We need stable interest rates to get us through this challenging Ann Arbor Real Estate market.  Rates are hovering at 6.5 for a 30 year fixed rate mortgage.  The FHA limits for Washtenaw County are $345,000 and $297,500 for Livingston County.  We are finding that the lenders need the full 45 days to close.

We also need to hold inflation at bay. Inflation, as measured by the Consumer Price Index, is forecast at 3.7 percent this year and 2.4 percent in 2009. Inflation-adjusted disposable personal income is projected to grow 1.5 percent in both 2008 and 2009.  Our unemployment rate is still high.  Until that improves, we will see more of the same.  For more in depth look at the economic analysis go to see what Richard DeKaser finds.

* The National Association of Realtors is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

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