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If you’ve been noticing I haven’t been posting here and want uptodate information, go to one of my current blogs.  Thanks!

However, it relates to real estate just as much as to stocks. In 2008, I wrote a post “When’s The Best Time To Buy A House In Portland”? I said that the best time to purchase Portland real estate is really when you want to buy. In other words, “whenever”. That’s what buyers should be thinking, and in fact should have been thinking during the peak housing years. We are back to a “whenever” real estate market and you should buy when you want to because you will never be able to “time” the exact bottom of the housing market. When I first started selling Portland real estate, we preached “long-term” and that sentiment is now starting to become the norm once again. I’ve stated here in my blog that many of my home buyers are still living in the homes I sold them in the 1970s.

In another post I read recently about buying real estate for the long-term, it said smart people are now buying real estate (or should be). The article said in part: “There’s no inflation these days, but when buying a home one should take a longer view. And the longer view shows that the economy has enjoyed a disinflationary period since the early 1980s. A number of folks think that cycle is slowly reversing itself…… John Paulson, the hedge-fund manager who made $20 billion betting against the housing bubble last fall said in a speech: “If you don’t own a home buy one. If you own one home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home.”

Why is Mr. Paulson so adamant? Because he believes long-term interest rates are not going to get much lower. They have, in fact, risen since he gave that speech, but they remain remarkably low by historic standards. Low rates and the expectation that home prices will rise is his argument. Mr. Buffett has also predicted the housing market will bottom this year.” Read the full article here.

The other evening I was again showing first-time home buyers houses and I stated to them how great it was they were considering purchasing their first home. It seems the first time home buyers are those “smart people” referred to above. First time home buyers seem to buy whether it’s a good market, bad market or in those “whenever” markets. Further, rates are starting to go up, however, the good news is that prices have decreased. But don’t wait too long, because as this article says “you can kiss the 4% mortgage good-bye”.

Here’s an Interactive Map to use to search for your home.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

Portland

There™s an entire revitalization of the Lake Grove area being planned by the City of Lake Oswego through 2024. Here™s a link to the Lake Grove Village Center plan by the City of Lake Oswego.

In a Lake Oswego Review awhile ago it was indicated what the owners had planned for this small strip mall. Here™s the article. Now comes word that Baskin & Robbins is closing their Lake Grove store after 35 years due to the remodeling, expansion and construction of the new Center. Baskin & Robbins has already purchased the existing Baskin & Robbins that was down by the Safeway Shopping Center on Boones Ferry Road near I-5. Good news so you can continue to support them and shop œlocal. There are other stores closing at the Lake Grove Shopping Center as well.

Construction of the Lake Grove Shopping Center will begin in February. There™s still on-going discussions as to who the anchor store will be but it may be Zupan™s. Don™t worry, Starbucks and Rite Aid aren™t moving, nor is the barber shop. You can read more here.

Will Nicole Roskos™ Forest Heritage Mural stay intact? I™ll let you know what I find out.

Lake Grove borders Boones Ferry Road and Kruse Way. There is a mix of retail, offices, houses and condos Lake Grove.

Many of the Lake Grove homes are older, on larger lots and septic systems. Some of those homes are now being torn down to make way for newer, larger homes. There is also a newer neighborhood hidden called Summer Woods and new condos scattered throughout Lake Grove.

Currently, the houses for sale range from $200,000-$900,000. Use this link to search for properties for sale in Lake Grove or this Interactive Map to search properties throughout the metro areas of Portland.

ALL ABOUT¦..Portland.Oregon.Real Estate. © Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress.

(For more local and national real estate information, go to my website).
Portland

There are many posts I’ve written about boomers wanting those smaller houses and now the media and everyone else is writing about that too. Here’s a recent post stating a lot of what I’ve already said. The link to my seniors, boomers and small houses is here too.

In past posts, I’ve quoted the Met Life report. They do a study every year on the 55+ segment of the economy. Boomers want to live closer to family, are continuing to work and want smaller houses. A growing trend over the past several years had been seniors using a reverse mortgage to assist them in this financial crisis by tapping into their equity. Over the course of 10 short years baby boomers have seen their retirement savings hit by everything from the dot-com bust, market crashes to rising insurance costs and property tax increases. Sandwiched between college loans and paying for their parents medical needs to pay cuts, lay offs and now the housing market melt down.

