Interview with Jeff Foody of Reverse Mortgages Northwest


Jeff Foody answers some important questions regarding Reverse Mortgages.   Reverse Mortgages is not for everyone, but for those that need its flexibilities it can be a life-changing opportunity.    It is important that people that seeks a Reverse Mortgage work with Loan Officers that understand the  loan product as much as Jeff Foody does and that will not be easy.    After watching this video if you still have questions please feel free to contact Jeff .  I am sure he will be able to answer your questions and help you learn if this loan product is good fo your situation or not.

 

 

 

Jeff Foody
Reverse Mortgage North West
503-427-1667
http://www.reversenorthwest.com

Asking Prices and Inventory for Homes in Portland Oregon June 3rd 2013


As of June 03 2013 there were about 8,714 single family and condo homes listed for sale in Portland Oregon. The median asking price of these homes was approximately $285,077. Since this time last year, the inventory of homes for sale has decreased by 23.4% and the median price has increased by 10.1%.

June 03, 2013 Month/Month Year/Year
Median Asking Price $285,077 +1.8% +10.1%
Home Listings/Inventory 8,714 +3.5% -23.4%

Recent Asking Price and Inventory History for Portland

Date Single Family & Condo
Inventory
25th Percentile
Asking Price
Median
Asking Price
75th Percentile
Asking Price
06/03/2013 8,714 $199,000 $285,077 $449,900
05/27/2013 8,631 $197,700 $285,000 $449,000
05/20/2013 8,597 $195,000 $282,500 $441,100
05/13/2013 8,460 $194,950 $280,000 $448,500
05/06/2013 8,420 $191,900 $279,900 $449,000

Portland Asking Price History

The median asking price for homes in Portland peaked in April 2007 at $354,740 and is now $69,663 (19.6%) lower. From a low of $239,125 in February 2011, the median asking price in Portland has increased by $45,952 (19.2%).

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 7,969 in March 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
June 2013 8,714 $199,000 $285,077 $449,900
May 2013 8,527 $194,888 $281,850 $446,900
April 2013 8,075 $186,800 $274,540 $439,060
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

Data on deptofnumbers.com is for informational purposes only. No warranty or guarantee of accuracy is offered or implied. Contact ben@deptofnumbers.com (or @deptofnumbers on Twitter) if you have any questions, comments or suggestions.

 

 

 

Department of Numbers
http://www.deptofnumbers.com/

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 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.

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