Asking Prices and Inventory for Homes in Portland Oregon


As of April 08 2013 there were about 8,039 single family and condo homes listed for sale in Portland Oregon. The median asking price of these homes was approximately $274,000. Since this time last year, the inventory of homes for sale has decreased by 24.4% and the median price has increased by 9.6%.

April 08, 2013 Month/Month Year/Year
Median Asking Price $274,000 +3.4% +9.6%
Home Listings/Inventory 8,039 +0.8% -24.4%

Recent Asking Price and Inventory History for Portland

Date Single Family & Condo
Inventory
25th Percentile
Asking Price
Median
Asking Price
75th Percentile
Asking Price
04/08/2013 8,039 $185,000 $274,000 $439,000
04/01/2013 7,836 $185,000 $269,900 $429,900
03/25/2013 7,975 $184,990 $269,900 $429,950
03/18/2013 7,998 $184,900 $269,900 $429,000
03/11/2013 7,979 $181,900 $265,000 $425,000

Portland Asking Price History

The median asking price for homes in Portland peaked in April 2007 at $354,740 and is now $82,790 (23.3%) lower. From a low of $239,125 in February 2011, the median asking price in Portland has increased by $32,825 (13.7%).

25th, Median (50th) and 75th Percentile Asking Prices for Portland Oregon

Portland Housing Inventory History

Housing inventory in Portland, which is typically highest in the spring/summer and lowest in the fall/winter, peaked at 23,354 in July 2008. The lowest housing inventory level seen was 7,938 in April 2013.

Housing Inventory for Portland Oregon

Portland Asking Price and Inventory History

Date Single Family & Condo
Inventory
25th Percentile
Asking Price
Median
Asking Price
75th Percentile
Asking Price
April 2013 7,938 $185,000 $271,950 $434,450
March 2013 7,969 $182,923 $267,425 $427,213
February 2013 7,981 $179,900 $262,450 $419,731
January 2013 8,250 $179,075 $259,217 $404,725
December 2012 8,627 $178,900 $259,720 $405,750
November 2012 9,408 $179,675 $260,950 $408,963
October 2012 10,259 $179,900 $267,160 $418,600
September 2012 10,828 $179,900 $268,975 $418,450
August 2012 11,102 $179,675 $268,725 $418,500
July 2012 11,140 $177,600 $266,598 $411,651
June 2012 11,362 $174,825 $259,675 $399,950
May 2012 11,227 $169,713 $252,463 $399,450
April 2012 10,820 $169,160 $249,910 $397,940
March 2012 9,683 $174,450 $259,450 $406,225
February 2012 10,549 $169,225 $248,250 $388,025
January 2012 10,833 $169,080 $246,960 $381,960
December 2011 11,461 $169,925 $248,375 $385,675
November 2011 12,018 $174,750 $250,972 $397,425
October 2011 12,846 $179,530 $258,720 $399,900
September 2011 13,509 $179,939 $259,900 $399,900
August 2011 14,672 $179,360 $256,590 $395,540
July 2011 14,772 $178,150 $253,188 $389,225
June 2011 14,762 $176,475 $250,970 $386,970
May 2011 14,582 $173,184 $249,160 $375,780
April 2011 14,748 $169,950 $242,400 $364,975
March 2011 15,458 $169,800 $239,675 $359,575
February 2011 15,531 $169,675 $239,125 $354,725
January 2011 15,001 $170,760 $239,158 $356,380
December 2010 16,118 $176,200 $242,700 $363,363
November 2010 17,018 $180,160 $249,330 $373,780
October 2010 17,614 $184,975 $253,375 $381,975
September 2010 18,282 $189,100 $258,925 $390,950
August 2010 18,579 $190,940 $261,150 $397,160
July 2010 18,160 $195,163 $267,475 $399,000
June 2010 17,488 $196,853 $268,875 $399,800
May 2010 17,035 $198,880 $269,620 $399,818
April 2010 17,279 $198,000 $266,750 $392,500
March 2010 16,495 $195,600 $264,460 $393,960
February 2010 15,382 $194,938 $264,450 $395,198
January 2010 14,895 $197,819 $267,425 $399,225
December 2009 15,329 $199,897 $272,038 $402,212
November 2009 15,902 $202,750 $277,760 $417,780
October 2009 16,573 $209,675 $283,646 $428,225
September 2009 17,165 $210,000 $289,475 $436,100
August 2009 17,595 $211,760 $292,880 $444,320
July 2009 17,819 $212,950 $294,950 $449,000
June 2009 17,870 $213,460 $294,920 $449,100
May 2009 17,713 $211,475 $293,291 $445,250
April 2009 17,978 $212,525 $289,925 $444,725
March 2009 18,506 $214,153 $289,930 $443,360
February 2009 18,449 $216,014 $293,968 $448,125
January 2009 18,872 $219,952 $297,855 $452,809
December 2008 19,842 $223,220 $302,773 $458,508
November 2008 20,983 $226,382 $307,532 $464,024
October 2008 22,086 $229,650 $312,450 $469,724
September 2008 22,973 $233,730 $319,580 $474,990
August 2008 23,314 $235,200 $322,000 $475,725
July 2008 23,354 $236,074 $324,550 $475,000
June 2008 22,657 $239,150 $324,920 $479,459
May 2008 21,505 $239,900 $325,000 $480,947
April 2008 20,669 $239,900 $324,937 $479,912
March 2008 19,381 $241,300 $324,860 $485,960
February 2008 18,409 $240,485 $324,925 $479,912
January 2008 17,659 $243,500 $324,962 $481,765
December 2007 18,584 $245,120 $327,975 $489,355
November 2007 19,926 $248,665 $330,475 $486,425
October 2007 20,762 $249,950 $337,260 $493,980
September 2007 20,656 $253,425 $339,900 $497,749
August 2007 19,837 $257,712 $342,975 $499,124
July 2007 18,710 $261,120 $349,120 $499,930
June 2007 17,670 $264,282 $349,950 $507,949
May 2007 16,386 $264,900 $350,975 $512,662
April 2007 15,059 $264,900 $354,740 $517,740
March 2007 13,897 $264,450 $353,850 $523,425
February 2007 13,814 $258,517 $349,800 $516,750
January 2007 13,726 $255,810 $349,637 $507,441
December 2006 14,746 $257,149 $348,246 $499,949
November 2006 15,671 $258,837 $348,750 $499,900
October 2006 16,027 $259,640 $348,834 $499,900
September 2006 15,239 $261,098 $349,675 $499,937
August 2006 14,029 $264,925 $350,737 $518,587
July 2006 12,864 $264,920 $350,470 $525,980
June 2006 11,261 $264,925 $349,975 $530,937
May 2006 9,804 $262,340 $350,940 $532,360
April 2006 8,701 $256,433 $346,433 $526,224

