RE This Week

104 and 21, which is a few more FCs than last week but about the same number of existing homes.

What is somewhat surprising to me is that I think we will see a rise in inventory as we enter the spring/summer selling season. I hadn't thought that foreclosure numbers would rise since they have been fairly stable for the last year. FC, you'll remember, are comp killers and not just in some facile Ayn Rand "Oh the market will work things out" kind of way. In fact and very specifically, a FC within a few miles on a similar home will cause a mortgage lender to ratchet down the amount it will lend. For instance, say I'm selling a four and three and a half on an acre, and there's a similar home--like the longtime FC on Morningmist, which is a ten or so year old development of nice colonials just off 472 and Glen Dale (or is it Glendale?)--the bank is going to look at all recent sales and sales activity as it prepares the mortgage analysis, and the "value" of the home will be held in comparison to the FC. Oftentimes, I have heard that mortgage banks often ask the buyers to make up the difference between the sales price and the comps, and this difference can be pretty noticeable if there is a FC in the comparisons.

So it's been a wild ride sof ar. Let's see what happens this selling season.

Oh, by the way, how many times have you heard this phrase recently (and not just about real estate): "There's never been a better time to buy"? American cars and other high priced goods are being wrapped in the "Buy: it's your patriotic duty" mantra now more than ever.