Wow, the listing total in the Flint Area Association of Realtors (FAAR) has reached a record high, 8192 listing.  This does not include homes for sale by unrepresented sellers, nor does this figure represent homes listed by out of area real estate agents.  The average number of listings use to be 3000-4000.

Actual closed sales are are close to last year.  FAAR is down about 66 closing, this year to date FAAR agents closed 2804 last year, 2870.  2001 was acutally a tougher year for real estate agents, just less noticed.  2001 had 2551 total closings.  We sure wasn't paniced then.  The years between average about 3000-3200 closings per year.

I don't have to tell you the prices of homes have dropped dramatically because of the price investors are purchasing foreclosed homes at.  Some are angry at the investors and some home buyers getting these good deals.  I look at this way, the home gets fixed up, the purchase helps the neighborhood stay in tact and the cycle of a seller's market will begin again in a couple of years.

I was watching the news today, I was stirred when I heard some banks and lending companies will no longer provide mortgages until the market changes.

The news keeps taking about sub prime loans, I don't think the news ever explained sub-prime loans.  Sub prime loans are loans that would not be approved through normal channels.  Sub prime loans have special investors and fees.  Adjustable rate mortgages are an example.  Loans that require no documentation are also an example. 

FHA loans are up.  FHA seems to be the new sub prime as my brother from ICON Mortgage Lending puts it.  It's the new sub prime with the government calling the shots.  Right now, that's a good thing!