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.

 

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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/

Great Staging Tips To Set A Buyer’s Mood At Your Home For Sale, by Steph Noble


Staging is the art of preparing your home for sale before showing it to prospective buyers.

The point of staging is to highlight the house’s strengths, downplay its weaknesses and make it more appealing.

With the right decorating techniques, you can win buyers over the moment they step through the door.

Below are a few staging tips to help make your house irresistible to potential buyers.

 

Put Everything Away

The first step is to put away anything that is not essential. This will open up the house so that it appears more spacious.

Even if you have to rent a storage unit, finding a new home for all of your family’s projects and collections should clear some space and help buyers imagine their own belongings in your home for sale.

Pay special attention to entryways and narrow hallways to improve your prospective buyer’s sense of spaciousness.

 

Get Rid Of Clutter

Be sure to clear off the things that gather on kitchen counters and surfaces, such as old magazines and stacks of mail.

Also, emptying out your closets of half of the things inside them will make them look much roomier.

Use this time as an opportunity to thin the number of largely unused items that your family has collected over the years.

And look on the bright side; moving into a new house will be much easier after you have donated your unneeded items to a charity.

 

Fresh Scents Make Sense

You would be surprised by how much the sense of smell comes into play when buyers are viewing a house.

To avoid turning buyers off with pet or smoke odors, make sure you give each room a deep clean, including the air vents and carpeting.

Just covering up stale odors with air fresheners won’t do the job.

 

Let In The Light

Buyers are looking for spacious rooms with a lot of natural light, so make sure you open the blinds and turn on all the lights.

If you have rooms that are a bit dark, you can add floor lamps to make them brighter or flowers to suggest sunlight.

Home staging can make a big difference in how potential buyers see your home for sale, so make sure you set the mood to make it as attractive as possible.

 

 

 

http://stephnoblemortgageblog.com

 

 

3 Tips To Get The Best Results On Your Mortgage Application, by Steph Noble


Although the financial markets have tightened lending guidelines and financing requirements over the last few years, the right advice when applying for your loan can make a big difference.

 

Not all loans are approved. And even when they aren’t approved immediately, it doesn’t have to be the end of your real estate dreams.

There are many reasons why a mortgage loan for the purchase of your real estate could be declined.

Here are a few things to understand and prepare for when applying for a mortgage:

 

Loan-to-Value Ratio

The loan-to-value ratio (LTV) is the percentage of the appraised value of the real estate that you are trying to finance.

For example, if you are trying to finance a home that costs $100,000, and want to borrow $75,000, your LTV is 75%.

Lenders generally don’t like a high LTV ratio. The higher the ratio, the harder it normally is to qualify for a mortgage.

You can positively affect the LTV by saving for a larger down payment.

 

Credit-to-Debt Ratio

Your credit score can be affected negatively, which in turn affects your mortgage loan if you have a high credit-to-debt ratio.

The ratio is figured by dividing the amount of credit available to you on a credit card or auto loan, and dividing it by how much you are currently owe.

High debt loads make a borrower less attractive to many lenders.

Try to keep your debt to under 50% of what is available to you. Lenders will appreciate it, and you will be more likely to get approved for a mortgage.

 

No Credit or Bad Credit

Few things can derail your mortgage loan approval like negative credit issues.

Having no credit record can sometimes present as much difficulty with your loan approval as having negative credit.

With no record of timely loan payments in your credit history, a lender is unable to determine your likelihood to repay the new mortgage.

Some lenders and loan programs may consider other records of payment, like utility bills and rent reports from your landlord.

Talk to your loan officer to determine which of these issues might apply to you, and take the steps to correct them.

Then, you can finance the home of your dreams.

Declining Home Inventory Affecting Sales, by Mortgage Implode Blog


 

 

This past week, several reports were released, all of which showed that declining home inventory is affecting sales. This decline is creating a seller’s market in which multiple bids are being made to purchase homes. According to the National Association of Realtors, existing home sales fell 1% in December, but were still at the second highest level since November, 2009. Inventory of homes for sale fell 8.5 from November, the lowest level since January of 2001, and are down 21.6% from December of 2011.

Following that lead, pending home sales dropped 4.34% in December to 101.7 from 106.3 in November, yet was 6.9% higher than December, 2011, according to the National Association of Realtors. The Chief Economist at NAR stated that “supplies of homes costing less than $100,000 are tight in much of the country, especially in the West, so first time buyers have fewer options”. Mortgage ratesare still low, affordability is still there, but the available homes are dwindling. In the meantime, home prices are increasing at a faster pace. According to the latest S&P/Case-Shiller index for November, property values rose 5.5% from November of 2011 which was the highest year over year increase since August of 2006.

