Let’s take some time to check out the local press’ reaction to the undeniably slow NWMLS housing market statistics for October.
Once again, my favorite part of the NWMLS press release that accompanied yesterday’s numbers comes from Dick “Bottom-Calling” Beeson, NWMLS director and Windermere broker.
Windermere’s Beeson, a member of the Northwest MLS board of directors, reports “keen interest from sidelined buyers” because of dramatic dips in interest rates. “In fact,” he remarked, once unqualified buyers are now qualified because of the full 1 percent drop in rates – “and they’re buying.”
“If inventory continues to shrink, if lower interest rates are maintained, if homebuyers are stimulated through proposals like the $7500 tax credit plan the National Association of Realtors® proposes for every buyer (not just first time buyers), if GSEs (government sponsored enterprise) set their loan limits at the highest levels, and if the banks are required to work with existing troubled homeowners by reducing their payments or arranging repayments at lower interest rates (but not focusing on debt forgiveness), we could all breathe a bit easier for 2009,” Beeson suggests.
Wow, that’s a lot of “ifs” just for a “could” at the end. I don’t really see what Mr. Beeson is so worried about anyway though, because just last month he told us that “I think we’re as close to bottoming out in pricing as I expected.” Oh, and for the record, Mr. Beeson declined the offer I extended to him to respond to specific questions about the housing market and defend his position with specific evidence.
Anyway, moving on…
