At the Rotary Club of Ashland Meeting today, our speakers were Incumbent  C.W. Smith and Challenger Jim Olney running for Jackson County Commissioner. Both of the candidates were passionate about their positions, although a little less passion was exhibited than I heard they displayed at the meeting they attended yesterday. It seems a question was broached about accounting practices...is this something we Jackson County citizens need to look in to further?

Commissioner Smith emphasized his ideas for replacing diminishing timber funding, which represents the major revenue source to cover the expenses associated with our County libraries, roads, etc. and addressed a Rotarian's concern about cuts hitting the library services versus being spread out amongst other County services, a plan which Commissioner Smith explained failed when it was attempt during a previous recessionary period.  C.W. Smith has ideas for creating new family wage jobs with a new forest plan that will create health forests.

Mr. Olney emphasized the need for change and accountability, and passionately described his positions, including the distaste for the 26% pay increase the existing commission voted in for themselves during tough economic times.

Can't wait for November 4^th!

See you out there!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

One of my favorite Oregon Realtors, Krista Bolf, held a "Meet the Candidates" gathering at her home today, giving us the opportunity to meet Incumbent State Representative Sal Esquivel who is running for re-election, and Doug McGeary who is running for Circuit Court Judge Position 6 in Jackson County Oregon.

These personable gentlemen were very patient with a forward-thinking Hedrick Middle School student looking for answers. This 7^th grader wanted to hear from Rep. Esquivel what his position is on the Oregon Promise Statewide Scholarship program, and learned that he is very much in favor of supporting higher education.

She asked Rep. Esquivel for his ideas on how the Jackson County Library system may get funding to help extend the hours, but Rep. Esquivel referred her to the County Commissioners for her answers. Unfortunately, she missed the opportunity to address Incumbent Jackson County Commissioner C.W. Smith and Challenger Jim Olney, who were the speakers at the Rotary Club of Ashland today, because she was busy working to maintain a 3.5+GPA at school.

Doug McGeary shared his thoughts on the importance of ruling on the "letter of the law" versus shading rulings with personal opinion, and his belief that "we have a pretty good group of judges" here in Jackson County, Oregon. I came away from this meeting with the impression that this is one straight-forward, professional, passionate gentleman with the necessary integrity to fulfill the position he is running for.

Can't wait for November 4^th, can you?

See you out there!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.c

Tabu Restaurant & Martini Bar is a favorite choice of locals and visitors alike. If you are looking for Nuevo Latino Cuisine, Martinis and/or some late night Free Salsa Lessons and Salsa Dancing afterward to work off your delicious meal, Tabu is the place to go.

Check out Tabu Restaurant and Martini Bar in Downtown Ashland across from the Shakespeare Festival at:

76 North Pioneer
Ashland, OR 97520
Phone: 541-482-3900

See you out there!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Allyson's Kitchen is a multi-faceted experience for its visitors. From their wonderful deli counter lunch offerings, to their Gourmet Chef supplies and cooking classes, to their Friday Night Wine Tastings, if you haven't been to Allyson's Kitchen, you are missing out on several wonderful experiences.

 Check out Allyson's Kitchen in Downtown Ashland at:

115 East Main Street
Ashland, OR 97520
Phone: 541-482-2884

(Allyson's Kitchen is also open in Bend now, too.)

See you out there!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

With a market that is somewhat driven by what's happening with our neighbors to the South of us in California, we have definitely seen the numbers slowing here in the Rogue Valley. When a percentage of our buyers can't sell their property in California, it slows things down for us here in Jackson County and Josephine County Oregon.

But, guess what? It appears we may be reaching a turning point here. "Yeah, right!" you might be saying, based on all the doom and gloom reporting we are seeing in the news. Here's why I think this:

• Inventory is contracting - Inventory of Homes for sale in Jackson County Oregon, the "hub" of Southern Oregon, has contracted three consecutive months in our year over year numbers posted at www.jacstats.com - by 16% September 1st, by 14% August 1st, and 16% July 1st. Based on the number of "Sold" signs I'm seeing as I drive around town, I'm guessing there will be a further contraction for October 1st.

• Sales in California Up - California Buyers, including first time buyers, are taking advantage of low prices and low interest rates there, freeing up those Sellers to make their moves. Sales overall were up July 2008 for the first time in three years. Some of those Sellers will likely be moving here to Southern Oregon, the early wave of migrant homeowners to make up the 1.7 million anticipated by Oregon's Big Look Task Force.

Buy while we can still get a loan - This seems to be an attitude many fence sitters have adopted, prompting them to say "good enough" to one of the criteria they have that has had them adopting their wait and see stance... wait for the price bottom, wait for the lower interest. There is no doubt we're in a Buyer's Market here in Southern Oregon, with motivated sellers willing to make concessions for ready, willing and able buyers. There is no doubt that underwriting guidelines for home loans are getting tougher. There is no doubt that with the failure of so many banks and mortgage companies, competition is not as prevalent as it was, which Econ 101 tells me will lead to higher pricing.

Is it still tough out there? You bet! Are we still likely to face a few more bumps in the road? I think there will still be some hurdles to face in most real estate transactions that take place over the next year, especially with appraisals, tightening guidelines, and program eliminations. In my 25 years in this business, I've never seen buyers and property owners have to work so hard to obtain their financing, and that's saying a lot since I've been through 2 other major market cycles that had big dips. Is it a good time to buy? I'd get my checkbook out for the right deal, and put my money where my mouth is.