The cause of the low inventory can be attributed to several factors. For the week ending January 18th, loan applications increased 7.0% on a seasonally adjusted basis, according to the Mortgage Banker’s Association. The Refinance Index rose 8% with refinances representing 82% of all applications. The seasonally adjusted Purchase Index rose 3%, the highest level since May, 2010. Many homeowners have chosen a mortgage refinance instead of moving to another home which is one reason that inventory is down. In addition, many underwater homeowners have refinanced through the HARP program which is available for loans that were sold to Fannie Mae or Freddie Mac prior to June 1, 2009. These homeowners may not yet be in a position to sell their homes until they have gained back enough equity. As home prices increase, this will eventually happen. The same can be said for those who refinanced through the FHA streamline program which is offering reduced fees for loans that were endorsed prior to June 1, 2009. Refinancing through these two government programs, both available until the end of 2013, hit all time highs in 2012.

Home builders are busy, but not currently building new homes at the rate that was seen during the housing boom. According to the Census Bureau and the Department of Housing and Urban Development, total new homes sales in 2012 hit the highest level seen since 2009 and were up 19.9% from 2011. There was much progress made in 2012, but sales for new homes fell 7.3% in December.

On the down side, the Census Bureau reported that homeownership fell 0.6% to 65.4% during December, down from 65.5% at the end of October and 66% at the end of 2011. Homeownership reached a peak of 69.2% in 2004 and has been falling since that time. The latest Consumer Confidence index dropped to 58.6 which is the weakest since November of 2011. It was previously at a revised 66.7 in December. This fell more than expected and is due to the higher payroll tax that is taking more out of the pockets of consumers.

The housing market, which is still in recovery, remains fragile. The lack of inventory and the rise of home prices may affect its progress this year. As home prices increase, fewer consumers will be able to qualify for a home loan. Existing homeowners may choose to refinance remain where they are instead of purchasing another home. While jobless claims have fallen, there are still many consumers who are out of work or are working lower paid jobs. The housing market is dependent on jobs, not just for salaries, but for consumer movement from one area to another.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at about a 1 point origination fee.

 

 

http://ml-implode.com/viewnews/2013-01-30_DecliningHomeInventoryAffectingSales.html

 

 

Top court ruling leaves Oregon’s residential real estate market in limbo, by Thomas Hillier, Davis, Tremain Wright,


In a ruling the Oregon Supreme Court will soon review, the Oregon Court of Appeals on July 18 issued a major decision.The case, Niday v. Mortgage Electronic Registration Systems Inc., et al, held that MERS, when acting as a nominee for a named lender, is not a beneficiary under Oregon law. The practical effect of the holding is that any trust deed naming MERS the beneficiary may not be foreclosed in the name of MERS by the more expedient nonjudicial method.

 

A little context is in order.

In 1959, to remain competitive for loan dollars, Oregon adopted the Oregon Trust Deed Act to establish trust deeds as a real estate security instrument. For lenders needing to foreclose, the act created a summary, nonjudicial procedure that bypassed the courts and allowed no redemption rights for borrowers. Foreclosure previously was a judicial process taking two years or more to complete; now it could be done in six months with the summary procedure.

Lenders were happy because the time to liquidate a non-performing loan was substantially reduced. Borrowers benefited because there was no right to a deficiency if the debt exceeded the value of the property and borrowers could cure defaults during the foreclosure process by paying only the amount in arrears rather than the full loan balance.

Trust deeds quickly became the favored real estate security instrument.

In 1993, in part to respond to a growing practice wherein lenders were bundling loans secured by trust deeds and selling them in secondary markets, a group of mortgage industry participants formed MERS and the MERS system.

Anytime a loan is sold from one member of the MERS system to another, the sale is tracked using the MERS system. MERS, the named beneficiary as nominee for the original lender and its assigns, remains the beneficiary as the loan is sold and becomes an agent of the new note owner. With no change to the named beneficiary, there is nothing to publicly record, an administrative convenience accomplishing a central purpose of MERS.

As MERS grew in acceptance, so did its popularity. Nationwide, there are more than 3,000 lender members of MERS that account for approximately 60 percent of all real estate secured loans nationwide.

The onslaught of the Great Recession resulted in a tremendous spike in foreclosure activity. To defend foreclosure proceedings, borrowers challenged the authority of MERS, in its own name, to foreclose non-judicially.

Because the trust deed is a creature of statute, the statutory elements allowing a nonjudicial foreclosure must be followed strictly. One such element is the requirement that the name of the beneficiary and any assignee be in the public record. Niday argued that the lender, not MERS, was the beneficiary. MERS countered that it was the named beneficiary in the trust deed and had the contractual right to foreclose as nominee of the lender and its assigns.

