Wednesday, April 16, 2008

Lake Oswego Real Estate News

The Lake Oswego Review reported some interesting data on Lake Oswego's real estate market last week. According to this analysis property values are increasing even if potential home buyers and sellers are exercising caution due to the national news.

One source of confusion in this article is a local realtor states that lenders are more restrictive (which is true) and that "down payments are more in the 25 to 30 percent range."

I'm trying to think if I've ever seen a buyer who had 25 to 30 percent to put down on a house. Maybe once or twice over the past 15 years. Anyway, that statement just is not true.

Three to five percent down (depending on how expensive the house is) is becoming the norm now -- so would-be homebuyers don't need to panic. The vast majority of "tightening up" has been the elimination of Zero-down loans and Stated-Income loans.

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