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Here it is October 6, 2008, and did you know you can still get a 30 year fixed rate Jumbo loan up to $600,000 (fully qualifying) up to 80% loan-to-value with an interest rate of 6.125% (6.253% a.p.r.)? Or, how about up to 90% loan-to-value, self-insured (lender pays for the private mortgage insurance), with an interest rate of 6.50% (6.631% a.p.r.)? For buyers purchasing or refinancing in Ashland, Jacksonville, Southwest and East Medford, and purchasing or refinancing waterfront or "gentleman farm"/mini ranch property, these higher loan amounts can come in handy. 

See you at the closing table! 

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Do you think "Bailout" is a good term to describe L.P.T.A.P.M.A.*? This very painful pill we all get to swallow seems rather enormous, even bigger than my Flaxseed Oil and Fish Oil dietary supplements. But like with my dietary supplements, is it necessary to keep our economy healthy?

Having grown from 4 pages to 451 pages (or more by the time we're done!) maybe the proposal is now powerful enough to act as a toilet plunger to help unclog our national credit toilet. Depending on which economist you check with, the US economy may or may not be in a recession. My guess is when the latest data available is reflected, the decision will become unanimous - we are in a recession.

As difficult as this pill is to swallow, and I must admit my first instinct was to say "let it ride" and see where the cards may fall, I think the "Credit Market Restructuring Plan" (much better than "Bailout", don't you think?) will aid the major block we're facing in the credit markets.

• Have you noticed the zero percent balance transfer offers are drying up?
• Tried to get a no cost home equity line of credit lately?
• How about short term business financing?

The rules in the credit game have changed dramatically, and although we could debate the pros and cons of this to eternity, overall I think this correction has swung too far the other direction. Now, creditworthy solid borrowers are finding it difficult to get the funding they want.

Although the best laid plans do sometimes go awry, maybe this restructuring plan will thaw out the frozen credit markets, speeding up the necessary recovery process. Here in Southern Oregon, homes are moving again, albeit it at a snails pace. Our illustrious US representatives got our Timber Funding extended for 4 years and tax credits for the manufacturer of children's wooden arrows, so we're set now, right (tongue in cheek just got bitten)? Let's get the Master Plunger and blast this clog through, and see a reasonable flow in the markets again!

*LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans

While reading fellow Active Rainer Mike Jones' post about the bicycle friendly towns and cities listed by the League of American Bicyclists, I saw that Ashland Oregon had made the cut. I knew Ashland has great bike lanes and paths throughout town, as well as trails for mountain bike enthusiasts up in the watershed on the base of Mount Ashland.

This university town needs systems in place like this, but they're great for residents and workers, too. My husband rides over to our weekly Rotary Meetings, arriving within 5 minutes of the time it would take him to drive, while enjoying the opportunity to get out there for a breath of fresh air and some exercise.

See you out there!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

Realtors, do you LIKE receiving referrals from out of area agents? Do you consider this a good source of business, or do these clients play second fiddle to your own repeat and referral business?

Although my mortgage company has been in Southern Oregon since 2004, I've worked in mortgage lending since 1983, with an overlap for several years when I wore my real estate broker's hat (whole different topic, working "both ends of the stick", which I'll save for another article...or 10!), and 6 years "sabbatical" when I became an escrow officer so I could better grasp the closing end of the biz and round out my experience.

Since relocating to Ashland, Oregon, I've been referring out the many Southern California clients I represented when they purchased their homes. I've been referring out their listings, referring out their purchase transactions, although for a few long-standing clients I did continue to fly in to work with them when they wanted to sell their home and buy another, some times co-listing with a local agent (another separate topic, that could warrant several articles of its own).

I've now referred out roughly 20 clients for multiple transactions - selling, buying, and financing. Some of these folks I've known for more than 20 years, and they're like family. I remain personally involved in these transactions, even though I've referred them out. Admittedly, I lean toward the "Type A" personality when it comes to follow up on my transactions - even the transactions I refer out. I expect to be included in the communication circle from beginning to end, and my clients expect the same.

Is asking this of the Realtor and/or Loan Officer who accepts my referral asking too much?

Do you expect your referring agents to disappear in to the background, and just wait for the referral fee to arrive?

Are my expectations too high when the referrals are too a rural area where life flows at a slower pace?

Please help me understand your expectations.

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com

The City of Ashland Oregon supports green building in so many ways. From the City supported Solar Panel program  to the Green & Solar Home Tour, the City of Ashland Oregon is all about building sustainable, energy efficient buildings.

On Saturday October 11, 2008 from 9 a.m. to 3 p.m., the City of Ashland will hold a tour of four of Ashland's Green and Solar Homes. You may register for the tour through the city Parks & Recreations Department. The tour is only $10, and will depart from the Civic Center.

Thinking about retrofitting your home's windows to lower your energy costs? The City of Ashland Oregon is in the process of changing the requirements for their loan program for qualifying homeowners who are replacing their old single pane windows, upgrading to meet today's more energy efficient windows. For current information, contact Cathy Cartmill, Conservation Analyst for the City of Ashland, at 541-552-2063.

See you out there!

Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com