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Economy and our industry

From John Fenech Sunbelt Lending

Some of you have asked me about the potential for rising rates. Here is something I read this week that reinforced my thoughts on the government’s continued help in this area:

Ask The Expert

Last year was a very challenging year. Many of my prospects, including previous customers who are homeowners, could not qualify for a new loan. Now I am hearing that rates will be going up after the Fed stops purchasing loans. I am actually scared that I will not make it. I need some advice but also encouragement. John from California

John, here is the good news. The industry, though rapidly changing, will be around for a long time. If anything this deep recession taught us is how important the real estate industry is to this country. At the beginning of the “sub-prime” crisis we had our government telling us that the economy was strong enough to withstand the issue. They were wrong. Real estate led us into this recession and it must lead us out. I expect the government to do whatever it can, from tax credit to foreclosure help, to right the ship. However, that does not mean that there will not be pain. There has been a lot of pain and there will be a lot more. We are on our way to recovery though.

John Fenech
Sunbelt Lending Services
Regional Loan Manager
Ph: 800-858-5674 or 727-827-1818
Fax: 856-917-2610