Be among the first to know about newly listed foreclosure properties in Central Oregon!
With nearly 1 in 18 listed residential properties in the Bend area currently lender owned, I have launched a service to provide you with up-to-the-minute information on any newly listed and reduced price foreclosure properties throughout Central Oregon!
This new service provides you with "live" information directly from the MLS via email, so you'll be just as much in the know on available foreclosures as local real estate agents!
The service can be customized to fit exactly what you're looking for (area, price range, size, etc.) so you can be sure to get only those properties that are of interest to you.
So if you are currently in the market to buy a foreclosure or have been thinking about it, call or email me and I'll get you set up to receive free, up-to-the-minute emails on foreclosure properties.
Saturday, December 20, 2008
Wednesday, December 17, 2008
Record Low 10 Year Treasury Yields
On the heels of the Fed's rate cuts yesterday and an accompanying statement that read in part that it "will employ all available tools" to promote economic growth, the average yield for 10 year Treasury notes fell below 2.15% earlier today for the first time since the Treasury began providing daily data in 1962.
30 year Treasuries also hit their lowest yields since sales of the security began in 1977, averaging 2.63%.
While there is no direct relationship between the two, mortgage rates tend to follow the direction of 10 year Treasury yields. With rates for 30 year mortgages already near historical lows, will we see them fall below 5 percent in the near future?
30 year Treasuries also hit their lowest yields since sales of the security began in 1977, averaging 2.63%.
While there is no direct relationship between the two, mortgage rates tend to follow the direction of 10 year Treasury yields. With rates for 30 year mortgages already near historical lows, will we see them fall below 5 percent in the near future?
Tuesday, December 16, 2008
Fed Cuts Rates Even More Than Anticipated
The Federal Open Market Committee voted unanimously to cut the fed fund target rate to a historic low of 0% to .25% from 1% earlier today.
In addition, the Fed also lowered its discount rate, the rate charged by the Federal Reserve for loans to commercial and investment banks, from 1.25% to .5%.
As noted here before, these rate cuts should lead to lower rates on home equity lines of credit (HELOCs) as well as other consumer debt.
Interest rates on 30 year fixed rate mortgage loans are now ranging around 5%, which is well below historical norms.
The monthly principal and interest payment on a 30 year loan of $240,000 at 5% would be about $1290. At 6%, the payment would be about $150 more, or $1440. Today's rates provide quite an increase in purchasing power.
In addition, the Fed also lowered its discount rate, the rate charged by the Federal Reserve for loans to commercial and investment banks, from 1.25% to .5%.
As noted here before, these rate cuts should lead to lower rates on home equity lines of credit (HELOCs) as well as other consumer debt.
Interest rates on 30 year fixed rate mortgage loans are now ranging around 5%, which is well below historical norms.
The monthly principal and interest payment on a 30 year loan of $240,000 at 5% would be about $1290. At 6%, the payment would be about $150 more, or $1440. Today's rates provide quite an increase in purchasing power.
Core Inflation Unchanged From October
The Labor Department reported that "core inflation" remained unchanged in November from a month earlier and was 2% higher than a year ago. A 2% annual inflation rate is widely believed to be within the target range preferred by most central bankers.
"Core inflation" excludes food and energy, as these tend to be more volatile than other goods and services. For example, energy prices have fallen about 70% since July and 17% in November alone! This is most obvious to most of us when it's time to fill up the gas tank.
The Federal Open Market Committee is meeting today and most analysts expect a rate cut of .5%. The recent inflation numbers make that scenario even more likely now.
"Core inflation" excludes food and energy, as these tend to be more volatile than other goods and services. For example, energy prices have fallen about 70% since July and 17% in November alone! This is most obvious to most of us when it's time to fill up the gas tank.
The Federal Open Market Committee is meeting today and most analysts expect a rate cut of .5%. The recent inflation numbers make that scenario even more likely now.
Monday, December 8, 2008
Home Sales Slow In November
Despite mild weather, the presidential election and uncertainty about the overall economy seemed to keep buyers preoccupied and on the sideline last month.
The pace of sales for single family, stick-built houses on less than an acre in the Bend area slowed noticeably in November, with only 68 reported closed sales. There were 97 closings in the same month a year earlier and 112 in October 2008.
The median sale price of homes sold in November was $260,585 and the median price per square foot was $132.6/sf, down from $339,000 and $167/sf from a year earlier.
The pace of sales for single family, stick-built houses on less than an acre in the Bend area slowed noticeably in November, with only 68 reported closed sales. There were 97 closings in the same month a year earlier and 112 in October 2008.
The median sale price of homes sold in November was $260,585 and the median price per square foot was $132.6/sf, down from $339,000 and $167/sf from a year earlier.
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