Osg3 20120730 HOUSING

The Osgood File.  This is Dave Ross on the CBS Radio Network

Are we seeing some real estate rainbows?

"The prices are now at what I think of as a reasonable level." (:04)

More after this from Charlie;

(((SPOT)))

Seeing a market hit bottom is usually bad news, but in real estate, it’s considered good news.  Because that means there’s no place to go but up, and it’s home sales that power the consumer economy.

Which is why Correspondent Seth Doane was happy to find Bob Shatz – who has decided the time has come to sell his house in Nashville, and move to the Massachusetts coast:

"We thought it'd be nice to relocate into cooler climes ." (:03)
"You got beautiful summer breezes that even on the hottest days do n't feel anywhere near as hot as it does Nashville." (:07)

Like a lot of couples, Bob and his wife have been looking to quite a while – three years in fact.  And when they saw that home prices had dropped yet again from last year, they decided to pounce:
"The prices are now at what I think of as a reasonable level." (:04)
Home prices are in fact down an average of two percent from last year… but what’s significant is that Bob and his wife, are apparently betting they won’t drop much farther.   And they’ve also probably  noticed the stronger housing market in Nashville with sales about 20% ahead of where they were last year – which means it should be easier to sell their present house.
The one possible problem – tougher mortgage standards.  You actually have to put down real money to get a loan these days.  And banks are actually checking to see if you really do make as much as you claim to.  
But if you qualify – I’m seeing 30 year conventional mortgages in Massachusetts with an APR of 3.7%
"It's the lowest rates that I can remember. Right now, it's a great buyers' time." (:06)
Bob, I think you just made a lot of real estate agents smile.

The Osgood File.  This is Dave Ross on the CBS Radio Network