The court sided with Niday, holding that MERS is not a “beneficiary” as defined by the act. The court wrote that the beneficiary is “the person to whom the underlying, secured obligation is owed.” It reasoned that because the lender is owed the money, that party is the beneficiary. Only the person to whom the obligation is owed and whose interest is of record may legally prosecute a nonjudicial foreclosure.

What does all of this mean? Maybe nothing if the Supreme Court finds that the Court of Appeals defined “beneficiary” too narrowly.

Short of that, many issues arise. What is the effect on completed nonjudicial foreclosures of MERS trust deeds? Such sales may be void, in which case the ownership and right to possession of thousands of foreclosed properties fall into legal limbo. Perhaps the sales are only voidable, requiring a lawsuit by the borrower within a limited time to challenge the foreclosure sale.

Titles may now be in doubt for people who bought properties either at a foreclosure sale or further along the line. Also, no market may exist for these properties if title insurers choose not to insure titles until there is some clarity.

Going forward, will MERS lenders do business in Oregon? And if so, at what cost? Loans may be more expensive to administer because they either require that all assignments be documented and recorded or foreclosure via the more expensive judicial method. As such, loans in Oregon could demand higher interest rates.

Courts will see a sharp increase in the number of judicial foreclosure filings; it’s happening in Multnomah County already. An already overcrowded judicial system will gain additional burdens.

The Legislature could step in to fix the issue by clarifying the definition of “beneficiary” to include a nominee of the lender, such as MERS. But is there political will to legislate a solution that, on the surface, seems to benefit lenders?

A practice that for many years roamed freely under the radar has suddenly exploded to the surface, leaving the mortgage industry in limbo. Quick answers to the numerous issues now pending are imperative to restore certainty to real estate markets.

When a quality check can ruin a short sale, by Chris Diaz, The Orange County Register


Chris Diaz is the founder of Charis Financial, Inc. He has over 15 years experience in helping homeowners with their mortgages and has closed hundreds of short sales over the last 4 years. His website is http://www.charisfinancialinc.com. Send questions to moneymatters@ocregister.com; reference ³Short Sales² in the subject line. 
I was recently approved for a short sale by (my bank).  The loan was in escrow and ready to close within a few days.  I then got a letter from (the bank) denying my short sale due to “quality review”.  My approval letter wasn’t set to expire for another two weeks and nobody in (the bank) could give me a valid reason as to why I received this denial.  Have you seen this scenario before and do you have any suggestions for me as I really don’t want to lose my home to foreclosure?

Yes, the out of the blue “QA Review” denial.  This one is a difficult one because of the lack of explanation from your bank.  It’s difficult to accept that one can have an approval in hand, with an expiration date that hasn’t yet expired, and still get a denial for a reason that is unexplained.  However, this is a reality and it does happen, albeit somewhat infrequently.

Even though your lender has accepted responsibility for their part in one of the largest instances of mortgage fraud on record with the robo-signing incident, they have a QA team that dedicates a great deal of time and effort in making sure that their company is free from other purveyors of fraud.  As well they should because there are lots of unscrupulous people trying to steal a buck instead of earn one.

One recent incident, in which a bank was victimized, was where short sale negotiators were doctoring up fake approval letters along with a fake bank account to have funds wired to, and stealing money that way.  The FBI said that three California men probably netted $10 million doing that.

Here are two of the main reasons that we’ve been told as to why a QA department would deny your file and what you can do to reverse or overturn the decision:

1. Buyer information is incorrect. Sometimes QA will deny a deal if the buyer’s preapproval has inaccuracies like the wrong NMLS number, broker number, or property address.  This can also happen if the buyer’s “proof of funds” is determined to be fraudulent or doctored in any way.  We have also seen it happen where the buyer is getting a loan but has enough money in the bank to pay for a property in cash.  Even though they could’ve bought the house in cash, because there was no preapproval letter for a loan, QA denied the short sale until we provided that letter.  This has happened even if we weren’t specifically asked for the letter.

2. The Equator account being used to process the short sale has been flagged. Some banks use an automated processing system called Equator to handle their short sales.  Equator centralizes all communication for all files that a real estate licensee is working on with them.  Sometimes, a licensee can involve themselves in schemes like I described above, or can just be guilty of shoddy work and upload documents from files incorrectly.  If the QA team catches either of these two things they may flag that file or all of the files of that particular agent.  Once that happens they would contact the agent for an explanation.  However, if they feel that there are deliberate inaccuracies in the file an agent can be suspended from doing any further deals with that bank.  If that happened your deal could be denied even if there was nothing fraudulent done on yours.

If a QA team has denied your short sale, have your agent address these two situations first as they are the most common.  So long as you’re dealing with someone who is ethical, there is probably just a minor oversight of buyer info that the bank needs to have satisfied.  Have your agent submit the complete buyer info first and then call to have the decision reversed.