The December numbers are in, and they are at the bottom of this post, but first, important history.

 

On this day commemorating the incredible work towards equality of the late, great Martin Luther King Jr., I want to share with you his legacy on fair housing in America.

From The Equal Rights Center:

 

"From 1965 to 1966, Dr. King co-led the Chicago Freedom Movement, a campaign which sought to challenge discrimination in employment, education, and housing in Chicago. During this time, Chicago was one of the most residentially segregated cities in the country. Black homeseekers in the city and surrounding suburbs were effectively barred from middle-class, predominantly white neighborhoods and prevented from seeking housing freely. By organizing tenants’ unions, sharing their demands with city government leaders, and marching through majority-white neighborhoods, the Chicago Freedom Movement advocated for “open housing” – the right for Black Americans to buy homes anywhere they wish. One of the methods that Dr. King and civil rights advocates used to uncover discrimination in housing was testing. Testing involves one or more people covertly engaging in a transaction or interaction, in order to determine whether discrimination may be occurring."

 

One week after Martin Luther King Jr. was assassinated, the Fair Housing Act was passed into law. We owe a huge debt of gratitude to Martin Luther King Jr. for his role in striving for equality in homeownership.

 

To learn more, check out MARTIN LUTHER KING, JR.’S FAIR HOUSING LEGACY: HOW TESTING PLAYED A ROLE IN THE CIVIL RIGHTS MOVEMENT,

 

Remembering Martin Luther King Jr.'s fair housing legacy,

 

and 

 

U.S. Department of Housing and Urban Development: HISTORY OF FAIR HOUSING

 

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The December report is in! Inventory dropped again. With an already historic low inventory, the holidays, and a new variant, the numbers are incredibly low last month, however I am beginning to see more homes pop on the market after the New Year.

Market

 

For Southwest Washington specifically, click here.

 

Finally, this update from Mark Aalto with Advantage Mortgage on rates in 2022:

 

For many months we have been hearing 'experts' indicate that rates will hit close to 3.75% by early Summer.  2022 said 'hold my beer' and rates are already at or near this level.  We've all heard economists talking about inflation but up until the last 10 days we haven't really seen it impact mortgage rates.  For whatever reason, we're seeing the changes now and they are happening very rapidly.  And yes, it's all about inflationary pressure right now.
 
I'm bringing this to your attention because now may be a good time to let your clients know about how much the market has changed - especially in such a short period of time.  It can be a real shock for consumers to see rates .75% to 1% higher than they were just a few months ago.
 
What encourages me is that most of the buyers we see still have enough income that the rate increases won't prevent them from purchasing.  And rates are still historically low.  But there are a handful of buyers out there that are just barely qualified at the prior lower rates.  
 
If you have any questions or if I can be of assistance, please reach out.  2022 is off to a fast start and I still expect we're going to have a great year - even if rates aren't at all-time lows.    
 
Mark Aalto 
Senior Loan officer
NMLS 116708
Advantage Mortgage
503 334-4737