What a change a 12 months can make. Bidding wars are springing up across Oregon and the Western states, as home buyers compete with investors and hedge funds for properties. Homeowners are watching their home values soar, and millions have returned to positive equity.
It’s a great time for home sellers. But what about home buyers? With mortgage interest rates passing 4 percent for a 30-year fixed-rate loan, is now really the right time to buy? Yes! Rates are expected to increase as we approach the end of 2013 and with home prices steadily rising, now is the time. Buying a home now at 2006 prices is a fantastic bargain!
So, how can we help you get into that new home? We have many loan programs available for all credit types.
- USDA: Zero Down Payment loan
- FHA: 3.5% Down Payment
- VA: For Veterans. Zero Down Payment
- Conventional: As little as 5% Down…
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Join SE Uplift on Saturday the 29th to connect with neighbors about ways to reduce energy use.
Join us for an interactive workshop focusing on innovative, neighborhood-level weatherization initiatives!
With soaring energy prices and a global climate emergency at hand, the time to create a community energy initiative is now.
If you are at all interested in working with your neighbors to take collective action to reduce energy use, save on energy spending, and increase home comfort – this is the workshop for you!
Attendees will have the unique opportunity to learn about and discuss creative neighborhood-level weatherization projects, connect with other passionate community members, and gain practical tools to create a energy-efficiency project in their own neighborhoods!
When: Saturday June 29, 2013 from 10am to 12pm
Where:SE Uplift is at 3534 SE Main St Portland, OR, 97214
The 1932 city incinerator landscape had changed quite a bit when this photo was taken in 1972. Trees obscured most of the building except for the prominent chimney; that was to come down in 1990. The facility had closed as an incinerator in 1970.
By Les Leopold
America is the richest country on Earth. We have the most millionaires, the most billionaires and our wealthiest citizens have garnered more of the planet’s riches than any other group in the world. We even have hedge fund managers who make in one hour as much as the average family makes in 21 years!
This opulence is supposed to trickle down to the rest of us, improving the lives of everyday Americans. At least that’s what free-market cheerleaders repeatedly promise us.
Unfortunately, it’s a lie, one of the biggest ever perpetrated on the American people.
Our middle class is falling further and further behind in comparison to the rest of the world. We keep hearing that America is number one. Well, when it comes to middle-class wealth, we’re number 27.
The most telling comparative measurement is median wealth (per adult). It describes the amount of wealth accumulated…
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Popular Economics Weekly
There are signs that economists have underestimated GDP growth this year. The New York Times surveyed economists in a recent Sunday front page article, that said growth could increase to 3 percent from the 2 percent norm of the past 3 years. “That is the surprising new view of a number of economists in academia and on Wall Street, who are now predicting something the United States has not experienced in years: healthier, more lasting growth,” said the Nicholas D. Schwartz article.
And consumers are spending more. May retail sales surprised on the upside and increased 0.6 percent on the month and were up 4.3 percent from a year ago. Retail sales excluding just autos and excluding both autos and gasoline were up 0.3 percent from April, much as expected. On the year, they were up 2.8 percent and 4.1 percent respectively.
This is reflected…
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Once again a big increase in the Portland Metro numbers as sales continue to rebound. Closed sales are up 26.2% over last month and 27.6% over last year. Average sales prices are up 4.7% over last month and 12.6 over last year. Median sales prices are up 4.9% over last month and 14.9% over last year.
Market time is still well above the “hot” days of old at 85 days on average. In 2005 & 2006 we were closer to 38-50 days average days on the market.
The insight this month is the positive increase in month-to-month sales prices haven’t been seen since back in April 2006 where we hit a 5.42% increase in average sales price. Well, we saw it this year a couple times in March 2013 (5.69%) and a record in January 2013 (12.20%). That record in January has not been seen in recent recorded history!
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We’ve seen this view before, in a photo taken eight years later from the same vantage point atop City Hall. This photo show more of the surrounding buildings in this view north up 5th Avenue. Many buildings are familiar today but a few (Congress Hotel and Cole McElroy’s Ballroom for two) met their fates many years ago.
The Portland Metro Regional Multiple Listing Service announced earlier yesterday that the Portland Inventory has dropped to 2.5 months. This has not been seen since June 2006 when we hit 2.6 months of inventory!
This is a small preview to an an exciting report coming out hopefully tomorrow.
Realty Trust Group
Zillow says it is 12%, Case Shiller says 9%, CoreLogic says 16%. Either way, Portland area home prices are up, up, up. And banks know. What we have been seeing lately is a number of short sales falling through because banks are beginning to push back on the values, they are not approving the lower price that the listing broker thinks the bank should take, but instead, coming back with a much higher value. This leaves buyers with a tough decision to make, who don’t have much to choose from in regards to inventory on the market. Banks are going to have their way and they know it.
Price: $150,000 to $300,000
Type: Residential Properties Only
Size : 1200 Square Feet or Larger
Bed: 2 Bedrooms or More
Bath: 1 Bedroom or more
Lot Size: Any size. Would like a yard but not a deal breaker of the yard is small.
Style: Open, buyer will consider a wide range of home styles.
Well qualified buyer.
Not yet. This is pending
Southeast Portland is preferred. Likes the Sellwood and Brooklyn, East and West Moreland areas. Will consider other close in Southeast Portland Neighborhoods.
Property must be zoned residential.
Family would like to live near New Seasons Market at 1214 SE Tacoma if Possible. This is not a deal breaker fr the buyer.
Multifamily (2 to 4 unit properties): Will consider multi family properties that are higher than $300,000…
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It’s been many years since a parking garage was built with ornate columns, and we’re unlikely to see it ever happen again. This garage was built on the southeast corner of SW 5th & Taylor in 1917, replacing the Frazier-McLean Livery Stable, bottom image. The Multnomah County Courthouse can be seen in the right distance of both illustrations. The Standard Insurance Center is now on that block.
(The Oregonian. Retrieved from http://infoweb.newsbank.com)
I’ve been saying it for the last 3 months, NOW is the time to buy.
This is a great article by the KCM crew.
The real estate community is often criticized for always seeming to have a Pollyanna attitude about the housing market. Many believe that the industry’s current call ‘to buy now’ is nothing more than a scare tactic with the sole purpose of creating more commissions for the industry. Let’s take a look at whether or not that advice was good advice over the last year.
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. According to the most recent Case-Shiller Home Pricing Index, home values have risen over 10% in the last year. If we look at Freddie Mac’sWeekly Primary Mortgage Market Survey®, the 30 year mortgage rate has increased from 3.67% to…
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According to Zillow Mortgage Marketplace, mortgage interest rates rose sharply this week to 3.71% (up from 3.58%). This increase was due to the Federal Reserve talking about scaling back its economic stimulus plans (read: Quantitative Easing plans). Some expect mortgage rates to remain stable, but based off of the relationship between the 10 year treasury yield and 30 year mortgage rates over the past decade (as shown in this graph), interest rates should already be in the 4’s (4.14% to be exact).