For purposes of brevity, I won't get into statistics with respect to inventory, pricing and/or financing. It suffices to say that this week, there was conflicting data with respect to all three. That being said, the most encouraging news related to those of you who have adjustable rate mortgages.
This week, Countrywide Financial announced that it was going to reach out to its customers who entered into adjustable rate mortgages to the tune of $16 billion. What that apparently means is that Countrywide is willing to refinance $16 billion of adjustable rate mortgages in the form of fixed rate mortgages. This is unprecedented. For those of you who have an adjustable rate mortgage, irrespective of whether it's funded by Countrywide or another lender, it is incumbent upon you to contact your lender with respect to this rare opportunity. It is my strong belief that other lenders will have no choice but to follow Countrywide's lead and refinance their ARMs into fixed rate mortgages.
As an aside, I predict the Red Sox in 5.
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