Tuesday, August 10, 2004
Fed Raises Rate to 1.5%
Quarter Point move in interest rates hits as expected.
While this move will not show up on mortgages and refinance immediately, the move up will definitely have an impact on the pool of potential home buyers. As rates move up another group of buyers will not be able to afford inflated home prices. With the market in Simi Valley Moorpark set to break the 850 home level for total homes available for sale, this news will not help sellers. Of the 837 homes available for sale in Simi Valley, 146 are vacant.
We have our first single family detached home to drop below $400,000 in Simi Valley since March of this year. The home is a Tempo Starter, 2 Bedroom 1 Bath listed at 389,900.
If you noticed that the last two Caravan reports were not posted, I have been out of town and will be at Caravan this Friday.
From Cleveland OH
-Ted
While this move will not show up on mortgages and refinance immediately, the move up will definitely have an impact on the pool of potential home buyers. As rates move up another group of buyers will not be able to afford inflated home prices. With the market in Simi Valley Moorpark set to break the 850 home level for total homes available for sale, this news will not help sellers. Of the 837 homes available for sale in Simi Valley, 146 are vacant.
We have our first single family detached home to drop below $400,000 in Simi Valley since March of this year. The home is a Tempo Starter, 2 Bedroom 1 Bath listed at 389,900.
If you noticed that the last two Caravan reports were not posted, I have been out of town and will be at Caravan this Friday.
From Cleveland OH
-Ted
