The Great Depression? A bit of perspective

Reprinted from: Daily Real Estate News September 23, 2008

This Is Not the Great Depression.

Comparing the current crisis to the Great Depression is just plain wrong, say historians and veteran financial experts.

"The nomenclature of the word 'crisis' has cheapened," says Roy Smith, a professor at New York University's Stern School of Business and former partner at Goldman Sachs .

“The Great Depression had thousands of banks failing and people losing their life savings, 25 percent unemployment and social unrest and tent cities of the poor," says Allan Sloan, Washington Post and Fortune magazine columnist.

"With just 6 percent unemployment, we are having a debate as to whether we are even in a recession," says Richard Sylla, professor of the history of financial institutions and markets at New York University.

Food bank donation opportunity

I will not be holding an Open House this Saturday, as Prudential is sponsoring its annual event to gather donations for the local food banks. "Global Volunteer Day" is an opportunity for Prudential agents to show our appreciation for the community which supports us. We, in turn, invite you to help us help our neighbors in need. We are all aware that many families are experiencing difficult financial times right now. Supporting our local food banks is one easy way we can all pitch in to relieve some of the pressure.

Volunteers from Prudential will be on hand from 10A-2P this Saturday, Oct. 4 at both the Morgan Street Thriftway and the PCC on California Ave. Please stop by to shop and drop off a donation of canned food or cash. If you'd like to donate, but cannot make it to one of the locations, give me a call at 206-708-9800 and I will be happy to come by and pick up your donation and deliver it to the food bank.

Bitter Lake condo $229,700

My latest listing is a 3 bedroom/1.5 bath condo at 14012 Greenwood Ave N #3, in the Bitter Lake area of North Seattle. This is a spacious end-unit in a small (just 3 units), older complex (built 1965). The unit has not been updated, but is in pristine condition. All three bedrooms are on the upper level. Unlike many condos, it has a landscaped backyard and covered patio area, as well. MLS #28162795 Co-listing agent is my Prudential colleague, Laura Timlick.

Click here to see a flier about the property.

Current loan rates

Here's is the weekly recap of loan rate activity, courtesy of Loan Officer Troy Chambers, Arboretum Mortgage.

"Rates are steady …
Rates have settled down quite a bit. There is virtually no change since last week. However; the bond market is rallying, and we may see better rates towards the beginning of next week.

Please let me know if you need anything, as I am always available to help in any way I can. Feel free to call my mobile at 425-418-5103."

Troy Chambers
Arboretum Mortgage
Phone: 206-720-6628
Fax: 206-860-9340
troy@arboretummortgage.com

Click here to see a table of current loan rates.