Wall Street appears to be experiencing as many up and downs as our Colorado Springs weather these days. Today is supposed to get up to 50, but after seeing 16 degrees on the thermometer this morning, I'm not convinced! At least the sun is shining. After all, we are really getting into winter now, with some snow in the forecast for the weekend. It's had to believe how fast this year has flown by.
Wall Street's woes have finally started to be reflected in the mortgage rates, with yesterday's quote at 6% with no points, no origination, and easily bought down to the 5's with minimal additional fees. This is good news for the housing sector, and with potentially more rate drops from the Fed, who knows, 2008 may get back to a more normal housing market after all!
Statistics on our sales for November will not be available until next week, but inventory has almost dropped back to under 6,000 units, which is a big plus. While much of the drop can be accounted for as seasonal, it shows that a fairly sizable group of sellers at least have the option of not selling right now.