Help Us Save The Housing Industry


Dear Reader,

 I wanted to make you aware of an important petition that is being circulated in support of a new plan to save the housing industry. It was developed by a mortgage industry insider and we, at the Originator Times, believe it’s the only current plan to restore faith in the housing market and create profitability within our industry once again.

If you are sick of getting calls from potential customers you can’t help because they are upside down on their mortgages; tired of loan programs that are here today and gone tomorrow; frustrated with volatile rates and increasing credit score requirements; and angered by plans that bail out the wealthy and powerful and do nothing to fix the real problem then join mortgage industry veteran Scott Messina and the Originator Times in making our voices heard in Washington.  

Now is the time to act!  Sign the petition to support Messina’s “Save the American Dream” plan – the only plan that solves the root of the housing problem and sets the wheels in motion for a 2009 refinance boom similar to 2003 levels. 

Click here to sign the petition, or visit http://savetheamericandreamplan.com to read about the complete plan, or scroll down to read a summary, then forward this e-mail to everyone you know in the industry.

 

Sincerely,

Melissa Sike

Editor  

***

Save the American Dream Plan

 

The banks on Wall Street got their bailout. Now, what about all of us in the housing industry and those who work on Main Street?   

Were still hurting because the big Wall Street bailout did nothing to address the root cause of the housing crisis.   We need a real solution instead of a band-aid.  The Save the American Dream plan is the correct solution and it isn’t being heard in Washington because the people on Main Street – whom would be helped – aren’t donating millions of dollars to a particular political campaign, and therefore, have no economic representation in Washington.  For two reasons, it’s our responsibility as mortgage industry professionals to speak for those that have no voice and make Washington listen to the plan that will save struggling homeowners …and ourselves.  It’s our responsibility because we were a part of the problem (along with many others, including borrowers) and because we are the ones that have the industry knowledge and expertise to really do what needs to be done.  We are in a unique position here to really solve this crisis.  Click here to join us in support of the Save the American Dream plan .

The Save the American Dream plan will empower those millions of Americans who because of foreclosure and financial chaos have been living out their worst nightmares and provide them with viable refinance options to wake up and restore their dream. 

By providing millions of Americans with a refinance option as an alternative to foreclosure, we’ll in turn create a refinance boom within the industry. 

The Save the American Dream plan will save Wall Street by lending Main Street a hand and will rescue the U.S. housing market in the process.

Betty Jung’s Blog: Market Update: Building Permits 2007 vs. 2008


And, here are some more numbers:

According to the Construction Monitor www.constructionmonitor.com and the Home Builders Association of Metropolitan Portland, here is the 2008 Year-to-Date Building Permit activity by county.  It is at its lowest since 1991.

Many small builders haven’t built anything new in several months and in some cases more than a year.  If you read my recent post Market Update:  New Construction, you will see there is still a large inventory of new homes that builders need to unload.  Remodeling is also lagging.

In addition, many of the local builders here have filed for bankruptcy protection as I reported in my “Top 50 Builders in Oregon” post.  This weekend, I happened to notice another one of our larger local builders, whom I won’t name, is selling some of his lot inventory.  Is he in trouble or is he just making sure he won’t be? 

2008 Year-to-date Building Permit Activity by County

2008

2007

Difference

WASHINGTON COUNTY

 

 

 

Single Family

650

1,681

-1,031

Duplexes/Twin Homes

0

0

0

Other Residential Structures

23

96

-73

Residential Remodels

291

442

-151

MULTNOMAH COUNTY

 

 

 

Single Family

643

1,249

-606

Duplexes/Twin Homes

23

84

-56

Other Residential Structures

29

66

-37

Residential Remodels

1,004

1,312

-308

CLACKAMAS COUNTY

 

 

 

Single Family

619

1,361

-743

Duplexes/Twin Homes

4

9

-5

Other Residential Structures

91

209

-118

Residential Remodels

417

606

-189

YAMHILL COUNTY

 

 

 

Single Family

256

370

-114

Duplexes/Twin Homes

30

13

+17

Other Residential Structures

32

154

-122

Residential Remodels

91

95

-4

Source:  Construction Monitor (www.constructionmonitor.com) and David Nielsen, Home Builders Association of Metropolitan Portland.

Copyright ©Betty Jung 2008.  All Rights Reserved.

Disclaimer: All information in this post is subject to change without notice. Subject matter is an opinion, is not guaranteed, may be time sensitive, and may be based on information collected from several sources which may or may not be reliable at the time of sourcing.  

(For more local and national real estate news, click on my monthly newsletter – JUNG’S JOURNAL – on my website www.bettyjung.com).
Betty Jung
Broker
RE/MAX equity group, inc.
503-495-5220 or email:bettyjung@remax.net