 

 

Department of Numbers

The Department of Numbers contextualizes public data so that individuals can form independent opinions on everyday social and economic matters.

 

3 Common First Time Home Buyer Mistakes Can Cost Thousands, by Steph Noble


Buying real estate for the first time is a very exciting step in life.

It is likely to be one of the biggest financial commitments that you make, so it’s very important to navigate the purchasing process wisely.

Many first-time home buyers make rookie mistakes that bring on negative consequences and a lot of frustration.

Outlined below are common errors home buyers make, so you can learn from their missteps and avoid them yourself.

 

1. Buying More Than What You Can Truly Afford

Just because the bank says that you qualify a certain amount for a mortgage doesn’t mean that you have to choose a house at the very top of this price range.

Many people get carried away and buy the most expensive house that they qualify for.

If something unexpected happens, they may find it difficult to keep up with their monthly mortgage payments later on.

Remember that you will also have student loan payments, vehicle costs, credit card bills, health insurance, groceries, retirement savings and other expenses, so make sure that your mortgage payments will comfortably fit within your budget.

 

2. Failing To Get A Home Inspection

Before buying a house, you should always have a professional inspection done. Not doing so is a big mistake.

You don’t want to get stuck with hidden damage that could saddle you with the expense of ongoing repairs.

Hiring a professional to assess the home’s condition is absolutely essential before making your final decision.

 

3. Disregarding Your Future

When you are buying real estate, don’t just think about how the home will work for you in the immediate future.

Also consider what your needs will be five, ten or even 20 years from now.

Find out the development plans for the neighborhood.

Look for reputable schools if you intend to start a family.

And consider whether the street’s home values are likely to increase or decline in the future.

 

Your Next Steps

Don’t let the home-buying process overwhelm you!

Learn from these common first-time home buyers’ mistakes, so you can avoid them.

A great next step toward planning for your first home purchase is to consult with a trusted, licensed mortgage professional who is trained in providing the best advice on how a new home will affect your budget.

 

 

Steph Noble
http://stephnoblemortgageblog.com/

3 Stress-Free Packing Tips For Moving Into Your New Home, by Steph Noble


Moving everything in your house to your new |Oregon| home can be an overwhelming task.

You never realize how much stuff you actually own until you try to fit it all into boxes and move it somewhere new.

