The View From Here, October v.2 2008

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The View From Here, October v.2 2008

<em><strong>Rural Shock, Jumbo Caps and the three words you want to hear???</strong></em><br /><br />Yes, things are very fluid at the end of October, 2008. Some would say historic. <br /><br />While the internet allows us a front row seat to the carnage, there is a pretty sever disconnect down on the street level. Even among the ?injured? class, people just see a weekend visit to Rural Oregon as a nice treat. <br /><br />Traffic, at least, has been strong in <a href="http://www.copperwest.com">Hood River Real Estate</a>, and the weather has been a dream. People are shocked when they come into the office to look at prices, shocked they are holding up so well.<br /><br />?.Which isn?t to say that they are, entirely. There has been a pretty orderly mark-down of properties in the last 45 days, and I expect there will be downside pressure into the Spring. The question is who can hold out that long. <br /><br />Inventory keeps dropping, and that?s a worrisome sign for me?..mostly it portends a tough, thin market in the spring. I?m still saying to my clients??If you like it buy it!? but at 6.5%, well, that?s a tough rate to swallow????<br /><br />On top of that, the Jumbo Cap is only $417,000 right now. Anything over that, and the cost of your loan skyrockets (think 7%), assuming you could even get it. That will put a damper on properties in the ?aspirational affluent? category??.over $750,000.<br /><br />That makes the following three words music to a transaction????.<br /><br />Owner. Will. Carry<br /><br />See you next month. Next up, Credit Cards!<div class="blogger-post-footer"><img width='1' height='1' src='http://res1.blogblog.com/tracker/20860711-4561495985204457794?l=copperwestinsider.blogspot.com'/></div>

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