Who or what's coming you ask? Why the huge backlog of bank foreclosures of course! One of the topics of conversation that came up at our weekly business meeting today was the foreclosure mess. One broker mentioned the 60 Minutes tv segment that aired Sunday night about "Robo-Signers". I watched the segment and it is pretty disgusting, in regards to the blatant fraudulent signitures used in these foreclosure documents. I could go on and on about how wrong it is. But I also realize that probably 99.999% of the delinquent homeowners would have lost their homes anyway. The bottom line is the banks … (0 comments)
"New home sales tumble to record low" I mean, I could go on and on with examples of the news media "Chicken Little" cries "The Sky is Falling! The Sky is Falling!" But what is the point?
We all are drawn to these headlines with a morbid sense of curiosity. Like people who slow to a crawl on the highway to rubberneck at an accident. So why are news stories painting such a bleak picture? Because that sells … (3 comments)
real estate: The 7 Most Dangerous Short Sale Myths - Complete Version
- 06/26/10 03:36 AM
Don't let one of these dangerous myths land you and your family in foreclosure ... A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.
Myth #1 - The Bank Would Rather Foreclose than Bother with a Short SaleThis is one of the most common misconceptions. The reality is that banks do not want to foreclose on your … (2 comments)
real estate: The 7 Most Dangerous Short Sale Myths - Myths #2 & #3
- 06/24/10 04:52 AM
Don't let one of these dangerous myths land you and your family in foreclosure... A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.
Myth #2 - You Must Be Behind on Your Mortgage to Negotiate a Short Sale While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, … (3 comments)
real estate: The 7 Most Dangerous Short Sale Myths - Myth #1
- 06/23/10 04:32 PM
A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs. Myth #1 - The Bank Would Rather Foreclose than Bother with a Short Sale
This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the … (5 comments)
real estate: Foreclosure, A National Problem:
- 06/23/10 03:19 PM
Foreclosure, A National Problem:Here are some disturbing statistics from the Mortgage Bankers Association, based on 44.6 million mortgages. Data courtesy of the CDPE organization. National Numbers, Prime Loans - 1st Quarter 20103.41% in Foreclosure6.89% in Default (30+ days late)10.3% Total National Numbers, Subprime Loans - 1st Quarter 201015.39% in Foreclosure25.76% in Default (30+ days late)41.15% Total National Numbers, FHA Loans - 1st Quarter 20103.93% in Foreclosure12.09% in Default (30+ days late)16.02% Total National Numbers, VA Loans - 1st Quarter 20102.63% in Foreclosure7.06% in Default (30+ days late)9.69% Total National Numbers, All type loans combined - 1st Quarter 20104.63% in Foreclosure9.38% in Default (30+ … (0 comments)
real estate: Portland, Oregon Metro Area - Market Action Report
- 06/15/10 11:52 AM
Here is a brief synopsis of the the latest Market Action Report provided by our local mls for the Portland, Oregon metro area as of May 31, 2010.Inventory is down to only 7 months, the lowest inventory has been since August 2007!Year to date marketing time is down to 134 days, a 10.7% decrease from 151 days this time last year.Year to date closed sales are up to 8,069 units, a 42.7% increase from 5,653 units this time last year.Year to date pending sales are up to 9,792 units, a 28.3% increase from 7,633 units this time last year.Year to date average sales price is down to $278,500, a 5.2% decrease from $293,800 this time last … (0 comments)
real estate: Doom and Gloom?
- 05/19/10 09:06 AM
You wouldn't know it by the doom & gloom in the news, but year to date closed sales in the Portland, Oregon metro area are actually up 41.4% compared to this time last year! This is based on RMLS market statistics as of April 30, 2010. Granted the average sales price has dropped 5.2%, but the days on market has actually decreased 8.8% and inventory has also decreased from 11 months to 7.3 months. How much of the increase can actually be attributed to the buyer's tax credit is anybody's guess. So how are things in your local market? … (1 comments)
Demographics:Estimated zip code population in 2008: 27,797Estimated median household income in 2008: $70,111Dec. 2009 cost of living index in zip code 97062: 102.3 (near average, U.S. average is 100) Market Trend Report:There were 227 detached residential homes sold in the last 12 months.The average sales price was $375,283.The average days on market was 184.There are currently 148 detached residential homes listed for sale.Based on the absorption rate of the last 12 months there is approximately 8.2 months of inventory. See the graphs and chart below of my research results for additional details:
Demographics:Estimated Population in July 2008: 48,713.Estimated median household income in 2008: $64,944.Dec. 2009 cost of living index in Tigard: 100.5 (near average, U.S. average is 100) Market Trend Report:There were 681 detached residential homes sold in the last 12 months.The average sales price was $314,854.The average days on market was 158.There are currently 434 detached residential homes listed for sale.Based on the absorption rate of the last 12 months there is approximately 7.8 months of inventory. See the graphs and chart below of my research results for additional details:
For more information about Tigard, Oregon or any … (0 comments)
real estate: Portland, Oregon (West, Raleigh Hills) 12 Month Market Trend 5/1/10
- 05/01/10 05:32 AM
The approximate boundaries for (West, Raleigh Hills) Portland, Oregon are as follows:NORTH: Willamette River, WEST: Cornelius Pass Rd. to Washington Co./MultnomahCo. line (including Raleigh Hills),SOUTH: Multnomah Co./Clackamas Co. Line,EAST: Willamette River. (Excludes Lake Oswego addresses.)
