Friday, January 18, 2008

What's Really Happening in the Real Estate Market

The February print issue of Money magazine has an interesting comparison. The median existing home-price dropped 5.1% over the past year. That’s no surprise to anyone, I’m sure, as we read the gloom and doom reports of the real estate market on the national news every day. However, what we don’t hear much about is that real estate is a localized market, and 62% of metro areas saw year-over-year price increases, including Portland. Here’s one local real estate agent’s take on what happened in Portland last year and what he thinks we should expect in the coming months. Be sure to check out the comments he received from some people who differ with his assessment a little bit.

No matter what market you’re in, however, the lending restrictions are occurring everywhere. As I mentioned recently, if you don’t have at least a 680 credit score, you won’t be able to take advantage of the amazing drop in interest rates we’ve been experiencing. By next month they could be even lower – it’s hard to believe given that a 15 year fixed rate is already only 4.875%.

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