When you are packing up your things to relocate, here are some helpful tips to make your moving experience much easier:

Start Packing In Advance

You don’t have to wait until the day before you move to start packing everything in your house!

As soon as you find out that you are moving, you can start packing the items you don’t often use, such as your seasonal decorations, photo albums and family keepsakes.

If you pack a few items per week, you’ll have almost everything packed by the time you are ready to go except for the essentials you use every day.

Establish A System

Rather than randomly throwing every item you see into a box, think ahead and create a logical plan for your packing.

Before you start, develop a simple record-keeping system.

Give every box you pack a number and write a corresponding list detailing the items in that box.

This way, when you arrive you will know exactly where to find each item.

Stay Organized

You will want to keep all of the items from each area of the house together so they can be unpacked easily.

For example, keep all of the boxes of kitchen supplies together and then put them straight into the kitchen when you arrive at your new home.

You could even designate a color for each room in the house and put colored stickers on the boxes so that the movers or anyone helping you can easily determine in which room a box belongs.

Bonus Tip: Sometimes Less Is More

One final consideration that can make your move easier is to use your move as an opportunity to pare down your unused belongings.

Plus, you won’t be left wondering why you decided to move things from one home to another once you start unpacking.

As with many things, the more organized you are when packing, the less stressful it will be when you arrive and at your new house.

As Inventories Shrink, So Do Seller Concessions, by RisMedia


With inventories down and prices up, sellers are ending the costly incentives they have been forced to offer buyers during the six-year long buyers’ market. Concession-free transactions make deal-making simple on both sides of the table.

There’s no better gauge of the onset of a seller’s market than the demise of concessions that were considered essential to attract buyer interest just a few months ago. The National Association of REALTORS®’ December REALTOR® Confidence Outlook reported that the market has steadily moved towards a seller’s market with buyers more willing to bear closing costs, in some cases paying for half or more of the closing cost. Tight inventories of homes for sale are making markets increasingly competitive.

NAR reports that last year 60 percent of all sellers offered incentives to attract buyers. The most popular was a free home warranty policy, which costs about $500, offered by 22 percent of sellers, but 17 percent upped the ante by paying a portion of buyers’ closing costs and 7 percent contributed to remodeling or repairs.

Concessions linger where inventories are still adequate and sales slow, but in tight markets like Washington D.C., the times when buyers can expect concessions are already over.

“Buyers are discovering, to their dismay that homes they wanted to see or possibly buy have already been snatched up before they even get a chance to see or make an offer on the property. This area’s unprecedented low inventory levels are slowly driving up home prices and making sellers reluctant to cede little if any concessions to buyers. Realtors are warning (or should in some cases) buyers to be prepared to act that day if they are interested in a property,” reporters a local broker.

In Albuquerque, supply is dwindling and sales are moving to a more balanced market. “Buyers can expect sellers to offer less concessions and sales prices will be close to list price,” reports broker Archie Saiz.

In Seattle, not only are concessions a thing of the past, desperate buyers are even resorting to writing “love letters” to win over sellers in competitive situations. Lena Maul, a broker/owner in Lynnwood, reports a successful letter-writing effort last month by one of her office’s clients. Those buyers, who were using FHA financing, wrote a letter introducing themselves to the seller and explaining why they liked the home so much. After reviewing 13 offers, including one from an all-cash investor, the seller chose the letter-writer’s offer.

New regulations enacted last year by the Federal Housing Administration to limit its exposure to risk forced many sellers to cut back on the amount of assistance on buyers’ closing costs. Sellers are now limited to no more than six percent of the loan amount.

Underwriting standards on conventional mortgages also have the effect of limiting the amount sellers can contribute.

In recent years many lenders have disallowed seller paid closing costs on 100 percent financed home loans because of the high foreclosure rate.

However, seller paid closing costs are typically limited to 6 percent of the loan amount at 90 percent loan-to-value or lower, 3 percent between 90-95 percent, and then usually 3 percent for 100 percent loan-to-value.

Some sellers bump up the home sales price to pay for concessions. However the buyer will need to get the higher amount he will need to borrow covered by the appraisal and he will have to meet increased debt-to-income ratio in order to close his loan.

The demise of concessions will make buying and selling a little simpler and more rational. As one observed asked, “Why would anyone selling a home pay the home buyer to buy it?”

For more information, visit www.realestateeconomywatch.com

Nearly Half of U.S. Families Teetering on Edge of Ruin. by MANDI WOODRUFF, Business Insider


In the past few years, Americans have certainly learned a thing or two about how quickly disaster can strike.

