Myrtle Beach Real Estate and More

Years ago I wrote blogs about how banks and other mortgage lenders had basically caused the real estate boom because they were lending any amount to anyone.   The rapid increase in prices for real estate became ridiculous to say the least.  Than the boom went bust and lenders were faced with pay-back for their greed but the government bailed many of them out.

The country is trying to recover and real estate is a large part of that recovery. People want to purchase real estate but now banks have made the qualifications for a mortgage almost impossible even for those with excellent credit.  The FDIC found that for the fiscal year ending March 2011 loan volumes fell by $260 billion while the banks assets grew by $80 billion and profits were up by $12 billion.

The majority of banks are now so large and spread over so many states that they are no longer the place where you put your money and they lent you theirs.  Hopefull someone at the top of those institutions will realize that banks are hurting home sales which is hurting our economy.

Sales that closed are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 3.7 percent to a seasonally adjusted annual rate of 5.10 million in March from an upwardly revised 4.92 million in February, but are 6.3 percent below the 5.44 million pace in March 2010. Sales were at elevated levels from March through June of 2010 in response to the home buyer tax credit.

Lawrence Yun, NAR chief economist, expects the improving sales pattern to continue. “Existing-home sales have risen in six of the past eight months, so we’re clearly on a recovery path,” he said. “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain – primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows.”

To read more about home sales and the real estate market read Myrtle Beach Real Estate Market News on my website.

Mountains and multi-lane highways

Well I finally decided to take a trip to Las Vegas and made sure my one piece of luggage was within the size and weight limits for a carry-on. While boarding the plane I was told the overhead compartments were full and they would check my little suitcase and send it to Las Vegas. I arrived but my suitcase decided to go to Kansas City. After managing to survive until the next afternoon I enjoyed their above average temperatures and the fact that Las Vegas looked nothing like I had imagined. To see all my pictures visit my Facebook page Sandy Keller, Realtor in Myrtle Beach