Madison WI Realtor Says, "Happy Year of the Ox!"
Posted by Jolenta Averill on
Good Riddance Year of the Rat. Happy Year of the Ox!
It is said that the Year of the Ox will bring stability and calm to the world. I think we could all use a bit less drama and turmoil after 2008, the Year of the Rat. In Chinese astrology the rat symbolizes greed and cleverness - a perfect symbol of what seems to have led to the U.S. economy's perfect storm. The Ox, on the other hand, is expected to bring "extra drive and enthusiasm" in pursuit of our goals. And because earth is equivalent to the color brown in the five-element system, the year 2009 is also called Brown Cow Year.
How Now Brown Cow?
Well, so far it's a little early to tell. Nationally, we're still hitting new lows every week in the housing market. But at some point the market must…
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Lake, City, Lake. The motto of the place I live, Madison WI.
The Madison WI housing market continues to hold up remarkably well compared to other areas of the country. Although there is still a significant inventory overhang and it is taking longer to sell, prices are holding up well and homes are selling, provided they're priced right to begin with. There are over 1,100 single-family homes currently on the market so far this month in Madison alone and the current absorption rate (number of months of inventory) for Madison, WI is 10.03 months. It won't be until we get down to six or fewer months that we'll expect the tide to turn from a buyer's market to a seller's market. This could happen in relatively short order depending on what kind of stimulus plans Obama introduces to help the nation's troubled housing…
According to marketrate.com, the national average rate on the 30-year loan fell to 4.96% in the week ending Jan. 15, down from 5.01% a week ago. That is the lowest rate on record. Freddie Mac began its rate survey in 1971. A year ago the loan averaged 5.69%. The 15-year fixed-rate mortgage, a popular refinancing choice, edged up to 4.65% from 4.62% a week ago. Last year at this time the loan averaged 5.21%. 
According to Wikipedia, a kludge, also referred to sometimes as a kluge or cluft, is "a clumsy or inelegant solution to a problem or difficulty". In engineering, a kludge is considered a "workaround", typically using unrelated parts cobbled together. And in computer programs, a kludge is often used to fix unexpected problems usually caused by earlier kludges.