So what's happening now..lending is already getting tighter...hey who is getting loans these days anyway? Glad to see that some are still able to make it happen. The condo market in the Northern Florida area is getting more and more difficult to fund loans and unfortunately rise rates won't help much either.
Daily Real Estate News June 16, 2008
Greenspan Predicts Rise in Interest Rates
The credit crisis is under control, but with inflation now the top concern, higher interest rates can be expected, said former Federal Reserve Chief Alan Greenspan said last week.Greenspan said he thought the credit crisis had peaked in March. "I think the worst is over (for the U.S. economy) if the financial crisis is over," Greenspan said via video link to an event in Mexico.But to keep inflation under control, Greenspan said the fed will have to tighten monetary policy and that will drive up interest rates.Source: Reuters News (06/13/2008)
There are always two parts to any story and of course we are not anywhere near the level of Mr Greenspan, but one much wonder, is the worst really over? More and more cases of foreclosure and short sales continue to plague the market. But hey, he's in Mexico right? For more information on investing in real estate in and around the Panama City Beach Florida Condominium market please visit www.InvestSmarter.com
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