The mortgage/real estate industry has forced us die-hard survivors to engage, adapt, change, and above all things, BE PATIENT. For the most part, this has not been a great personal challenge for me – I LIKE change, know how to adapt, and under most circumstances can be extraordinarily patient. I’m methodical and do a great deal of research – albeit quickly, sometimes -  before taking a major life step that affects others, applying that same attention to detail to my business.

For example, I’ve done a great deal of research on the Neighborhood Stabilization Program. As with most of the “slap them together and get them out there to save the world” programs that have been coming down the pipe in 2008 and 2009, this program has its plusses and minuses. One of the biggest minuses I see right now is HERE WE ARE A YEAR LATER AND THE FUNDING FOR THE OREGON NEIGHBORHOOD STABILIZATION PROGRAM HAS STILL NOT BEEN FULLY RELEASED! What happened to the objective of expediting the removal of foreclosure inventory from the real estate markets to help stabilize the housing industry?

Neighborhood Stabilization Program funding was released for a moment in Spring 2009, when ONE FAMILY in Medford Oregon had a reservation of funds excepted before Oregon put the program back on hold again in order to decipher a HUD change. Then, Medford – which is its own entitlement area and has a Neighborhood Stabilization Program funding allocation separate from the Oregon NSP – released the program and began accepting reservations the Friday before Labor Day Weekend. One family is so excited that their request for reservation of funds was accepted – but, “was it really?” is what I had to ask today. No definitive response was received today!

Since the holdup with the Oregon Neighborhood Stabilization Program was: first legal review of HUD changes, then hiring of a replacement NSP Coordinator as the other one was moved in to another position, then training of the new hire who has a background that had a steeper learning curve than anticipated, now the latest - we’re waiting for approved NSP forms to be released. Pllllleeeeaaaasssseeee!

COME ON PEOPLE!!!! You remind me of the twenty-something kid who finished high school somewhat uncertain of which path to follow, then stayed at home to start junior college while figuring out their chosen career path, then figured out what training they wanted/needed, then changed their mind three times redirecting their training each time, and here they are approaching thirty years old and may just stay home to take care of their elder parents. Failure to launch! This “child’s” friends all managed to get going and get on with it…

Oregon, are you going to make your latest extended release date of October 5, 2009?

Although they said they would “work with us” on the transactions where eligible buyers and their eligible NSP foreclosure properties are moving forward with their transactions, that just isn’t definitive enough for the low-to-moderate income home buyer who has to shell out $350 for their whole house inspection, then $450 for their appraisal inspection, coordinate repair bids with contractors who are concerned about how they will be paid, afraid they are risking their earnest money deposit. Yes, Oregon NSP administrators said they would cover one appraisal fee if an NSP deal does not come to fruition, but Oregon buyers are an independent minded lot and this carrot isn’t going to have them hanging around. So two bank-owned properties and the buyers who were willing to take on these challenges and NEED NSP funding in order to do so will not be proceeding as planned. Too risky, too uncertain, TOO LONG OF A WAIT!

Come on Oregon Neighborhood Stabilization Program – you’re failing to launch your children!

See you at the closing table (with or without NSP funding)!