Bailing Out Sub-prime Borrowers - 07/25/08 04:29 PM
The Congressional Budget Office estimates that 400,000 borrowers with $68 billion in loans may benefit from a rescue bill.  This bill is to help homeowners avoid foreclosure by offering at-risk borrowers the chance to refinance their old mortgages into new low-cost fixed-rate loans.
To qualify borrowers must live in their homes and have loans that were accuired between January 2005 and June 2007. Also, they must be spending a minimum 40% of their gross monthly income on all household debt to be eligible for the program.  They do not necessarily have to be in default but they do have to prove … (1 comments)

Helping the Mortgage Market - 07/22/08 01:58 PM
 
The next big plan for helping out the mortgage industry is to full inform investors of the types of mortgages they are buying into.  The idea is to promote confidence in the investment they are making so that mortgage-backed securities will be bought once again. 
A group representing the buyers and sellers of mortgage backed securities unveiled a plan on Wednesday to recharge the moribund mortgage market.
In order for lenders to raise enough money to offer as many loans as they do, they have to bundle their mortgages and sell them to investors as mortgage backed securities.  Lenders such … (1 comments)

June Market Report - 07/15/08 02:38 PM
June Residential Highlights
 
June sales activity was mixed when compared to that of May 2008. On the other hand, activity continues to follow a downward trend compared with 2007. From May to June, there was a 0.8% increase in closed sales (1,877 v. 1,863) - the second straight month of increasing sales. New listings also grew a slight 0.6% (5,213 v. 5,182). Pending sales, however, dropped 6% (1,996 v. 2,124).  On the other hand, comparing June 2008 with June 2007, closed sales dropped 31.3% and pending sales decreased 30%. New listings were also down 16.3%. See table below.  At the … (1 comments)

Crawfish of the Caribbean - 07/11/08 03:55 PM
That is the theme for the 58th annual Crawfish Festival in Tualatin on Friday and Saturday August 8th & 9th.  This year there is a Crawfish of the Caribbean Treasure Hunt.  Clues will lead participants to various locations with a grand prize of a 42-inch flat-screen TV donated by West Coast Bank.
Also new this year will be the “Teen Scene” activities.  Events such as a skate demonstration by members of the official Exit Real World team, an urban dance performance by Hip Hop Handbook and a free basketball clinic for pre-high school students by the Trail Blazer organization.
And just … (0 comments)

The Year of the Investment Buyer - 07/02/08 05:21 PM
The crazy-low home prices have finally begun to lure real estate investors into the market.
Sharon Restrepo, a broker in South Florida, where home prices have dropped nearly 27% over the past 12 months, recently bought a three-family home from a very motivated seller for a mere $65,000. It listed for $195,000.  She can rent the three apartments out for about $1,500 and turn a profit, while she holds on to the property until the market recovers.
If you fancy yourself an investor, the down times are when you truly make your move.
Some places can be rented out while waiting … (0 comments)

 
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Tony and Libby Kelly, CRS, ABR, ePro, SRES, CLHMS, CDPE

Lake Oswego, OR

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Keller Williams Realty Portland Premiere

Office Phone: (503) 924-3520

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In this forum we will offer discussions on a wide variety of subjects, but focus on Portland Metro and real estate. Hopefully our insights and experiences will inform, educate, challenge and entertain our readers week after week.


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