative Politics for too long). I know that historically, after Presidential Elections, there is an up-tick in markets, I call this the Honeymoon, when people are excited about the possibility of change from a new leader. It is often artificial, but in this case, may be just enough to spark the market back to life. Anything can happen, but for a couple of weeks, I believe we’ll see some positive actions on Wall Street and hopefully, combined with the bailout, will have a positive effect on Main Street.
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