By now most of you have already heard the news that Indianapolis topped the 'Forbes' list of most affordable housing markets. In addition, residential real estate in central Indiana is improving as the summer home-buying season comes to a close. In fact, more than half of the counties in the nine-county region posted higher pended sales than July 06, and although year-to-date home sales are down 5 percent, July's statistics show that the local housing market is inching toward improvement.
Currently the Secondary Market is in a state of volatility, and, in fact, other than the GSEs and Ginnie Mae, there is no Secondary Market liquidity at present. As a result, additional product cutbacks and price widening has been implemented in order to ensure that loans can be sold. While we hope that this current difficult environment will be short-lived, we all need to be realistic and be prepared to work within this tough market for a protracted period.
I would like to reaffirm to you our commitment to the mortgage business and assure you we will stay focused on providing you a stable, reliable business partner you can count on to meet your needs, along with the needs of your customers.
I want to thank you for your business and for your commitment to Capital Mortgage Solutions. We look forward to building an even stronger relationship going forward.