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Real Estate Markets Still Blazing

Les Christie, a CNNMoney staff writer, reported today [3] that the U.S. residential real estate markets remained hot in the first quarter of 2005. The National Association of Realtors, which recently came under fire because of commission policies, reported that of 136 metro areas, 66 experienced double digit jumps, including where I live – the Washington (DC/MD/VA) region. The full list is here [4] and Baltimore, MD notched a 6.9% increase in Q1.

What does that mean to me? Well it means the possibility that I bought at the peak of the bubble still exists (this data is for Q1 and we’re smack in the middle of Q2) but I’m not terribly concerned. Part of that is because someone was willing to pay far more for the house and the home is in an area with good schools. Either way, hopefully these percentage increase keep coming…

I’ll be meeting with a local lender at 5:30 to go over some paperwork and check out the mortgage loan rates. I’m under the gun because I need to get a mortgage loan approved within two weeks. The credit check/score has already been pulled and this guy hasn’t made any indication it’s going to be a problem so I feel as if I’m in good shape. The ballpark rates he’s quoted sound reasonable. The home inspection will be Saturday morning, within the limits of the counteroffer, and the appraisal should be done within the next few days.