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“What’s Up With US Debt?
From Sigma Research…
Tuesday, August 02, 2011
“There still is the media firing up the flame of a possible down grade of US debt by S&P. We have no idea about what the rating agency will do but in the end it won’t matter much. As we noted yesterday, a down grade of US debt essentially down grades all other sovereign debt whether or not S&P agrees. The US is still the strongest credit in the world, and will stay that way. Although the recent debt ceiling debates were painful to watch, it is the beginning of a serious debate and major decisions that eventfully will shrink government, lower spending and increase revenues. Eventually taxes will increase (or some forms of increased revenues), spending will be cut, Medicare and Social Security will be revamped. Painful but necessary; as long as the can gets kicked down the road the deeper the hole the US falls into. It is now up to American voters; in 2012 the election results will set the path to a balanced budget (over time) or send the US into debtors prison (over time).”
I have mentioned before that it’s going to come down to us voters to get US debt under control and you can best express this at the ballot box and in your communication with our elected officials.
So far, mortgage interest rates have not been directly impacted by the US debt/budget issues. Rates continue to remain low based on overall economic news….as usual. It is not likely we will see significant rate movement until or unless the economy reacts or world events cause movement.
For certain we are still in a positive environment for home buyers…low values and low rates won’t last forever so once again, if you’re inclined, get out there and get pre-approved (contact me!) and get in the game!
Until next time….”
THE BEST HOUSING MARKETS FOR THE NEXT 5 YEARS
#2 Bend, Oregon
Projected annualized growth 2011 to 2016: 11.7%
The time to buy in Bend is now. The market is projected to trough in Q3 before several years of accelerating growth. Home prices are down over 42% from peak.
Business Insider – For complete list visit
http://www.businessinsider.com/best-housing-markets-next-5-years-2011-7
Data provided by Fiserv Case Shiller Indexes.
Mortgage Rates Improve
Concerns about the pace of global economic growth and continued violence in the Middle East helped mortgage rates improve this week. Very strong demand for this week’s longer-term Treasury auctions was also favorable. As a result, mortgage rates moved lower during the week.
The fighting in Libya continued this week, and violence spread to Saudi Arabia. Geopolitical tensions generally benefit bonds as investors seek out relatively safer assets. Unrest in oil-producing nations has the added impact of pushing oil prices higher. When consumers and businesses must spend more for energy, they have less money to spend on other items. This slows economic growth and can reduce expectations for future inflation, allowing investors to accept lower yields.
Extremely strong demand for this week’s 10-year and 30-year Treasury auctions reinforced the view that many investors are seeking to reduce the risk in their portfolios. Despite budget deficit concerns, US government-guaranteed securities remain one of the primary “safe” assets for global investors. Demand for the longer-term auctions was well above average from both foreign and domestic investors. Increased demand drives bond prices higher and yields lower.
Also Notable:
The following has been provided by:
Mitch Wilcox
Mortgage Consultant
Residential, Commercial, Investment, Reverse Mortgages, FHA/VA/USDA.
Direct 541-749-1072 Cell 503-939-6572 Fax 541-749-1069
Bank of Oregon
Financing For Flip Properties
Conventional Flips
Primary and 2nd homes ~ Must be Arms Length Transaction ~ LTV cannot exceed 80%
Loan requires an u/w exception. 2nd appraisal or field review may be required
FHA Flips
FHA has 3 different Flip Transaction parameters:
Max financing allowed (96.5%) ~ Must be Arms Length Transaction
Loan requires an u/w exception. 2nd appraisal may be required
Property Inspection and clearance required if sales price increases 20% or higher
Available Programs/Loan Types/Property Types:
Programs:
Fixed, adjustable rates (ARM’s) and interest only are all available (check availability based on loan program):
Loan Types
Property Types
Don’t see it? Please ask; I can probably do it….
By Barney Lerten, KTVZ.COM
BEND, Ore. — Bend-area housing prices plummeted more than 23 percent over the past year, the worst drop of any metro area in the nation, federal officials said Tuesday – but that sharp decline also has put Bend at the top of a magazine’s new list of “retirement property steals.”
The Federal Housing Finance Agency data ranks the Bend metro area (which actually includes all of Deschutes County) at the bottom, No. 301 spot of all 301 areas ranked, for the year ended March 31 – that despite a 4 percent fall in the first quarter of this year that was far from the nation’s worst.
Bend-area home prices have depreciated 7.75 percent over the past five years, the agency said – a mild decline for that time frame, compared to, say, No. 298, the Las Vegas-Paradise, Nev. area where home prices have plunged more than 42 percent over the 5-year period.
Nationwide, home prices fell just 1.9 percent in the first quarter of the year and 3.1 percent from a year ago. FHFA’s seasonally adjusted monthly index for March was up 0.3 percent.
Oregon ranked 46th of 50 states in home-price appreciation, dropping 8.64 percent over the past year, 2.72 percent for the first quarter. But they were up 7.35 percent from five years ago – and 176 percent since 1991.
The magazine U.S. News & World Report noted, “Although the financial crisis has hammered retirement accounts, it has also converted a number of popular retirement destinations into bargains for home buyers.”
The magazine used “price-to-income ratio” data from Moody’s Analytics for 384 metro areas, calling it “a key yardstick of housing affordability.”
For example, a market with a price-to-income ratio of 2.5 has median-priced homes selling for 2.5 times average household incomes.
U.S. News noted that “stiff demand from second-home buyers helped nearly double median home prices in lovely Bend, Ore., between 1999 and 2006.”
“But the subsequent real estate collapse has dragged the area’s price-to-income ratio from 3.4 in the third quarter of 2006 to 1.7 in the fourth quarter of 2009,” it said.
The magazine quoted Lester Friedman, president-elect of the Central Oregon Association of Realtors, as saying that jump in affordability makes retirement property in Bend particularly attractive today.
“Central Oregon has always been a place where people came to get away,” Friedman told U.S. News. “And of course, that is kind of the definition of retirement.”
He noted the wide variety of activities to keep seniors in Bend busy year-round, from hiking to skiing to fishing and volunteering.
“We have wonderful college facilities, so continuing education is easy,” Friedman said. “You name it, we’ve got it.”
Other areas atop the “Retirement Steals” list include Las Vegas, Phoenix, Napa, Calif. and Fayetteville, Ark
Avg. Sales Price: 379,000
Avg. Days on Market: 69
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