Source: Dallas Business Journal
Although a lot of attention is currently focused on decline in the housing market, credit market turmoil and slowing in the economy not all sectors are declining. Surveys from the Federal Reserve Bank in Dallas indicate that few outside of the housing market and lending market feel the pressures and volatility that the housing and credit market are facing. As the date the Fed will meet to discuss possible rate cuts approach many are predicting interest rates to be cut ¼ point and possibility a ½ point. Some housing developers have said that home loan terms are being changed mid deal because of the current unpredictability and instability.
Financial industry respondents to the the survey say that outside of the housing market their business with their clients is in good condition. Among retailers some have reported that they have received some delinquent payments due to the credit crunch. In the housing market reports are the financing for houses more than $500,000 is becoming harder to qualify for and get. Also home prices have dropped but demand is also lower and a crunch in the credit market isn’t helping.
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