We already knew that there were millions of reasons to love Portland Oregon, but now we have one more. Portland has been ranked the #1 city for the most courteous drivers! We are less likely to curse, honk or run red lights. But don't you all move here at once!
http://www.katu.com/news/local/48210792.html
PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.comDue to low interest rates and an $8,000 tax credit for first-time home buyers, pending home sales have gone up for the third month in a row.
It varies greatly from one area of the country to another, here in the West the Pending Home Sales Index rose 1.8%, to 94.8, but is 2.9% below a year ago. A pending home sale is a contract for a home sale that has been signed but the home sale has not closed yet.
Total number of existing-home sales is expected to improve in general but some corners of the United States have already bottomed out and started to recover while others are still falling slowly.
Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future existing-home sales.
It has noted that pending sales have increased, which is a sign that we're moving in the right direction, but that we are still drastically below where we were at the peak of the market. We probably should not be comparing our numbers to the peak of the market though. That was just the extreme the other way and ideally we'd like to be plain ol' steady.
http://www.businessweek.com/bwdaily/dnflash/content/jun2009/db2009062_031070.htm
PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.comApril Residential Highlights
While sales activity continued a steady month-over-month increase in the
Inventory also dropped to 11 months and this is the first time it has dropped from March to April since 2004. Active residential listings in April numbered 14,328 - up from 14,158 in March.
The average sale price for April 2009 was down 10.4% compared to April 2008, while the median sale price dropped 9.1%. Month-to-month, the average sale price and median sale price were mixed when compared with March levels; the average sale price decreased 2% ($291,100 v. $297,000) and the median sale price was up 1.4% ($249,900 v. $246,400).
GREAT NEWS FOR FIRST TIME HOME BUYERS!
Great news for first-time home buyers. This week, Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development stated that the Federal Housing Administration (FHA) is now going to permit it's lenders to allow home buyers to use the $8000 tax credit as a down payment. Previously, buyers had to wait to file their taxes to take advantage of the tax credit, which hindered some home buyers from buying.
By allowing buyers to utilize the tax credit as a down payment, money will now be freed up for the buyer that would otherwise be needed at closing. This will allow the first-time home buyer to save their money for a rainy day or for home improvements.
I believe this new program will further stimulate the already improving real estate market, attracting even more first-time home buyers.
There couldn't be any more incentives for first-time home buyers, considering that interest rates are at an all time low, home prices are not over inflated and there are plenty of homes to choose from. Sellers would have to give the home away for free for there to be a better deal. This is the absolute best time to be a first-time home buyer.
Consumer confidence needs a boost and I feel that this is just the news that will do it or at least light a fire. Now, if only the news media such as the TODAY Show would report on this great news instead of always reporting on the negatives about the real estate market, consumer confidence would increase.
If you are a first-time home buyer, get out there and find your home before this tax credit is gone in November.
Mortgage Interest Rates*
Rates as of Wednesday, 13th May, 2009:
Conforming APR Payment per
$1,000 Jumbo APR Payment per
$1,000
Conforming FNMA Fixed 5.0% 5.088% $5.37 % 0.000% $0.00
FHA 97% Fixed 4.875% 4.962% $5.29 % 0.000% $0.00
Conforming 15 Fixed 4.625% 4.711% $5.14 0% 0.000% $0.00
Conforming 3 year ARM 4.5% 4.585% $5.07 % 0.000% $0.00
Conforming 5 year ARM 4.5% 4.585% $5.07 % 0.000% $0.00
Jumbo Fixed 7.0% 7.099% $6.65 % 0.000% $0.00
Jumbo 5 year ARM 6.125% 6.219% $6.08 % 0.000% $0.00
*Rates are subject to change due to market fluctuations and borrower's eligibility.
Information provided by...
Kevin Donahue
Executive Mortgage Advisor
Wealthbridge Mortgage
Phone: 503.501.6468
Fax: 503.597.7525
kevin.donahue@wealthbridge.com
http://www.wealthbridge.com/ <http://portal.mxlogic.com/redir/?FTujKDuX8USDtYQsEEIEzzhOr016fQ-pcx6i17-nMTvHTLuX3XNEVsdTdPZlo_p_g57RS4WRf8l3-ndEIe9I6QkS4QSbI9LCQNNIb7Xek6Rkzh02ZDVEw2qO6PYQg0LZgb6V-7PNo_pgdECQjqtTPhOyyOyMyrD06O>
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