Astoria, OR

As you can see from the sales trends above, the highest concentration of sales is in the $ 200,000-250k price range for the second year in a row. The introduction of the First Time Home Buyer's Tax Credit is to be acknowledged for the growth in these market segements. For the first time in many years we're seeing the re-introduction of home listed below $ 200,000. This is due in part to the entry of bank owned properties & short sales. Inventory in our area continues to drop from the record highs of 2008. Continued inventory declines are to be expected through the end of: 2009, when I expect another 100 listings to expire. I'm optimistic that we'll start see signs of a recovery in mid-2010.

Astoria has long been reported as a top Retirement City. Now is the time for those looking to capitalize on some of the many market opportunities.

By Todd Clark (Broker/Sales Coach) 503-524-9494

A couple Saturdays ago I posted a "I don't feel like typing Saturdays" post with a picture of the Dismal Nitch and asked if you career was in one? But, because of that post I was asked by many, where it was and what it was all about. I have to admit when I stopped to get that at that sign, I didn't realize how important that spot was in America's history, but instead of what was supposed to be a 30 second stop for a great picture turned in to a 30 minute stop reading up on the Lewis and Clark Expedition.



You see the Dismal Nitch was the last stop before the group was supposed to meet up with supply ships off the Pacific Coast, but what Lewis and Clark didn't expect was one of the worst storms to hit the Pacific Coast. This storm trapped them on the Columbia River at a spot they named the Dismal Nitch.

The storm was so bad that the Lewis said it was only the second time he was worried about the corp since the beginning of the trip. The storm was so bad that the group actually did end being stuck on that group of rocks for 10 days and missed the supply ships. They did survive, but barely and thanks to a non-profit group, the last stop before Lewis and Clark reached the Pacific Ocean and reached their exploration goals, the longest stop on their journey has been preserved for others to view.

There are many historical places located around Astoria, Oregon, the Dismal Nitch is just one of them, though located on the Washington side of the Columbia, there are many, many places to stop and find out about Lewis and Clark many with hiking trails and you could easily spend 2-3 days if you want to hit every spot in the area that Lewis and Clark stopped. But, to find out the history of the Pacific Northwest and the journey of Lewis and Clark, I suggest you stop in the the most Northwest point of our state and check out our rich history and what that trip meant to the United States and trade with the east.

 

Todd Clark - Broker / Sales Coach
Palazzo Realty Group
Phone: (503)524-9494
Fax: (503)622-8739

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©2009 Todd Clark - The story behind the Dismal Nitch

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Zillow.com is reporting that almost 25% of all mortgagors owe more money on their mortgage than their home is worth and that figure may increase to 30% by mid 2010.  

 

 

 

 

Home values dipped in the second quarter from a year earlier in almost 90% of the 161 U.S. metropolitan areas surveyed by Zillow. 23% of mortgage holders were underwater at the end of June, Zillow said.  In June, foreclosures accounted for 22% of total U.S. home sales, and 29% of homes sold were purchased for less than what the owner originally paid, according to Zillow. 

 

Is this the the stock market retracement everyone has been expecting?

The indexes are weaker again this morning. If equities are entering a reversal and profit-taking period interest rates will head back lower. Can't be sure of the timing but the stock market is way out in front of reality. However equity markets on rallies generally anticipate economic improvement six months to one year in the future.

Analysts are concerned because unemployment is continuing to increase, consumers have shut down (June consumer credit last Friday fell $10.1B, 2.5 times weaker than expected) and home prices are still declining in many areas. 

HUD just announced that starting this week the FHA will refinance troubled mortgages by reducing up to 30% of the principal under the Home Affordable Modification Program.

The FOMC begins its two day meeting this morning. Analysts do not expect changes in interest rates. The Fed has been forecasting a bottom in this quarter and a slow economic improvement.  The stock market will be listening carefully to Mr. Ben Bernanke's comments. 

Watch Bob Prechter video by clicking here

If you are waiting to lock your interest rate keep a watchful eye!

 

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Our services include personal budgeting, financial planning, retirement planning strategies and real estate contract review.

You can find information relating to mortgages including calculators, current rates, buying a home, refinancing, VA, FHA, USDA, Conventional and Jumbo loans  by clicking here

Licensed to broker loans with over 300 lenders including Bank of America, Wells Fargo, Citimortgage, Met Life, Fifth Third Bank, Flagstar, ING,Luther Burbank, Provident, Suntrust, US Bank and many more. 

Find a home with our network of professional real estate agents interviewed and selected for their extensive knowledge and expertise! 

Send us an e-mail with the city and state.  nevin@nevinloans.com

You may also call us (888) 206-5781 My extension is 1017

"First Priority Financial, Inc. is licensed by the CA DRE, license #00654852." 

