As a father of two I wish Halloween fell on the weekend. Ever wonder why it is celebrated on October 31st? You can find out HERE.
Interest rates
After hitting recent highs back on October 9th mortgage rates have improved very modestly. Weakness in the stock market is likely the cause for the improvement in interest rates.
US stock markets have declined 10% from recent highs. When stocks weaken it often encourages investors to re-position capital in the bond market which drives yields lower.
Housing
The Case-Shiller home price index was released today. The report showed that Portland home prices increased by 5.4% from last year. However, compared to the month before home prices were off by .1%.
Although home prices here in Portland continue to increase (as measured year-over-year) they are doing so at a slower rate. The +5.4% increase is the slowest rate of appreciation since 2012 and the Portland market now lags the national 20-city composite index which increased by +5.8%.
Seller Buydown strategy
Please take a moment to watch the video below which is a creative strategy to help bridge the gap between sellers’ willingness to make concessions in the current market and buyers who feel pinched by affordability pressures.
The Week Ahead
The Bureau of Labor Statistics will release its all-important monthly jobs report this Friday. The markets are currently expecting +202,000 new jobs. I won’t be surprised if the actual numbers miss expectations given the volatile weather in the southeast.
Current Outlook: floating bias