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Home Buyers Enjoying U.S. Housing Slump

(EMAILWIRE.COM, June 11, 2007 ) SACRAMENTO, CA – People who want sell a home fast for a lot of cash are having trouble selling their house quickly and easily these days in most markets in the United States due to problems with foreclosures and subprime mortgage loans. This does, however, present opportunities for people who want to buy a house, like Fred Masterson of Sacramento, California.“We want to buy a house, but we’re waiting for the market to really hit bottom before we jump in the market,” Masterson said recently. Mr. Masterson reported that he spends a lot of time on the internet looking for houses to buy and carefully reads the news to gauge which way the single family home market is moving.He, like many other home buyers in Sacramento and cities across the nation, is waiting for the right opportunity to buy a home and hopes he can time the market just right.Some of the reasons for the decline in prices include a large inventory of new homes and existing homes on the market, tighter underwriting standards for borrowers to qualify for home loans, and interest rates that have risen since the early years of this decade. “If we see interest rates rise, this will add significant costs over the life of a loan for home buyers, and could wipe out the advantages that buyers have now,” said Patrick McGilvray, President of He added, “but, nobody has a crystal ball and it is unclear whether the Fed will raise or lower rates in the rest of the year.”The Federal Reserve has raised the federal funds rate up from 1% to 5.25% between June 2004 and June 2006. The rate has not changed since that time. As this was happening, Freddie Mac, one of the nation’s largest purchasers of mortgages, reported that average interest rates on 30 year fixed rate mortgages rose from 5.23% in June of 2003 to 6.26% in May of 2007.Contact:Patrick McGilvray, JDTel: 888-444-BUYER This press release was issued through GroupWeb For more information on press release distribution, go to

Patrick McGilvray, JD
Patrick McGilvray, J.D.

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