Clearwater Home Buyers get more Good News
Clearwater Florida – Everything going on at the national level also effects people buying real estate in Clearwater Florida – and right now especially Clearwater first-time home buyers. Tuesday the American Recovery and Reinvestment Act of 2009 was signed into law in Denver, Colorado. Also Tuesday, stock markets fell near their November 2008 lows.
The two moves are related.
With each new stimulus; with each potential jumpstart of the economy, Wall Street questions whether the federal push will be enough to make an impact.
Traders ended undecided on that issue today, but resolute in something else — that whatever change the stimulus bill will bring, it’s not going to come fast enough to help.
The sell-off in equities was a boon to Clearwater home buyers. For the first time since early-December, mortgage markets gave a sustained rally, extending gains from the 8:30 AM market open through the 4:00 PM market close.
Conforming Tampa mortgage rates were down on the day. Longer-term, though, this pattern won’t likely last. Not only will the stock market regain its balance and draw dollars back, but, more importantly, the stimulus bill contained verbiage increasing the national debt ceiling by 53.4 percent.
Government debt is often financed by printing more money and this leads to inflation, the enemy of mortgage rates.
For now, the stimulus plan is helping Clearwater Florida home buyers because it’s helping the Tampa mortgage markets, albeit indirectly. If you’re shopping for home loan, consider locking quickly. When markets flip — and they always do — it figures to be sudden.
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Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.
(Image courtesy: Recovery.gov)
Cyndee Haydon is a Waterfront Real Estate Specialist and Broker Associate (BK3142780) with over 20 years of full-time experience in Pinellas County Gulf Beach communities. She has helped more than 450 buyers and sellers and closed over $230M in waterfront homes, beach condos, and short-term rental properties across Clearwater Beach, Belleair Beach, Indian Rocks Beach, Indian Shores, Redington Shores, North Redington Beach, Redington Beach, Madeira Beach, Treasure Island, and St. Pete Beach. Cyndee specializes in waterfront and short-term rental “going concern” sales, with more than 90 STR transactions, and brings deep experience with1031 exchanges, flood zones, insurance exposure, permitted use, and regulations that directly affect value and long-term ownership. She holds the CLHMS, RSPS, and CRS designations.