Tags: Interest Rates
That is the question of the month! Some say yes. I would like to believe that but there are some scary things still going on that make me wonder. I still see many foreclosures in the pipeline and if interest rates edge up, some arbitrary buyers will feel like they have missed their chance.
Most of us that have been around for awhile, (I don’t like the sounds of that!!) can remember when any interest rate under 10% was great. We have been spoiled with these low rates for so long that many people think this is normal. If rates went up, even to 7 or 8, the buyers would run for the hills!! It would also force some buyers out of the market. A 1% jump in interest rate can really affect the kind of home a first time buyer can qualify for.
Idaho is one of the top five states, according to Moody’s Economy.com., that jobs growth will return to first, starting in the last quarter of this year. The other 4 are Colorado,
Oregon, Texas & Washington.
The next wave, in the second quarter of 2010, is expected in seven states: Alaska, Arkansas, Iowa, New Hampshire, South Carolina, Tennessee and Wyoming.
There is a really neat chart to watch the progression of the economic health of every state. It can be found at MSNBC. Select any state to see data for each area. It will show you month by month when the recession hit. You will also see housing starts, employment, and lots of other interesting data. There’s a 2 month lag time but it is updated every month.
I think we have a ways to go yet, maybe even a couple of years, before we can see the light at the end of the tunnel. Unfortunately, it’s an awfully long tunnel.