Agent Profile
Tony and Libby Kelly, MBA, M.Ed. are ranked in the top 1% of REALTORS in Portland Metro. They have been featured on HGTV's "House Hunters" 3 Episodes & "My House is Worth What?" 4 Episodes.
Easier Foreclosure Prevention
Most people have heard that the foreclosure prevention programs have not been as successful as Obama had hoped. It seems that one of the road blocks has been borrowers with a second mortgage.
Apparently there has not been an agreement with the second lien holders which causes the first mortgage to be modified even lower to hit the 31% of pre-tax income mark.
Clearly banks are not eager to modify loan payments at a loss when the second mortgage holder still gets a full payment. This is also not helping the home owners because how small can a payment get when only one of the two banks is working with you.
The new federal initiative gives incentives to the second mortgage holder to work with the first. This initiative has been in the works for a while but apparently was difficult to implement. To help get it going, Bank of America is the first major bank to sign on for this program, and should cause others to follow.
http://money.cnn.com/2010/01/26/real_estate/boost_for_modification_program/index.htm
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
Rising Interest Rates
If you are in the market for a home with the intention to get a loan under 5%, you’d better move! The first full week of January Freddie Mac’s average 30-year fixed mortgage closed at 5.09%. And once these go up they are not coming back down any time soon.
Because of the bad economy the government had some programs going to get interest rates down. Those programs are coming to an end and interest rates will head back up.
Rates should also rise as the economy improves. As people start to borrow money again the rates will increase. There should be a small jump during the spring home buying season and rise slowly from there. At least according to CNN.
http://money.cnn.com/2010/01/07/real_estate/last_chance_refinance/index.htm
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
Portland Oregon in the New York Times
Here is a great article from the New York Times about all the great things about visiting or living in Portland, Oregon. Not only did the author seem to capture the vibe of the city but he visited so many wonderful spots that represent this city so well. He really hit the perfect variety and did not just stick to one section of the Portland area. Especially when it comes to our amazing food scene.
http://travel.nytimes.com/2009/05/10/travel/10Portland.html?pagewanted=1
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
Recent Blog PostsPortland, Oregon
Friday, February 26th, 2010
Here are some sites to visit if you are thinking of visting Portland, Oregon or are wondering why you should...http://wwFRAUD
Friday, February 19th, 2010
There is another type of mortgage fraud out there that is actually being committed by the biggest banks. People who areJanuary Market Report Portland Oregon
Wednesday, February 17th, 2010
January Residential Highlights While not quite as dramatic as last month, sales activity in the Portland metro area coForeclosures To Come
Tuesday, February 16th, 2010
It sounds like home prices are not heading back up anytime soon. In fact, they may go down some more. Studies seem toConsidering a Short Sale
Thursday, February 4th, 2010
The majority of people facing foreclosure or short sales go in with the expectation that relief is on the horizon becaus Agency Info
Keller Williams Realty Portland Premiere
17700 SW Upper Boones Ferry Rd
Portland, OR 97224
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