CHRISTMAS TRIP

We're back from our Christmas trip to North Carolina, and ready to do business. When we returned, we found that there had been newspaper articles to the effect that Tyler, Texas is bucking the national trend for real estate! Few foreclosures, steady prices, no severe reduction in home sales, etc. This seems like the place to put your cash during hard times. www.johncmartin.com is up to date on all the newest available homes.

CHRISTMAS EVE EVE

Having read the New York Times this morning, and having taken note of the TARP bailout of the auto industry, and having read of the incoming Obama administration's choices for labor and environment, I'm even more convinced now that folks ought to spend their cash on real property and hunker down for the long run. We're in for some tougher times than that which we've already suffered. Take your money out of anything with risk, and put it in something solid. Don't buy anything except that which has solid value.

I'm gone for the next week. Everybody have a very merry Christmas as we celebrate the birth of the One Who has overcome the world. Email me at john@johncmartin.com, and I'll pick up right where we left off when I get back.

MORTGAGE RATES

Reported on Yahoo News today:

"Rates on 30-year-fixed mortgages dropped this week to their lowest levels in at least 37 years, as the Federal Reserve pledged to pour money into the mortgage market in an effort to spur the moribund U.S. housing market.

"Freddie Mac, the mortgage company, reported Thursday that average rates on 30-year fixed-rate mortgages dropped to 5.19 percent, down from the year's previous low of 5.47 percent, set last week."

Save tons of money over the life of your loan! Call me or email me: john@johncmartin.com.

VARIOUS THINGS

Senators DeMint and Shelby and Corker did us a good job in blocking the auto bailout. Good for them! Now our president will probably send 'em some money anyway. Bummer.

Real estate in Tyler Texas and in East Texas has picked up nicely since Thanksgiving. Here at www.johncmartin.com we're as busy as we want to be.

Nationally, sales of existing home decreased significantly during November. That will hurt the foreclosure rate in January and beyond.

Interest rates are jumping all around, much like the stock market. But we have historically low rates. Those with good credit and a down payment can save a pile of money on their monthly payments.

Real estate remains the #1 best purchase during times of stress. It's solid; you can use it; you can live on it; and it will be there when all of this is over. Any other investment you can think of has fewer advantages.

During down times, your money should be spent on items of value. Your money, right now, should not be viewed as expendable. Get value for it - for right now and for the near future. Storage food and other critical items useful for your daily existence are valuable. Spending some money to reduce other expenses is valuable.

NEW NUMBERS TODAY

In this week's money market recap, this is what we read:

"The Treasury Department shook the markets temporarily on Thursday, announcing a plan to stimulate home sales by lowering mortgage rates to 4.5%. But upon further review, a wait-and-see attitude prevailed."

"A substantial drop in mortgage rates during the week ended Nov. 28 due to the news that the government would buy GSE debt and mortgage-backed securities was a boon for mortgage applications. According to the Mortgage Bankers Association, purchases climbed 38%, while refis exploded, jumping 203.3%."

We're already seeing historically low mortgage interest rates, but we're still having some trouble getting the mortgage lenders to let go of the money. Local lenders are more secure at this point.

http://www.johncmartin.com/ and Tyler Texas Real Estate.

IT'S TIME!

Just looking at the forecasts for the next year or two, and watching the numbers as they are coming in each day, my opinion is that those with a little cash must go ahead and make their moves now! If you have to take a hit on your presently held properties, then do it. In most places where you are, it's going to get a lot worse; and it's not going to be nearly as bad where we are. Ranches and small tracts with beautiful homes are still plentiful here in East Texas real estate. And they're still very inexpensive in comparison. And our market is stable!

It looks as if the fed is going to make fannie mae and freddie mac push interest rates for FHA loans down to 4.5% to stimulate more home purchases. I expect that to happen in a day or two....maybe a week. Should you need a loan; and should you have good credit and an income, then now's your chance to secure a low interest loan up to $272,000. Get an awfully nice home at that amount in Tyler Texas real estate or East Texas real estate. That's a high-end home here! But it's a dump in many places. Email me and let's get started: www.johncmartin.com.

MORTGAGE WATCH

Mortgage Watch, the oneline mortgage news periodical, reports a steep drop in notices of default. And that lender "workouts" for homeowners in trouble are helping owners stay in their homes. Also helping is mortgage interest rates that are motivating new buyers to enter the market. Falling to as low as 5.5%, interest rates are almost too good to pass up for many!

From the standpoint of existing owners, this is all good news; and it is good as well for new buyers. Let's hope for nationwide stability and relief of suffering here at the end of the year, and for the new year!

http://www.johncmartin.com/