What a year it’s been. We’ve seen oil prices skyrocket to over $4/gallon with predictions of heading to over $7/gallon and then drop back to their current lows of under $2 per gallon. We witnessed a tough primary fight in the democratic primary followed by an historic election. The housing industry has experienced the worst slump since the great depression and the U.S. auto industry began falling apart.
However, all the doom and gloom we’ve experienced over the past year is beginning to be overshadowed with hope and promise as we approach 2009. A controversial $700 billion bailout of the financial industries was approved,
the Federal Reserve cut its benchmark federal funds rate to a record low of 0 to .25% this past week, and the auto industry received an even more controversial lifeline to the tune of $17.4 billion. A major bill to assist first-time homebuyers was signed in July 2008. And this week we’ve watched mortgage rates continue to drop.
The local economy and housing market in Ithaca and Tompkins County have weathered the financial turmoil. According to an article by Elia Kacapyr in the 12/20/2008 issue of The Ithaca Journal, holiday retail sales in Tompkins County are predicted to be about 3.2% higher than 2007 based on the fact that retail sales are running about 3.2% ahead of last year’s pace through October. The drop in mortgage rates at some of the local Ithaca lending institutions this past week to under 5% will continue to spur the local housing market and economy as we enter 2009.
With the low mortgage rates, local median home prices still under $180,000, and most of the financial crisis beginning to appear in the rear-view mirror now IS the perfect time to consider buying a home or moving up. Don't miss the opportunity...contact Dennis today via email or call (607) 227-6422 for more information on becoming a homeowner or to assist with all your real estate needs.
http://www.ithaca-homes.com/
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