Second Season

Well Labor Day has come and gone, and we are now in the "Second Season" at the Beach. Since my last article Fannie Mae and Freddie Mac have been in turmoil waiting for an answer from the Feds whether or not to infuse the companies with tons of cash or take them over. With a Trillion dollars in mortgage loans between the two companies the bottom line is that our economy cannot afford to let them fail. Waiting for the decision on which method will be chosen, the stock market running up-and then back down searching for direction, and our housing market having increased forclosures and tons of negative media coverage makes for a depressed environment outlook.
I still feel that we are in better condition than is being reported-remember more papers are sold with bad news than good news. We need to wait until we work through the excess inventory in the real estate market. Once the inventory is absorbed-then we will see a turn around in the economy and general mood of the country will turn positive. Activity in our Ocean City market has been brisk, and there are sales being generated because Sellers are reducing asking prices to a level that is attractive for the anxious Buyers.