Hey Facebook world it’s Kerry Greenwald with Creekside mortgage! Coming at you again with the week in review and with the topics that are going on right now. I really blew it my last one I said rates should hold steady. We had a pretty difficult 3 out of 4 business days not counting the holiday yesterday. With rates increasing, and today they did it again, there are a lot of unknowns out there, factors and stuff that are going on but yeah rates deteriorate almost a quarter percent which is a hefty move in that short time. There’s no real drive of why that’s happening. The stock market has an exploded, it’s kind of up and down from one day to the next, but it’s hard to say if this is a short-term thing or is actually going to last. With it though there have been some events with North Korea yesterday, special counseling meeting in Europe right now, in Poland and everything else with the president. It’s hard to say what’s going to happen but I do think that is a lot of driving fact to it. Another big thing has been the oil prices. Per barrel $45 a barrel, gas prices and where they are at right now, at all time lows. That’s going to be a driving factor on economic things this summer when you typically will see gas prices go up, we are seeing them deteriorate or go down. So it’s not following the norm there either which might have a positive economic factors. I’m watching the stock market everyday, watching the bond market, trying to see any insight or anything else.
I’m nervous right now to make the comment, I’m still waiting see, if the events just unfold over the weekend and the holiday yesterday, I’m still more in the wait and see how this is going to shake out. There’s no driving factor saying it’s going to shoot out on dramatically and it since it has increased in such a short time period, I’m still playing like I said that wait-and-see game.
So moving forward and you still the markets are exploding there’s just not enough inventory, I know I have said that 12 times in a row. Each time I do these we need more inventory. There’s just not enough houses and there’s no lower end houses. You’ll see a lot of improvements on existing apartment complexes, but there’s just not enough new building going on in the Portland, Seattle, Spokane, Boise areas. This is what should be happening to support this growth that’s happening, but hopefully that stuff will start turning a little bit more. You’ll see or start seeing larger development and things happening. There still no signs of lower end house prices, 300,000 is really the lowest you will see, I mean everything that’s being built right now is so high because the cost of land is so expensive, is really upper end houses. So it’s going to be weird see how that works out, are the houses going to get smaller? You know, what’s going to actually happen that upset that? At this point, who knows?
So hopefully everyone has a wonderful time in the sun and joy in the month of July. Please please please reach out with questions for us. It’s been awesome about what these videos have done to stimulate a lot of people to look at doing refinances, cash-outs, streamlines, looking at selling that house, or buying another house. Anything you’re doing right now in this market if you are selling, it does make sense to buy something because you’re selling one on the upper and buying one on the upper end so it’s a time to make that transition, it’s pretty easy to sell a house. Please let us know if you have questions and talk to you later, thanks bye!