Seniors have needed that extra income or portion of their equity to survive. A reverse mortgage:

• Uses a portion of the home’s equity as collateral.

• The loan does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away.

• At that time, the estate has approximately 12 months to repay the balance or sell the home to pay off the balance.

• All remaining equity is inherited by the estate.

• The estate is not personally liable if the home sells for less than the balance of the reverse mortgage.

• There are no prepayment restrictions or penalties for paying off a reverse mortgage early, like any FHA mortgage it can be paid off at anytime.

• A reverse mortgage cannot be outlived. As long as at least one homeowner lives in the home as their primary residence and maintains the home in accordance with FHA requirements (keeping taxes and insurance current) the loan does not become due.

In this financial crisis, you would think that more and more seniors, in fact, would be utilizing a reverse mortgage. However, due to the decline in home prices and uncertainty in the mortgage market, reverse mortgages dropped significantly in 2010. Recently, however, FHA has stepped in to provide new guidance for seniors facing a foreclosure and recommending a reverse mortgage and credit counseling for seniors. Data released from the Department of Housing and Urban Development shows that during the fiscal year of 2010 which ended September 30, 79,096 reverse mortgages were endorsed during 2010, down 31.1% from same period in 2009. Even though the aging baby boomer population presents a need and ability to use reverse mortgages, our housing market will need to see prices stabilize further and possibly increase before more baby boomers can utilize a reverse mortgage to help sustain them during these hard economic times.

Need more information about reverse mortgages? Planning to down-size? Call me at 503-804-9685 and I can give you some options.

Here are properties for sale in two 55+ neighborhoods in Tigard. For properties for sale in King City click here and Summerfield here. To search for properties in other areas in Portland, use this Interactive Map to find those for sale.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

Portland

Q.

I was curious if you had any posts or would be willing to write a post on a general 5 year prediction for the Portland real estate market? I agree, we will most likely be entering a stage of excessive short sales and foreclosures in the next year, or perhaps longer, and that in the future banks will once again make 20% down payments mandatory in response.My take is this: If we were to hold off on a sale of our home for 5 years or so, banks will potentially require upwards of 20% down payment on my cozy entry level NE home. This just isn’t going to happen in my opinion, because the intended purchasing audience – that mid to late 20′s entry level couple won’t have that much in savings. If I were to sell in 5 years I honestly think that I will most likely have a MUCH smaller target audience, with increased competition and will only be able to sell at a substantial loss if new lending practices go into place. I feel that deflation will offer the American dream to a larger percent of the Portland population and that just may be what’s required to upswing spending and get us out of this jobless economy. I just want to act, purchase and sell intelligently in the meantime.

A.

This is a serious question and important to the reader. I’m not making light of the question when I honestly say I don’t know what will happen in the next six months let alone a longer length of time. What I do know is that people buy houses and sell them in spite of the doom and gloom of economists, recessions, or strict lending requirements, etc. I would have thought by now we would have been out of these financial and foreclosure messes and 2010 would have been the clean-up year I wrote about in other posts. Now, unfortunately, I believe 2011 will be that year During the 1980s recession, when interest rates were 21% and there was absolutely no money to loan to purchase houses and I mean no money, those were some of my best real estate selling years. There were new also new financing programs, buyers paying cash, and parents helping their children purchase with cash too. Like now, the sellers were on the short-end of the stick with prices depressed and losing money on the homes they had purchased. The concern on the part of the reader is whether he should sell his home or not – sooner rather than later. I’ve written posts indicating when the best times to sell are and, in my opinion, there are two times that I feel are the absolute best times to sell.

• When your property is in a sellers market with less than 5 months of inventory.

However, if you have read my “Is it a sellers, buyers, or balanced market?” posts, you will know that a good market can change quickly and does change monthly. You could be in a sellers market today in your neighborhood, but next month that could change. It is knowing when to time the market perfectly, and I haven’t found anyone to this day that’s figured that out.

