New Home Sales VS Existing Home Sales - 10/29/09 12:44 PM
Things are not as rosy as well think...
[N]ew home sales are far more important for employment and the economy than existing home sales. When an existing home is sold, the housing stock doesn't change, and the only direct contribution to the economy are the transaction costs. When a new home is sold, the housing stock of the nation increases, and there is a significant amount of spending on material and labor.During the housing bust, new home sales fell much further than existing home sales (as a percent of sales). I've jokingly referred to the difference in percentage declines as the … (2 comments)

Stop worrying about the tax credit. Raising rates should be what we are worried about - 10/28/09 07:16 PM
Just found this post online, and this is really what realtors, lenders, and most importantly, clients should be worrying about.  The Fed is going to stop buying mortgages, rates WILL go up at least a full point.  This is what we should be worrying about.
http://curiouscapitalist.blogs.time.com/2009/10/27/are-housing-prices-about-to-start-tumbling-again/#ixzz0VGSt1vTE
… (4 comments)

Tax Credit Thoughts - 10/28/09 06:25 PM
I am in the camp that they should not extend the tax credit.  The numbers just do not support it, and I could link to articles on it.  But, I am not going to do that right now (I can send you all some if you would like).
I am not trying to piss any realtors off, because they are my partners, but why is it that of all those I have spoken too, read their blogs, emailed with, ONLY realtors are for the tax credit extension?  And when I say that, I mean those in the industry, lenders, title people, … (4 comments)

Frontline from last night - 10/28/09 04:50 PM
Watching Frontline from last night. So happy that I have great friends/family/business. So many sad stories from so many different places.  
http://www.pbs.org/wgbh/pages/frontline/closetohome/view/
… (0 comments)

Tax Appeal - 10/28/09 02:04 PM
Hey all!
I just got this great email from one of my co-workers for those of us that want to appeal our property taxes.  Good info for all!
 
Hey, everyone.  For those of you who think your property tax bill is too high (um, all of us?!), here's a link to Multnomah County's appeal procedures.  I've appealed my taxes successfully in the past using an appraisal, but per the website, it looks like a comp check with photos would suffice.  It's pretty much what we do upfront for clients when they don't know their home value..plus we can look like stalkers - or … (0 comments)

Not worth it to refinance? - 10/28/09 01:44 PM
I have a client right now that contacted me about refinancing.  He wanted to get out of his interest only loan, a first and second.  I took a look at the situation, and I honestly do not think the value is in the home to combine the two loans.  Also, all of the costs (pre-paids/CC's) would equal about $11,000.  After I did some research, I told him that it might be worth it to just pay a couple hundred each month on his loan, so he paying on the principle, rather than do a full refi, just to get out of … (3 comments)

Q3 Foreclosures~What recovery? - 10/27/09 12:33 PM
I just found this amazing info piece about the foreclosures in OR, and across the country.  It really makes you wonder, 'what recovery?'  So, lots of people are losing their homes, home prices seem to be stabilizing, the tax credit is about to expire, and the Fed will STOP buying mortgage soon...never a dull day in the real estate world.
My fear from these numbers is that there is going to be a glut of inventory soon enough.  Where are all these homes going?  The banks do not want to flood the market with homes, or else they risk cutting their … (0 comments)

The Tax Credit Convo - 10/26/09 07:12 PM
I had this amazing conversation on Facebook a while ago about the tax credit.  At least, I think it is amazing :)  Let me know what you think. Bruce Lindner We're in the same boat, my friend. I'm just barely hanging on now. 01 October at 14:41 Nowlin Haltom It has been bad here but some of a turnaround in lower end price range due to 1st time buyer's program. 01 October at 14:44 Jake Planton I have to disagree Zach: 'Either way, the program is already going to cost about $15 billion if it winds down as planned, according to … (0 comments)

Rate Update for 10/26/2009 - 10/26/09 12:59 PM
Good Morning all! I hope everyone is enjoying this glorious rain :) Rates have moved up a bit this morning, but from the indicators that I am seeing, they should come down a bit later into this afternoon. Let me know if you have any questions! There are so many factors on EVERY loan that it can be dangerous to quote. Keep in mind that rates can change hourly on busy days, so this is just a snap shot in time. I want to try and show you how things are moving through each day. Here are the factors I will … (0 comments)

Rate update for 10/21/2009 - 10/21/09 05:04 PM
Rates were hit hard this morning, but they have clawed back to about where we were yesterday.  Here is where we are now.
There are so many factors on EVERY loan that it can be dangerous to quote. Keep in mind that rates can change hourly on busy days, so this is just a snap shot in time. I want to try and show you how things are moving through each day. Here are the factors I will be quoting:

Purchase, 20% down, owner occupied, single family residence, full documentation, 740 Fico score, $325,000 purchase price, and a loan amount … (0 comments)

The Warning, and The Collapse - 10/21/09 12:16 PM
Last night, Frontline did a story on Brooksley Born, who was in charge of the CFTC.  This was a small regulatory agency that was not looked on with great respect.  When she came in, Washington was all about de-regulation.  The market was flying high, and there was no reason to mess with it.  She saw how these secretive derivatives were being used by big banks, and saw how dangerous they were.  When she reported this, and wanted to regulate them, the big money policy folks in Washington tore her APART.  She resigned after they took away her regulatory powers.  She saw … (3 comments)

 

Jake Planton

Portland, OR

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