People say that “life is full of surprises.” And indeed, last week’s Jobs Report contained several surprises. Read on to find out if they were good or bad…and what they meant for home loan rates.

Overall, the Jobs Report wasn’t great, but it did surprise by being better than anticipated. One thing that wasn’t a surprise was the unemployment rate which held steady at 9.1%. But the headline number came in at 103,000 jobs created, which was better than expectations of 60,000 and even higher than some of the more frothy expectations. In addition, 137,000 jobs were created in the private sector, which offset more government job losses and which was a lot better than the 83,000 private job gains expected.

Another surprise in the report was the significant upward revisions, which added 99,000 jobs to what was previously reported in prior months, and this added to the positive tone of the report. These upward revisions really change a very pessimistic jobs picture to something a bit more optimistic. For instance, last month the Jobs Report showed zero job creations and now that figure has been revised to show 57,000 jobs created. Once again, these aren’t great numbers—but they are better than bad, and they tell us that the economy is not in a recession…at least for now.

So, what did all of this mean for home loan rates? It’s important to remember that when our economy is struggling, our Bond Market usually benefits as investors seek a safe haven for their money. And since home loan rates are tied to Mortgage Bonds, our home loan rates are sometimes at their best when our economy is struggling. In a way it makes sense…in times of economic struggle, good home loan rates can help kick start our economy in other areas.

Yet, when good or better than expected economic news hits the wires, like it did with Friday’s Jobs Report, investors often move their money out of Bonds and into Stocks in an attempt to take advantage of these gains. And that’s a big reason why we saw Bonds and home loan rates worsen a bit this week.

As of today (Thursday, October 13th) rates are still great:

Conforming

30 year fixed: 4.125%

15 year fixed: 3.50%

5/1 ARM: 2.875%

7/1 ARM: 3.375%

Government

30 year fixed: 3.75%

5/1 ARM: 3.50%

Jumbo

30 year fixed: 4.875%

5/1 ARM: 3.25%

The most important thing to remember is that now is still a great time to purchase or refinance a home, as home loan rates remain near historic lows.

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Amid a sea of negative headlines, there is a hint of good news in the latest Portland area housing report: a small uptick in the median sale price of homes sold in July.

The Regional Multiple Listing Service said in its monthly market action report that the median home sale price in July was $227,200. Granted, that’s a decline of 7.6 percent from a year ago, but it represents a 1.9 percent improvement from June’s $222,900 figure.

Click on the link below for the full story

http://www.oregonlive.com/business/index.ssf/2011/08/home_prices_edging_up_in_portl.html

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Thinking of moving? Ready to buy? Just curious? Our comprehensive guide to 95 Portland neighborhoods and suburbs lets you compare the data you need to know. This guide will answer all your questions and help you with any decisions you have regarding your move or current neighborhood.

Just click on the link below for more information.

http://www.portlandmonthlymag.com/real-estate/articles/neighborhoods-by-the-numbers/

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If you are wondering what investment properties are doing in the area, here are the July numbers for 2-4 unit properties sold (NW Washington County, Portland West, Aloha, Beaverton, Tigard, Tualatin, Sherwood, Wilsonville).  With prices low and interest even lower, now is a great time to consider investing in real estate. I am licensed in the State of Oregon and would love to help you find the right property!

2 to 4 Units in RMLS Areas 148,150,151 Sold in July, 2010
Area 148             # of units       Address                               List Price    Sale Price  SP/LP Ratio  DOM
                                    2               8012 SW 19th Ave.PDX     329,800$  224,000$   67.9%          1027
                                    4               3511 SW Corbett PDX       385,000$  320,000$   83.1%           58
                                    4               2401 SW 11th PDX            336,600$  325,000$   96.6%          39
                                    4               8101 SW 34th Ave PDX     448,888$   400,000$  89.1%          235

Area 150           # of units        Address                                List Price    Sale Price  SP/LP Ratio DOM
                                    2             6275 SW Fisher Ave. BV     329,000$   303,000$  92.1%          112
                                    3             6955 SW King Blvd.  BV      345,000$   309,000$  89.6%           75

Area 151           # ofunits        Address                                  ListPrice     SalePrice   SP/LPRatio DOM
                                    2            12348 SW Grant Ave. TI      109,000$    90,000$   82.6%             9

Source: RMLS Data, Portland, OR 8/10/2010 DOM=Days on Market

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SW Princess Ave

NE 31st Ct

NE Copper Beech

SW 186th Pl

Call me with any questions regarding home buying or selling! Licensed in the State of Oregon.

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Market Update

Housing activity continues to remain above year-ago levels despite some setbacks resulting from the now-expired tax credit. Improved stability in home prices with similar levels of distressed properties seen last year offers a hopeful sign the market is holding its ground. However, the economy still has a considerable way to go to achieve its full recovery. 

Consumers are saving more and being picky about how they spend their money. While a higher savings rate means less spending in the near term, this is a positive sign that households are taking control of their finances to build some cushion that can be used to pay down debt and/or support future spending.

Existing home sales marked the twelfth consecutive month of year-over-year increase in June. On a monthly basis, sales activity eased 5.1% from May. The moderation in home sales reflects “understandable swings as buyers responded to the tax credits,” according to Lawrence Yun, NAR chief economist. He anticipates such impact to show up in the next two months.

June’s median home price increased for the fourth consecutive month. Distressed homes, accounting for 32% of sales last month, continued holding home prices at highly affordable levels for the time being. While distressed sales hovered around the same level as a year ago, the gain in home prices is pointing to a sustained stability in the making.

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On May 22, 2009, President Obama signed into law the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, marking a turning point for American consumers and ending the days of unfair rate hikes and hidden fees. While the new law offers significant safeguards, consumers still need to be vigilant against new practices designed to outflank the new rules. Stay as informed as possible, read your statement , report any irregularities immediately, and watch for these tricks.

• Shortened Billing Cycle: The CARD Act requires companies to allow a window of at least 21 days from when a statement is mailed and when payment is due. Cardholders are reporting being shortchanged on billing cycle time and then being assessed late-payment fees.
  Advice: Watch out for shortened payment dates.

• Sunday Due Dates: The CARD Act stipulates if a creditor does not receive or accept payments on weekends or holidays, then the date is extended and late-payment fees shouldn’t be triggered. However, some banks say they’re open for business even when there’s no mail delivery.
  Advice: Don’t assume you are safe.

• Low-Limit Cards: The CARD Act says a card’s total annual fees can’t exceed 25% of a borrower’s credit line. However, some issuers may be evading the fee restrictions by charging an up-front processing fee that doesn’t fall under the 25% cap.
  Advice: Watch out for processing and other fees.

• False Inactive Fees: Issuers will no longer be able to charge inactivity fees or extra charges for people who don’t spend a certain amount each year, effective August 22. However, some issuers are charging an annual fee that’s waived if cardholders reach a certain spending threshold.
  Advice: Watch out for conditional annual fees.

• Rebate Offers: Some credit cards offer refunds on finance charges when customers pay on time. However, rebate offers aren’t governed by the CARD Act, and such offers can be revoked suddenly and for any reason, leaving cardholders stuck with higher charges.
  Advice: Rebates may translate to real savings in finance charges.

Source: The Wall Street Journal

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Thanks to your loyalty

and referrals in 2009,

we helped more than 45 families

 “Experience Moving Forward”

and have set the goal

To help 60 families in 2010! 

May we all live a grateful life full of possibilities and make 2010

the most possible and abundant year yet!

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