Market Trend Report:There were 1,195 detached residential homes sold in the last 12 months.The average sales price was $453,927.The average days on market was 145.There are currently 919 detached residential homes listed for sale.Based on the absorption rate of the last 12 months there is approximately 9.3 months of inventory. See the report graphs and chart below of my research results for additional details:
For more information about Portland, Oregon … (0 comments)
Market Trend Report:There were 841 detached residential homes sold in the last 12 months.The average sales price was $241,744.The average days on market was 76.There are currently 335 detached residential homes listed for sale.Based on the absorption rate of the last 12 months there is approximately 4.8 months of inventory. See the report graphs and chart below of my research results for additional details:
For more information about Portland, Oregon or any of the other local markets I provide help in, feel free … (0 comments)
real estate: Portland, Oregon (Northeast) 12 Month Market Trend 4/30/10
- 04/30/10 03:52 AM
Portland, Oregon (Northeast) 12 Month Market Trend The approximate boundaries for northeast Portland, Oregon are as follows:East of the Willamette River / Williams Ave.South of the Columbia River.West of the City of Gresham, Oregon.North of Burnside St.
Market Trend Report:There were 1,846 detached residential homes sold in the last 12 months.The average sales price was $293,472.The average days on market was 95.There are currently 858 detached residential homes listed for sale.Based on the absorption rate of the last 12 months there is approximately 5.6 months of inventory. See the report graphs and chart below of my research results for additional details:
For more information about … (0 comments)
real estate: Happy Valley, Oregon - 12 Month Market Trend 4/29/10
- 04/29/10 03:58 PM
Located just southeast of Portland, Oregon. Demographics:Estimated Population in July 2007: 4,992.Estimated median household income in 2008: $118,241.Dec. 2009 cost of living index in Happy Valley: 99.6 (near average, U.S. average is 100) Market Trend Report:There were 343 detached residential homes sold in the last 12 months.The average sales price was $382,329.The average days on market was 182.There are currently 225 detached residential homes listed for sale.Based on the absorption rate of the last 12 months there is approximately 8 months of inventory. See the graphs and chart below of my research results for additional details:
For more information about Happy Valley, Oregon or … (0 comments)
real estate: Portland, Oregon (Southeast) 12 Month Market Trend 4/28/10
- 04/28/10 05:50 AM
Portland, Oregon (Southeast) 12 Month Market Trend The approximate boundaries for southeast Portland, Oregon are as follows:East of the Willamette River.South of Burnside Street.West of the City of Gresham, Oregon.North of Johnson Creek Blvd.
Market Trend Report:There were 2,464 detached residential homes sold in the last 12 months.The average sales price was $247,560.The average days on market was 99.There are currently 1,185 detached residential homes listed for sale.Based on the absorption rate of the last 12 months there is approximately 5.8 months of inventory. See the report graphs and chart below of my research results for additional details:
For more information about Portland, … (0 comments)
Location:Located in the northwestern corner of Clackamas County, Lake Oswego is ideally situated close to Oregon's major metropolitan areas--just eight miles south of downtown Portland and 45 minutes north of the state capitol in Salem.
Demographics:Estimated Population in July 2008: 36,926.Estimated median household income in 2008: $90,901Dec. 2009 cost of living index in Lake Oswego: 105.7 (more than average, U.S. average is 100)
Market Trend Report:There were 433 detached residential homes sold in the last 12 months.The average sales price was $596,634.The average days on market was 193.There are currently 472 detached … (0 comments)
Location:Located at the junction of the Clackamas River and the Willamette River. Gladstone has something for everyone: parks, boat launch, sports fields, and a Senior Center.
Population in July 2008: 12,079.Estimated median household income in 2008: $58,870.Dec. 2009 cost of living index in Gladstone: 100.4 (near average, U.S. average is 100)
Market Trend Report:There were 87 detached residential homes sold in the last 12 months.The average sales price was $222,523.The average days on market was 130.There are currently 47 detached residential homes listed for sale.Based on the absorption rate of the last 12 … (0 comments)
Location: Milwaukie, OR is located in Clackamas County in the northern section of the Willamette Valley. Recreational amenities in Milwaukie and its vicinity include, but are not limited to, the North Clackamas Aquatic Park, the Springwater Trail, and a Willamette River boat ramp. Clackamas County contains many amenities a short drive away including Mt. Hood and Timberline Ski areas, Molalla River State Park, and much more.
Estimated Population in July 2008: 20,707Estimated median household income in 2008: $55,400Dec. 2009 cost of living index in Milwaukie: 99.9 (near average, U.S. average is … (0 comments)
real estate: March foreclosures skyrocket to new monthly record!
- 04/21/10 05:00 AM
I just finished reading an article titled "March foreclosures skyrocket to new monthly record" which was in an online publication I subscribe to called "Valuation Review". The numbers put forth are staggering! The article quotes "RealtyTrac's U.S. Foreclosure Market Report" as one of its sources. The article states:"RealtyTrac's U.S. Foreclosure Market Report for the first quarter shows that foreclosure filings - default notices, scheduled auctions and bank repossessions - were reported on 932,234 properties, a 7 percent increase from the previous quarter and a 16 percent increase from the first quarter of 2009. One in every 138 U.S. housing units received a … (0 comments)
They're Coming...
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