Dear All: Since we are in such hard economic times - I thought I would send this Market Focus along to you instead of my normal monthly newsletter. This information was provided to me by a wonderful local lender - who is one smart cookie- Linda Rogers of First Metropolitan - 928-203-0695. I thought it would be helpful for you to see some stats about our economy. As far as our local market is concerned - it continues and will continue for some time to be a great time to buy. If you are thinking of buying - let's work together to get you the best deal. I pride myself on my negotiating skills and will work diligently on your behalf. If you are a seller who needs to sell - the pricing is key to the whole transaction. There are buyer's out there - but it needs to be priced below yes, below the market to sell. It's not going to get better anytime in the next 12 months so if you need to sell.. price it to sell. If you can hang on till 2010 - then take it off the market. If you are a seller who is facing financial ruin - please call me. I have worked with clients with short sales and foreclosures. If you would like to stay in your home - and can't make the payments - believe me - the bank will work it out with you - the last thing that they want is your home. They have plenty! Every time a bank forecloses on a property - it costs them an additional $50,000 - $75,000. You will need to show hardship - but they will work the deal. As always, I am at your service whenever you need me - please call or email me at barbara@barbarabaker.com or 928-301-0669. Best regards,
Barbara Baker - REMAX Sedona
Monday, September 29, 2008 - 2:30 pm MST
Personal income increased 0.5% in August while consumer spending remained unchanged. Over the past year, both have increased a moderate 4.6%. Nevertheless, spending has slowed significantly, enough so that there is a potential it will decline this quarter for the first time since Q4 1991. A closely watched inflation gauge contained in this data series, the core PCE price deflator, increased 0.2% on the month and was up 2.6% on the year, somewhat elevated but moderate enough to keep inflation fears at bay.
Stocks came crashing down Monday, when the House defeated the $700 billion bailout bill, given the acronym TARP which stood for Troubled Asset Relief Program. It would be rousing if the House voted down the bill on issues like disclosure, transparency or pricing of the remaining mortgage-backed securities in question, but it was seemingly voter pressure not to rescue the banking giants that in their minds were responsible for the credit crisis anyway. It remains unclear what the next step will be.
Treasury prices soared Monday on speculation that the credit crisis and economy would worsen significantly from here upon the House s failure to pass the bank-rescue plan. The flight to safety bid was robust as money flowed out of the stock market today. In late trading the 10-year note was up 1-30/32 to 103-6/32 to yield 3.61%.
As the growth outlook diminishes, rate cut expectations have increased. Rejection of the bank bailout bill today increases uncertainty about the resumption of credit flows, which will also weigh on growth prospects going forward. Fed funds futures traders were pricing in a 100% probability the Fed will cut by 25 basis points when they meet at the end of October, up from 50/50 odds just one week ago.
RATE LATEST CHANGE Fed Funds 2.00 0.00 Prime Rate 5.00 0.00 Fed Discount 2.25 0.00 11th District COF 2.698 0.00
ZIP Codes: 86325, 86326 Approximate Location Boundaries: City of Cottonwood - 30 Minutes due west of Sedona
Location Characteristics: Cottonwood Arizona was originally formed in 1874 as soldiers from Camp Verde were stationed there. Settlers began moving in, developing a community that took it's name from a circle of 16 cottonwood trees near the Verde River. It still retains it's "Old Town Main Street" complete with the original county jail! Recent upgrades to Main Street include fabulous restaurants, outdoor music concerts, and tucked away shopping. It's scenery can switch from green grass with willows to high desert. It is the seat of the trading center for the entire Verde Valley, with a wide range of retail establishments, professional services and manufacturing concerns. It is home to the Verde Valley Medical Center, and is the center of the Valley's medical community. It sits at the base of the Beautiful Mingus Mountains. It boast approximately 10,000 people. Statistically, Cottonwood is the place where much of the continuing growth of the Verde Valley will be found. It is a sweet, wonderful community!
About Barbara Baker:
Barbara Baker is a Premier Residential and Investment Specialist for Sedona and the Verde Valley. Using her vast knowledge of current market conditions, she individualizes each marketing plan to tailor fit her Clients to meet their personal and financial goals. First Time Buyers and Sellers become Repeat Customers and Friends. Before becoming an award winning producer for REMAX Sedona, Barbara was involved in the New York Television and Theatre Scene. Most notably she had a recurring role on "All My Children" for 9 years. She welcomes referrals and new clients.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
