2nd Qtr, 2013 Real Estate Market Update

Dear Friends and Clients,
There has been another significant change in the market place so I just wanted to bring you up to date. The last 30+ days the market has slowed dramatically. I believe it is a reaction to the large jump that interest rates have taken in the past weeks. At this time a 30 year fixed loan is at 4 ½ % just weeks ago it was 3 ¼%. I think that just like when the gas prices took large jumps people reacted by changing their driving patterns and buying as little gas as they could. Gas was $3.25 a gallon all of a sudden. Then $3.50. Now those prices look great to us as gas is over $4.00 at the pump today.

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Wallowa County 2012 Annual Review of Real Estate

Dear Clients and friends,
This is my review of the Wallowa County Oregon Real Estate market for the year 2012 and how it compares to the previous year.  The number of total sales of real property sold within the RMLS (Regional Multiple Listing Service) includes all categories of property - Residential, Commercial, Vacant land and Ranches. There was a total of 93 sales of all types of real property up from 77 in 2011. To compare these statistics with the year 2006 which was prior to the market downturn in Wallowa County we had a total of 230 total sales of all types of real property.  The slowdown trend started in late 2007 but was truly felt in our market place in 2008. We have had a gradual increase in the number of sales each year with a gradual decrease in property values each year. There have been an unusually high number of cash sale buyers in the last few years. It appears that since interest earned is so low they wish to place their funds in a real property investment that they can enjoy.

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