I hope this finds you well for many people I know have actually had the influenza bug!!
Many showings this week, we put four of our properties pending and our Buyers Brokers put four homes pending as well! Looking forward to negotiating this week on other interested Buyers on our properties!
Inventory continues to be lower than average even in our area which has spurred more offers. We will see an upswing in new listings in spring . I will be putting together “Months of Inventory” for our area this week and even though we are two years behind the national trends we will see that things are moving.
The news of double offers and offers for more than asking price around the country let us know that things are improving.
Some great news below if you have time to skim, Have a great and glorious day!
Jobless Claims will be reported on Thursday. Last week, claims fell by 5,000 in the latest week to 366,000, just above expectations. The four-week moving average, which evens out any seasonal abnormalities, fell to a five-year low of 350,500.
Stuart Brown Willamette Valley Bank offered this news from CoreLogic: Home prices rose by 0.4% in December, from November, and was the tenth monthly gain. In the year ended in December, prices rose by 8.3%, the largest increase since May of 2006.
But news from the Congressional Budget Office (CBO) wasn’t as pretty of a picture. The CBO said that growth in the U.S. will slow due to large government spending cuts coupled with new tax increases in 2013. The Gross Domestic Product (GDP) is expected to rise by a meager 1.4% this year. This is clearly not enough to lower the Unemployment Rate, which is estimated to remain near 7.9% in 2013. The CBO went on to say that growth will likely rise in 2014, which would then lower the Unemployment Rate. However, this could result in inflation and rising interest rates.
And the news out of Europe was just plain ugly. Greece is in a depression-like state with no prospect of meeting its third bailout terms. Spain has historically high unemployment and the second highest debt load in the region. Other countries continue to struggle as well.
Housing to Drive Economic Growth (Finally!) – CNN Money
Mortgage Rates Rise This Week but Still Remain Low – The Oregonian
FHA to Hike Premiums on Mortgages – CNN Money
Please look at our pendings and solds for the week!