Rates

Well we will start out with rates, but not much happening, and not much will until the Government figures out the Debt Ceiling.

FHA rates are firmly entrenched in the 4.25% mark (APR 4.75) and Conventional rates are jumping between 4.375 and 4.50% (APR 4.75).

Last weeks umemployment debacle really put a damper on any news of a recovery this year.

The 10 year bond has hit the 2.92% resistance and just bouncing there, like I have said, we need the 10 year to trade below the 2.90% for a few days, and then we will see the Govie rate dump down to the 4.00% mark.

Debt Ceiling

Just to forewarn you all, if the US government doesn't do what is right and Moody's and S&P don't like what they do, and the 2 rating places cut US rating, we will see 6% rates, almost over night.

Cayon County

Through my sources, it looks like Canyon County is going to get a Federal Grant which will allow the Grant to purchase foreclosed homes and fix them up and resale them.  What for coming news in the next few weeks about this. It will be HUGE!

RE number for last month:

Here is a brief review of the numbers and my very positive comments, it just goes to show you, the Treasure Valley isn't the United States.

Ada Sold:  692, about a 5% increase over last month, very nice.
Canyon Sold:  338, about a 10% increase over last month, very nice.

Now some will point out that these numbers are down from last year, not an accurate comparision, last year was last year.  We have to look at the here and now.

Ada Average sold price:  $183K, that is $10K over last month, or 6%, yes you heard me right 6% increase in one month! and if you look at last year, yes I know what I just said, the average sold price for June 2010 was $183K.  For Ada that would be the 3rd STRAIGHT MONTHS OF INCREASE!  Can you say Trend.

Canyon Average sold price:  $103K,  previouse month was $86K, that would be 20% increase,  yes 20%, and just slightly under the $109K from last year.

Here is another fact, # of listing for Ada/Canyon:

Date                  Amount Listed

7/15                  4122
7/8                     4232
7/1                     4279
6/24                   4297
6/17                   4340
5/20                   4384
Can we say shortage?  In less than 2 months we have dropped our inventory by 262 homes, and have NOT added to this.  And out of the homes that are listed, a good chunk of them are DIVES.

At this rate we will be under 4,000 in the next few weeks.

So what do you think!!!!!!!!!!!

Comment below, are we on the right track, is this just a blip, or what???