The Great Re-session began to impact our housing market during the last quarter of 2009 and went into 2010. The Real Estate Market for Union County was hardest hit in our rural properties. With the gas prices being high during those times and fewer buyers in the market place for rural properties set a downward trend for homes on small acreage properties. The market was slowly dropping until 2013 and 2014. During the year of 2015 we noticed more buyer activities to begin on small acreage properties. In 2016 we saw our best real estate news by seeing a more active market with price increases. There has been fewer homes going into the foreclosure in Union County.
The good news in our La Grande Real Estate market is that the interest rates have not seen a major change in the interest rate. Buyers continue to have strong confidants in the housing market.
More Real Estate news
Another part of Real Estate news is the new lending laws went into effect in 2010 which was the Dodd/Frank legislation. The intent was to hold lenders accountable for their action regarding their loans. The intent of the legislation was to insure that lenders would disclose to buyers the type of interest rates that were attached to their loan. Some loans had interest rates that were adjustable without the buyers knowing it. There are two major forms that are part of TRID. One is lender loan estimate and the other is a closing disclosure. The Dodd/Frank legislation also took away the communication between lenders and appraisers. Lenders no longer are able to contact the appraisers or have a conversation regarding their appraisal work.
In 2013 another lender rule went into effect called the TRID. TRID requires lenders and private trust deed and notes 3 business days for the buyer to review their closing papers that they receive from the title companies.