Sales Meeting Info

Here's some info Scott shared at the sales meeting today:

1. Mortgage rates are low. 30 year fixed conventional is around 4.875%. FHA rates are around 4.75%.

2. Homes are affordable. Monthly mortgage payments as a percent of household income is down 28.5% - from 21% to 15%.

3. Homebuyer tax credit extension is being considered right now, Senate passed the bill yesterday but it is attached to a jobs bill that must still be passed by the House of Representatives. The extension would take the required closing date out 90 days.

4. In Livingston County, the months supply of single family homes was 12.3 in May 2009 and 8.0 in May 2010. This is a drop of 35.8%.

5. The inventory of homes under $250,000 has dropped from an 8.9 month supply to 5.9 month supply - or a 34% drop in inventory.