By Jesse on September 08, 2008 | 0 Comments
Am I being TOO optimistic? Not according to CNN whose lead article on Sunday’s Fannie Mae/Freddy Mac takeover by the Fed opened with the exact line, “Home buyers rejoice!” The Fed’s move to takeover Fannie and Freddy has huge and immediate implications for home buyers. To borrow a quote from my good friend Vince Kingston of Town & Country Mortgage, “Wow, you’ve chosen an auspicious time to start looking for a home!”
Why all the giddiness? Fannie and Freddy’s takeover has brought stability to the reeling mortgage markets. The Fed has essentially guaranteed that there will be funds available for qualifying home buyers, as well as stabilizing the secondary market. What does this mean to you the home buyer? Lower rates! Rates dropped nearly three-quarters of a point today to somewhere between 5.25% and 5.5% depending on the product and the advertised rate. That’s low. Historically low.
In addition, Congress recently enacted legislation providing a $7500 tax credit to first time home buyers. That tax break will only be available for a limited time, however.
Add both of those financial incentives to the current Portland market with its glut of housing inventory and you’ll understand why it’s such an “auspicious” time for home buyers.
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RMLS just released July’s Market Action and, as I predicted, it looks quite a lot like last month’s. The feeling around town is that the market has “found itself”, for lack of a better term. While we clearly aren’t in the middle of a bustling real estate season, we certainly should find some joy… Continue Reading…
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It’s true. Trust me, the decision wasn’t an easy one. After many years of loyalty and, yes, devotion, my belief system has changed. I’ve made a move and I don’t think there’s any going back. Yes, I have converted.
Good-bye Palm Treo, hello Blackberry! I was one of the original Palm Treo Realtors. When it… Continue Reading…
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As you probably know, Congress just passed new housing legislation designed to help stem the tide during these tough financial times. What does it mean to you, though?
For most home buyers, the three most important aspects of the legislation are the $7500 tax credit for first-time buyers, the elimination of down payment assistance programs… Continue Reading…
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It’s almost 2010 and it seems an awful lot like 1990, doesn’t it? I mean, don’t you remember the awe that used to come with “The Year Two Thousand!” Remember, in the year two thousand we’ll have flying cars? In the year two thousand, we’ll be able to teleport. In the year two thousand,… Continue Reading…
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