And with each Hurricane Sandy, housing crisis, and stock market crash that rocks our world, we’re faced with the harsh realization that many of us simply aren’t prepared for the worst. A sobering new report by the Corporation for Enterprise Development shows nearly half of U.S. households (132.1 million people) don’t have enough savings to weather emergencies or finance long-term needs like college tuition, health care and housing.

 

According to the Assets & Opportunity Scorecard, these people wouldn’t last three months if their income was suddenly depleted. More than 30 percent don’t even have a savings account, and another 8 percent don’t bank at all.

We’re not just talking about people who living people the poverty line, either. Plenty of the middle class have joined the ranks of the “working poor,” struggling right alongside families scraping by on food stamps and other forms of public assistance.

More than one-quarter of households earning $55,465 to $90,000 annually have less than three months of savings. And another quarter of households are considered net worth asset poor, meaning “the few assets they have, such as a savings account or durable assets like a home, business or car, are overwhelmed by their debts,” the study says.

BASIC NECESSITIES  
One of the prolonging reasons consumers have consistently struggled to make ends meet has more to do with larger economic issues than whether or not they can balance a checkbook. According to the report, household median net worth declined by over $27,000 from its peak in 2006 to $68,948 in 2010, and at the same time, the cost of basic necessities like housing, food, and education have soared.

It’s a dichotomy that is hammered home in a new book by finance expert Helaine Olen. In Pound Foolish: Exposing the Dark Side of the Personal Finance Industry, Olen knocks down much of the commonly-spread advice that is sold by the personal finance industry –– the idea that if you’re not making ends meet in America, you’re doing something wrong.

“The problem was fixed cost, the things that are difficult to ‘cut back’ on. Housing, health care, and education cost the average family 75 percent of their discretionary income in the 2000s. The comparable figure in 1973: 50 percent,” Olen writes.

“And even as the cost of buying a house plunged in many areas of the country in the latter half of the 2000s (causing, needless to say, its own set of problems) the price of other necessary expenditures kept rising.”

And wherever consumers can’t cope with costs, they continue to rely on plastic. The average borrower carries more than $10,700 in credit card debt, one in five households still rely on high-risk financial services that target low-income and under-banked consumers.
Read more at http://www.thefiscaltimes.com/Articles/2013/02/04/Nearly-Half-of-US-Families-Teetering-on-Edge-of-Ruin.aspx#DVKZCYevJIMwCEyw.99

FHA Eases Requirements for Condo Certification, from Melissa Stashin, Pacific Residential Mortgage


HUD announced in a recent Mortgagee Letter that temporary provisions have been made to the condominium project approval guidelines. These new provisions took affect September 13, 2012 and will stay in place through August 31, 2014.

Changes include:
-Relaxed HOA certification forms,
-Allowance for mixed-use developments,
-Updates to the definition of “Under Construction”,
-Developers/Investors may own up to 50% of the total units at the time of approval.

This ease in condo certification means more borrowers can purchase condos using low-down FHA financing. Call me today to learn more about how you can take advantage of these changes.

Share the benefits of FHA with your clients today!

For more information on FHA changes to condo lending, check out these sources:
FHA eases restrictions on condo lendingChicago Tribune
Real estate industry welcomes changes to FHA condo rules – Inman News

PRM, Your Solution Based Lender

MARKET COMMENT

Mortgage bond prices finished the week higher which pushed rates lower. Rates were lower throughout most of the week as the majority of economic data releases showed continued economic weakness. The weaker than expected New York Fed’s Empire Manufacturing Report started rates moving lower. This was followed by weaker than expected housing starts, higher than expected weekly jobless claims, and weaker than expected Leading Economic Indicators data. Existing home sales did surprise to the upside but did not move the market much. Mortgage interest rates finished the week better by about 1/2 of a discount point.

 

MELISSA STASHIN
MLO – 40033

4949 Meadows Road
Suite 150
Lake Oswego, OR 97035
melissa.stashin@pacresmortgage.com
(503) 699-5626

Fannie Mae and Freddie Mac Serious Delinquency rates declined in May, by Calculatedriskblog.com


Fannie Mae reported that the Single-Family Serious Delinquency rate declined in May to 3.57% from 3.63% April. The serious delinquency rate is down from 4.14% in May last year, and this is the lowest level since April 2009.

The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%.

Freddie Mac reported that the Single-Family serious delinquency rate declined slightly in May to 3.50%, from 3.51% in April. Freddie’s rate is only down from 3.53% in May 2011. Freddie’s serious delinquency rate peaked in February 2010 at 4.20%.

To Read the rest of this article go to calculatedriskblog.com