"It Was the Best of Times, It Was the Worst of Times..."
June 26, 2008
The famous quote that comes from the opening of Charles Dicken's novel "The Tale of Two Cities", may be fitting for our times. The sentence in its entirety reads: "It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness,it was the epoch of belief, it was the epoch of in credulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair."
It seems to me that I could cite examples of each of these adjectives, However, that would be more of an essay than a blog post.
Just taking the best of times and the worst of times as a description of the housing market, will be sufficient for now. It is the best of times if you are a buyer with a good credit score and at least 3% down for the FHA mortgage. You might even be able to use a Nehemiah or HART program for down payment assistance. An interest rate of 6.5% is still a great rate. The inventory of homes in the Riverside/San Bernardino market in the $350,000 or less range is truly remarkable. Compared to the availability of homes in these price ranges just two years ago, this is clearly the best of times.
As for the worst of times - the loss of a home by a homeowner is tragic. The loss of equity by homeowners who still have the ability to make their monthly payments is unnerving. The tumult in both the credit and housing markets creates an unsettling environment for everyone.
The optimist will survive and flourish in the future, the pessimist will continue to bemoan the times. Be an optimist, find the best in the situation and move on.
The famous quote that comes from the opening of Charles Dicken's novel "The Tale of Two Cities", may be fitting for our times. The sentence in its entirety reads: "It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness,it was the epoch of belief, it was the epoch of in credulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair."
It seems to me that I could cite examples of each of these adjectives, However, that would be more of an essay than a blog post.
Just taking the best of times and the worst of times as a description of the housing market, will be sufficient for now. It is the best of times if you are a buyer with a good credit score and at least 3% down for the FHA mortgage. You might even be able to use a Nehemiah or HART program for down payment assistance. An interest rate of 6.5% is still a great rate. The inventory of homes in the Riverside/San Bernardino market in the $350,000 or less range is truly remarkable. Compared to the availability of homes in these price ranges just two years ago, this is clearly the best of times.
As for the worst of times - the loss of a home by a homeowner is tragic. The loss of equity by homeowners who still have the ability to make their monthly payments is unnerving. The tumult in both the credit and housing markets creates an unsettling environment for everyone.
The optimist will survive and flourish in the future, the pessimist will continue to bemoan the times. Be an optimist, find the best in the situation and move on.
posted by shirley harry at 7:04 AM
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