Jackson County Homes Sales May Falter in 2010(Medford Mail Tribune)
The article says the two components driving the market which are very low interest rates and tax credits will likely be gone by the time summer home buying season comes around. The Federal Reserve reaffirmed this week it plans to end its $1.25 trillion mortgage buying program by the end of March. Rates that have hovered around 5 percent could easily rise to 6 percent or more.
The median price for the 1809 existing Jackson County homes sold in 2009 was $186,000 down 17.3% from the 2008 median of $225,000. Distress sales, foreclosures, and short sales accounted for 45.9% of Jackson County's transactions throughout 2009, declinging in the second half. (Medford Mail Tribune 1/29/10)
This is unwelcomed news for many agents in Southern Oregon. I don't know the exact numbers but we were at or near 1300 agents now we are around 800 agents, that is quit a drop and there will be many more in 2010.
This can be a good year even for the agents without the REO hook-ups though it will take a lot of hard work and dedication.
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