Good news all around

Several announcements today were encouraging for the Real Estate community. First of all, average rates on 30 year fixed loans fell again this week to an all time low of 4.27%. This is reportedly the lowest rate since Freddie Mac began tracking rates in 1971. Secondly, September retail sales were up for the month which indicated that consumers are loosening their purse strings. Many economists suggest that this may indicate that the mood of the buying public is no longer in a bomb shelter. The National Retail Federation says they are expecting a 2.3% increase for Holiday spending this fall.
Most important to the Real Estate industry is the announcement by Bank of America that they will halt foreclosure sales in all 50 states due to flaws in their foreclosure documents. This action is based on the discovery of thousands of foreclosures had been signed and not read by company employees. PNC Financial Services Group in Pittsburgh has also announced that they will halt all foreclosure sales until they have time to research how the documents were signed and if they were done in a professional manner. As we see it here, this could take a large cloud off of the real estate doom and gloom we have experienced for the past two years.