Interest Rates Up again

Bonds were hit hard yesterday and are trading slightly higher this morning. Traders will be listening to three Regional Fed Presidents speeches today. Their comments could provide for some volatility mid-day.

More importantly much attention is focused on Friday’s jobs report. Given the volatility of this report and the recent hurricanes anything is possible and we expect this report to be a market mover.

Rates remain on an upward trend. For those of you who are looking to buy a home...hurry and lock your rates in.

Many clients have been asking me about those nice water front properties that perch along the Willamette River. Most of those condos are sold within a few weeks after being released. And...most of them are strictly owner-occupied only. That is, no investors and rentals allowed.

Now, that's indicative of the changing market trend. These waterfront properties are designed to attract people who want downtown living, close to shopping, gourmet restaurants, theatres, and other what we called "yuppie" activities. These condos ain't cheap. The price range typically is from $300k to $2.5 million (for the penthouse units). The people who are buying them are Portlanders who already have homes in the suburbs like Lake Oswego. They're wanting a different life styles. This trend is likely to spark growth around the downtown area. Other condos circling the waterfront neighborhood is likely to grow as a result.