Archive for August, 2006
Orange CA Real Estate Market Report
To Schedule a showing for this property, please Click HerePosted: August 12th, 2006
Bart Smith’s
Real Estate Update
August, 2006
Fed Streak stops at 8….On Aug. 8, 2006, the Open Market Committee of the Federal Reserve Board did not raise interest rates (they did the prior 8 consecutive meetings). What does this mean? Banks won’t raise their prime rates like they did the last 8 times. Line of Credit Loans on your home won’t go up again (for now). And, variable interest rate loans will eventually level off (most are on a lagging index). In fact, fixed rate 30 year home loans have actually fallen to about 6.5% recently.
Has the housing market slowed?….You bet it has. But, there is no strong evidence that prices have fallen in general. In specific micro markets, over supply has impacted prices. Right now, more than 15,000 homes and condos are on the market in OC, while less than 300 per month are selling. We have just gone over the edge into a Buyer’s Market. Good news if you’re a buyer! Call if we can help!
Christian Real Estate Network Milestone….In July of 2006, CREN, which my son, Justin and I founded in 2002, surpassed 700 members in 48 states and Canada. We also closed our 336th real estate transaction. We help buyers and sellers across North America find Christian Real Estate agents to help with buying or selling homes. We can help you too! Check us out at www.Hismove.com, or listen for us on KFSH, 95.9 FM.
Congress passes Estate Tax Extension….The House, that is, passed legislation to extend the exemption from federal estate taxes which is scheduled to expire in 2010. The Senate, however, has yet to act. Stay tuned…
Want to downsize?….If you buy a home which doesn’t cost more than you sell yours for, you can probably take your old property tax base with you (if you are 55 or older, haven’t already done this and are staying in the county, that is). There are some variations to this, so if you are interested, just call me and I’ll get you all the information.
Blessings,