• The second “best” time and perhaps this should really be on the top of the list, is when you really want to sell.

If you have the best intentions for you and your family, you can’t make a mistake. Unfortunately, I can’t make decisions for clients. I can only provide the best information I have to assist them. Back in 2008, I wrote about housing and whether or when we will hit bottom and wrote how I feel about buying and selling during a recession.

Basically, I don’t know what Portland’s real estate market will look like in 6 months.   I do know that sales are increasing in both dollar amount and volume.   Pending sales have also increased the last several months.   However, we still have all those pesky foreclosures and short sales to deal with.   Inventory has been decreasing.

All the economists say Portland is over-valued.   I don’t know if they’re right or wrong, but I tend to think they just don’t know either. Here’s a local economist in Portland who wrote that it will take 10-15 years before we reach peak housing prices again.

Here’s a local economist in Portland who wrote that it will take 10-15 years before we reach peak housing prices again.

That’s the best information I have. It all comes down to supply and demand. If it changes, I’ll post it here.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

Portland

However, First Addition was the start of the neighborhood stats and here is the information for my own neighborhood of Westlake. In addition, the neighborhood profile for Westlake can be viewed here.

Inasmuch as only two neighborhood stat profiles have been completed, comparing the First Addition neighborhood to Westlake, Westlake has held their prices considerably better. Overall, there hasn’t been nearly as much of a decrease in prices in the past three years for Westlake.

If you need more specific information for the First Addition or Westlake neighborhoods or any other information, please let me know.

Want to buy a house in the Westlake neighborhood? You can search Westlake properties for sale here, you can use this Interactive Map to search for properties throughout the metro areas of Portland or click on the email icon to set up your account today.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

Portland

• Material Suppliers and Subcontractors,
• Home Builders and Remodelers.

Material Supplier and Subcontractor Lien Rights Material suppliers and subcontractors that provide material, labor or equipment for renovation, remodel or repair on an existing owner-occupied residence are prohibited from perfecting a lien on a home owner™s property if the contractor they provided the material, labor or equipment to is unlicensed. The status of a CCB license can be checked online at www.oregon.gov/CCB.

Contractors that build (or remodel) and sell Contractors that sell newly built homes or condos, or homes or condos that have had a recent, major remodel can no longer obtain as a method of lien protection, a waiver of the lien protection rights from a buyer. In 2003, lawmakers enacted the Oregon Homebuyer Protection Act (HPA) requiring the seller of a new home, or a recently remodeled home that had $50,000 or more in improvements, to complete a œNotice of Compliance with the HPA form indicating the action they will take to provide protection for the buyer from lien claims. Beginning January 1, 2011, a seller can:

1. Purchase title insurance with coverage to protect against possible liens;
2. Retain sufficient funds in the closing escrow to pay any liens;
3. Obtain a bond or letter of credit sufficient to pay any liens;
4. Obtain written waivers from subcontractors and material suppliers; or
5. Complete the sale at least 75 days after the completion of all construction.

These five options remain unchanged. The law removed a sixth option which was the ability of the seller to obtain a waiver of these protection requirements from the buyer.

You can find more information about the Home Buyer Protection Act by visiting, www.oregon.gov/ccb. The CCB is a state agency licensing more than 39,000 contractors. Anyone who is paid to repair, improve or build a home must be licensed by the CCB.

For more information, visit, www.oregon.gov/CCB or call 503-378-4621. 

Source: Remodelers Council Of Metro Portland

Use this Interactive Map to search properties for sale in all metro areas of Portland.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

Portland

In 2010, there was, however, a considerable dent made in the number of foreclosures sold for these areas. Bank-owned homes continue to out pace short sales indicating the short sale process still needs to be streamlined in order to clear out that inventory of homes for sale.

There are many more foreclosures in other parts of town, as I have been showing them to clients, and can supply you with that information if you’d like. However, since the beginning I chose to cover only the above areas in this blog, even though I list and sell real estate throughout all the metro areas of Portland.

Will that shadow inventory materialize? Will the highest numbers of foreclosures come on the market in 2011 as economists and others have predicted? Again, I don’t have that crystal ball, although many times I wish I did.

