Wow! Rates have fallen below the current record set back in April, averaging 4.71% last week on a 30 year mortgage. This is great news for folks looking to buy right now, however, if you're thinking of refinancing it might be tricky. If you don't have a ton of equity it might prove to be difficult as you can only borrow 80% of your home's value. We are seeing appraisals coming in significantly lower than most home owner's expectations on refinance loans.

Get ready to see a new wave of short sales coming onto the market in the higher-end bracket. I'll keep you posted.

Here are the recent sales in College Park:

SS = Short Sale BO = Bank Owned