If there is anything consistent about March, it is the madness it brings. The sub prime lending chaos has brought some fun debate to the end-of-the world skeptics, and the media is still having fun in their bombardment of our industry, but check this out:
WMAL just reported that of the 100 largest metropolitan areas, Washington DC is last in foreclosures. LAST!
The simple fact is our DC market does not reflect the overall trends of the rest of the country. Because Backersfield, CA has an enormous foreclosure rate, does not mean that your client buying in Dupont will be forced into some horrible loan. Just last week, even after the stock market had its fun, Preferred Mortgage Guru, Troy Hines, still had rates as low as 5.875 - and that was on a 30 year fixed loan.
I'm not saying that those in Bakersfield, or Fresno, or Florida do not have it bad because of aggressive loans made by sub prime lenders, I'm just saying it does not effect us.
So the next time you hear a howl coming from the Wisconsin Avenue region of our fair city, know that it is me. For sure, there was a reporter somewhere bemoaning the horrible state of things, and me throwing my remote at the television.
Ah...now I feel better.
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