The answer to that question is a straight forward YES! Just today Freddie Mac,
who’s job it is to connect Wall Street and main street with mortgage purchases and portfolio investment activities, reported that 30-year fixed-rate mortgage (FRM) averaged 4.78 percent with an average 0.7 point for the week ending April 2, 2009, down from last week when it averaged 4.85 percent. Last year at this time, the 30-year FRM averaged 5.88 percent. The 30-year FRM has not been lower in the life of Freddie 
Mac’s weekly survey, which dates back to 1971 for the 30-year FRM.
In the Portland area real estate market, prices have gotten softer, as we’ve seen i
n other areas of the country. The benefit we’ve had over areas such as Las Vegas, Phoenix, southern Florida, etc, is that we didn’t appreciates as fast and as fast and as much during the boom and as a result, we may not have as far to fall. In the past 12 months for example, the average and median sales price in the greater Portland area has decreased between 5% and 6%, considerably less that 20% to 55% in other areas.
Also in April, The National Association of Realtors (NAR) has reported an increase in pending home sales which suggests a possible upswing in sales activity in the coming months. Lawrence Yun, NAR Chief economist is quoted as saying: “Pending home sales have a way to go for there to be a meaningful increase, but the increases in shopping activity are hopeful indicators that we’ll see additional gains”. Yun goes on to say, “More buyers are getting into the market to take advantage of stimulus incentives and much improved housing affordability conditions, but it will take a few months before we could see this turn up in measurable sales contract activity.”
Despite what may be interpreted from watching the evening news, homes are selling! Don’t be afraid to jump in, especially if you are a first time home buyer!
