Forbes Names Memphis, TN an “Opportunity City”

Opportunity Cities are areas where you can start your family, buy an affordable home, attend good universities, start a career, and lead an overall comfortable life.  By moving to one of these cities people will avoid the high living cost headaches as we see in Orange County, CA for example.

So how did Forbes recently narrow down Memphis, TN as one of their top picks? They analyzed home prices using Sperlings analysis of median home sales from the first quarter of this year, only used cities with a population over 15,000, unemployment rates from the Labor of Statistics on a year over year basis, and pulled data from the Census survey from 2008-2012. A full analysis points to Memphis being a great area for investors and home buyers.

A number of other sources highlight this market including Zillow which has recorded almost a 4% increase in home values over the past year and predicting another 4% rise over next year. Median home values in this market currently sit at $68,100. It’s pretty clear that buyers can get the “biggest bang for their buck” here.

Memphis, TN’s central location has contributed greatly to its economic growth. It’s actually home to more Fortune 500 companies than LA and is a major center for medicine and the biomedical field.

Memphis, TN has been on our top investment market list for over ten years now and consistently provides investors with good cash flow on affordable properties. This is equally a wonderful place for those who want to move somewhere for a respectable career or to start a family.

Source http://www.forbes.com/sites/erincarlyle/2014/09/18/forbes-opportunity-cities-19-places-where-it-may-be-easier-to-make-your-mark/
Source: http://www.zillow.com/memphis-tn/home-values/

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Fed Confirms End of QE in October 2014

The Federal Reserve released key information today confirming the QE bond purchasing program would indeed be ending in October 2014. However, much of the hype surrounding this particular fed meeting was with regard to the Federal Fund Rate which is the overnight rate at which banks and other large financial institutions borrow money from the federal-reserve. This rate is currently 0-.025% and affects all types of consumer financing.

Recent reports indicated the Fed had changed its pace on when to raise the Federal Fund Rate. Previous stance was 12-24 months after QE (Quantitative Easing) ends. Recent reports stated economic data had improved enough for the Fed to raise the Fund Rate as early as 6 months post QE. Today, the facts were revealed and to very little surprise, The Fed has decided to keep its same verbiage that rates will stay low for a “Considerable time” (12-24 months depending on economic data). This will put ease in the bond markets and keep mortgage bonds from trading below their key levels of support. Rates did go up a bit today based on confirmation that QE would end next month but held support due to the Feds stance on when to raise the Fed Fund Rate.

Ultimately, the Fed is watching 3 main economic indicators. The first being inflation (currently dragging along at 2%). The fed wants to see 3%+ before raising rates. The second is our labor market. Though our unemployment rate has continued to decline, the Fed still sees a large underutilization of jobs in the U.S. economy and wants to see better job growth before raising rates. The third is GDP Growth (Gross Domestic Product) which tells us how fast the economy is growing. Currently GDP growth is dragging along at 2%. The Fed wants to see consistent 3%+ GDP growth before raising interest rates.

We will continue to watch these 3 economic indicators closely and keep a close eye on the bond markets leading up to the last big purchase of mortgage bonds next month. For now, the bond market ended slightly down today (when bonds sell off, the bond depreciates and the rate goes up, therefore interest rates go up) with rates on the 15 and 30 year fixed up .0125% percent from last week.

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