Want a complimentary personal quote or loan pre approval? Click here

Mortgage rates are higher! See the Oregon mortgage rate chart below.

Is this good news or bad news? Mortgage rates are higher but so are stocks. I guess it depends if you have a large investment portfolio, IRA, 401K or if you want the lowest mortgage rate. Who says you can't have your cake and eat it too? You can! First you have to understand how it works.

Stocks and mortgage rates have a love hate relationship. When stocks are higher the market sells their mortgage backed securities (MBS) in the form of bonds which causes the mortgage rates to increase. Obviously in this scenario you will not get the lowest mortgage rate. When the market feels pessimistic about the economy and sells off stocks and diverts their money to bonds as a safer alternative, mortgage rates drop. I guess you could say good news is bad news for mortgage rates and bad news is good news! If your mortgage broker takes advantage of this usually short lived drop you can get the lowest mortgage rate for that day, week or even month!

It really is that simple...well almost. There are times when the market will sell both stocks and bonds and take a cash position so now you have the stock market dropping and mortgage rates increasing. Not a pretty scenario. Lucky for us these types of days are short lived and either the stock market or the bond market recovers rather quickly.

All of this also means that mortgage rates change daily. Sometimes even hourly if there are big swings in the purchase and sale of MBS. That being said, to get the lowest mortgage rate it is imperative that you hire an experienced mortgage broker who carries "cutting edge technology" allowing them to lock your mortgage rate before it increases. Failure to lock early could cost a homeowner tens of thousands of dollars over the course of the loan. FYI - getting the lowest mortgage rate isn't going to be free.

Low fee brokers. What can I say? If the broker makes their money on volume rather than quality do you really think they will spend time monitoring the bond market, waiting for a rate to drop before locking in your mortgage rate? Probably not. They don't have time. They need to close as many loans as effortlessly as possible to make a profit. This leaves you with a loan that carries less fees but a higher monthly mortgage payment for many years. It is unlikely that a low fee broker will get you the lowest mortgage rate.

You can count on us to lock you in when the mortgage rates drop. We don't work for free but we won't gouge you either. We are fairly and competitively priced when it comes to loan fees and will make sure you know up front what it will cost you to purchase or refinance your home. No games, no nonsense just the facts. We will work hard to get you the lowest mortgage rate by taking the time to monitor the bond market before submitting your mortgage rate lock.

For a complimentary loan quote or pre approval click here

Thanks for visiting my blog!

Conforming Mortgage Interest Rates*Please call or e-mail us for government rates FHA,VA & USDA

Rates as of Monday, 3rd August, 2009:

Conforming APR Payment per $1,000 Jumbo APR Payment per $1,000 30-Yr. fixed 5.00% 5.138% $5.37 Call % 0.000% $0.00 15-Yr. fixed 4.50% 4.736% $7.65 for% 0.000% $0.00 7-Yr. fixed ARM 4.50% 4.634% $5.07 jumbo% 0.000% $0.00 5-Yr. fixed ARM 4.00% 4.131% $4.77 rates% 0.000% $0.00 10 Yr. fixed ARM 4.25% 4.382% $4.92 % 0.000% $0.00 5-Yr. Interest Only 4.25% 4.382% $3.54 % 0.000% $0.00

*Rates are subject to change due to market fluctuations and borrower's eligibility.

Rates subject to change. Certain credit requirements and other conditions apply. This is not a guarantee to lend. Rates based on a 12 day lock period and a minimum loan amount of 185,000. Credit determination must be made prior to approving rate. Equal opportunity lender. CA DRE Lic.#01366552 FPF CA DRE Lic#00654852 Nevin's NC Lic#I139451 First Priority Financial NC Lic# B-146523-101 OR ML3337 WA 510-MB-30588-51099

Want a complimentary personal quote or loan pre approval? Click here

Active members Better Business Bureau & National Association of Mortgage Brokers

Complimentary home search! Clatsop county properties (Astoria/Warrenton/Seaside) click here

Questions? E-mail Jenni Clark

RE/MAX River & Sea

Astoria Oregon

(503) 440-1968

Our services include personal budgeting, financial planning, retirement planning strategies and real estate contract review.

You can find information relating to mortgages including calculators, current rates, buying a home, refinancing, VA, FHA, USDA, Conventional and Jumbo loans by clicking here

Licensed to broker loans with over 300 lenders including Bank of America, Wells Fargo, Citimortgage, Met Life, Fifth Third Bank, Flagstar, ING,Luther Burbank, Provident, Suntrust, US Bank and many more.

Find a home with our network of professional real estate agents interviewed and selected for their extensive knowledge and expertise!

Send us an e-mail with the city and state. nevin@nevinloans.com

You may also call us (888) 206-5781 My extension is 1017