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Big news today
Oil topped $70/barrel today, the first time since September 2008. $70 has been a point of resistance, so all eyes are watching to see if that point of resistance will hold, or if oil prices are about to move higher. It is reported that hedge funds are investing heavily in oil futures, as the hedge fund managers, in general, expect the upward movement in prices to become a trend.

10 of the 19 largest banks have gotten the green light to pay back TARP money. The Treasury should start receiving those repayments, with interest beginning this week. The total repayments totals $68 billion! That's a start on paying us back.

Mortgage rates went on another raving upswing yesterday as bond holders continued to dump inventory in anticipation of better prices and rates with the auctions this week. Rates are slightly improved today, but not even back to where they opened yesterday morning. 3 year bonds are being auctioned today, 10 year bonds tomorrow. Let's hope they are well received, so mortgage prices will drop more. We have seen mortgage rates rise a full 100 basis points (1%) in the last 3.5 weeks!

Check out the chart below for a real time look at what's going on in the Real Estate Market in Portland Oregon. If you are interested in a specific city in your part of the world, please let me know and I'll be happy to send you that data. After review, it appears that the city of Portland is pretty average for the entire Portland metro area. Some areas have higher median prices, and of course, some lower, but in general, all areas are looking at 100+ days of inventory (do the math, that's only 3-4 months-which is much improved from the 9+ months we have been seeing and hearing about.)

The trend is definitely turning positive, for now, in the Portland metro area.

Real-time Market Profile for PORTLAND


REPORT DATE: June 07 2009 REPORT LOCATION: PORTLAND,
Real Estate Price Trends
The median single family home price as of June 07 2009 for PORTLAND is $317,138.

Housing Market Conditions
With a Market Action Index as of June 07 2009 at 16.87, PORTLAND is currently a buyer's market.

Home Sales and Demand Trends
The average property in PORTLAND as of June 07 2009 has been on the market for about 101 days.

Price Per Square Foot
The median price per square foot for homes in PORTLAND as of June 07 2009 is about $164.

Homes for Sale
There are about 4,313 properties on the market in PORTLAND as of June 07 2009.

Copyright © 2009 Altos Research LLC. All Rights Reserved.

Enjoy the rest of today.

Shelby Bateson
Town & Country Mortgage
10228 SW Capitol Highway
Portland, OR 97219
503-819-6545 phone
1-866-626-2828 fax
Lic # ML-3604