Buy My Home Please? Housing Market Index at 16 Year Low

(EMAILWIRE.COM, June 19, 2007 ) SACRAMENTO, CA – Across the United States home builders are joining the ranks of other people who want to sell their home fast amidst a drop in confidence in the market. According to the National Association of Home Builders the NAHB/Wells Fargo Housing Market Index dropped by two points to 28 in June of 2007 from 42 the previous June.The last time that the market confidence index was lower was in February, 1991 when the index dropped to 27. Any number lower than 50 is said to reflect a poor attitude about the market by builders. To blame are changed lending standards at mortgage lending companies and a recent rise in interest rates. Economists point to the fact that interest rates have risen in the past monthly significantly and this rise is accompanied by a rise in long-term Treasury notes too. This can make the cost of borrowing more expensive for those borrowers who are still able to qualify for a mortgage loan in today’s more restrictive underwriting environment.“We are receiving calls daily from people all across the nation who are being told that they cannot refinance their mortgages, and they are desperate to sell a house quick for cash,” said Patrick McGilvray, president of http://www.TheHomeBuyingCenter.com. He continued, “many of these people were counting on refinancing their mortgages or selling their house, but they are finding that house prices have fallen significantly during the past two years.”David Seiders, the Chief Economist of the National Association of Home Builders had this to say, “It's clear that the crisis in the subprime sector has prompted tighter lending standards in much of the mortgage market, and interest rates on prime-quality home mortgages have moved up considerably during the past month. His organization forecasts that sales of homes will drop "somewhat further" and that there is the expectation that housing will continue to slow the overall economy through at least the end of the year.Contact:Patrick McGilvray, J.D.Tel: 888-444-BUYERhttp://www.TheHomeBuyingCenter.com. ###This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com.

Patrick McGilvray, J.D.
Patrick McGilvray, J.D.

patrick@thehomebuyingcenter.com