Kellys Real Estate in Review – February 4th

The Super Bowl didn’t keep everyone on the couch this weekend!  We brought 7 listings pending this last week and several were short sales so even that world is moving forward.

This morning we just got news that we have several more offers coming in and it is only Monday! We have such a great opportunity to get our homes sold before spring.  Inventory is at an all time low and we are seeing many cash buyers and also Buyers who are taking advantage of the low 3 interest rates.

 

Mixed News:

 

From MMG Weekly, Willamette Valley Bank, Stuart Brown the report  was “mixed news in the Jobs Report for January: 157,000 jobs were created, which was below expectations, while the unemployment rate ticked up to 7.9% from 7.8%. On the flip side, the November and December job numbers were revised higher by 127,000. In addition, the benchmark revisions showed that employers added 335,000 jobs in 2012, more than was originally reported. That brought the average rate of job gains per month in 2012 to 181,000, up from the 175,000 per month average seen in 2011.

Overall, the labor market continues to improve, but at a very slow pace. And seeing the unemployment rate tick higher is yet another reason why the Fed said last week that their Bond purchase program (known as Quantitative Easing) will continue.

In other important news, Fourth Quarter Gross Domestic Product (GDP) showed negative growth for the first time since the second quarter of 2009. While external factors like Superstorm Sandy did have an impact on this reading, overall growth has been limited to just 2% or so annually. This is part of the reason why the unemployment rate remains as elevated as it is.

 

Good reading for sure:

 

Home Prices Slip in November for Portland, US — The Oregonian

 

New Home Sales Dropped in December But Were Upbeat for Year Overall — The Oregonian

Developers Snap Up Bend Residential Lots in Wake of Housing Crash — The Oregonian

 

Have a great and glorious week!!

Kelly

 

Please look at our pendings and solds  for the week!

 

 



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