It is still heart-breaking for me to show these foreclosures. On the other hand, I wonder how people can destroy something they once loved. For the most part the foreclosures are in rough-to-bad condition. Occasionally, I will show one that isn’t and you can tell at one time there was a family living there with children. There have been a couple of homes I’ve shown where the marks still exist showing how the kids grew along with the dates on the door frames. Further, I wonder about the anger and frustration those owners may have felt while stripping the home of its appliances, light fixtures, etc.

In addition, I have written about and questioned where all the millions of people have gone that once owned these millions of foreclosed homes. Recently I read that most are renting or homeless. That’s a sad scenario for the richest country in the nation to have millions of homeless people here in the U.S.

Interested in purchasing a short sale or foreclosure? You can use this Interactive Map to search for both, then give me a call at 503-495-5220 and I’d be happy to show the properties to you.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

Portland

In doing so, I came across a post I wrote about the bottom of the housing market in January 2009 where I referenced Mark Zandi, the economist. Mr. Zandi said prices would stabilize in the summer of 2009 while Robert Shiller said we would hit bottom in 2011. Trulia’s December 2010 report shows that 34% of all owners of Portland real estate had a 9% price reduction and Portland’s prices had dropped by more than 3% from 2009. You can read the full report here.

CNBC reported that Portland was the #3 market with the most price reductions in 2010. You can watch their slide show here.

Housing Predictor says Portland will see price reductions in 2011 by another -9.4%. Prices did continue to drop throughout our Portland real estate markets up to the end of 2011. Although I hope the bottom is here in Portland, I still don’t think we’re quite there yet based upon the inventory levels I posted the other day here on my blog.

Our December 2010 stats show that the following market areas had these percentages of price reductions year-to-date for December:

• N. Portland = -2.5%
• NE Portland = -1.4%
• SE Portland = -1.4%
• Gresham/Troutdale = -4.1%
• Milwaukie/Clackamas = –9.7%
• Oregon City/Canby = -9.4%
• Lake Oswego/West Linn = -10.4%
• West Portland = 2.3%
• NW Washington County = -1.1%
• Beaverton/Aloha = 2.3%
• Tigard/Wilsonville = -3.6%
• Hillsboro/Forest Grove = 6.9%

Oregon City/Canby, Lake Oswego/West Linn and Milwaukie/Clackamas had the largest price reductions. NW Portland seemed to have the lowest price reductions.

As indicated in another post, most of my buyers have been facing multiple offers on houses they are wishing to purchase. Although there are some great values out there which are foreclosures and short sales, most of our Portland real estate, according to the experts, is still overpriced.

For those sellers who have their houses listed in any of Portland’s metro areas, and you are not “in line” with what the market is doing in your area, you may not be selling your house any time soon.

Price, price and price should be your top priority in getting your home sold in 2011. You are still and will continue to be competing with foreclosures and short sales currently for sale. Need some help in pricing your home to get it sold? Give me a call at 503-804-9685 and let me help.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

Portland

According to this writer L. Randall Wray, Professor of Economics and Research Director of the Center for Full Employment and Price Stability, University of Missouri“Kansas City, MERS had no right to foreclose.

He says in part:

• MERS helped to delink the securities from the mortgages. At best, they are unsecured debt — there is no property backing the securities. What this means is that foreclosure is not permitted.

• It is likely that most or even all foreclosures occurring in the US are illegal seizures of property — home thefts. We are talking about 100,000 completed home thefts per month, with another 250,000 new foreclosures started to steal homes every month. Projections are that 13 million homes will have been “foreclosed” (read: stolen) by 2012. Worse, from the perspective of the banks, they’ve got to take back all the fraudulent MBSs, most of which are toxic.

• (MERS) practice is in violation of numerous laws. Property law requires filing sales in the public record. Notes must be affixed (permanently) to the security instrument — a mortgage without the note has been ruled a “nullity” by the Supreme Court. MERS’s recommended business practice (with the servicer retaining the note) would make the mortgages a “nullity”. A complete chain of title is required to foreclose on property — every sale of a mortgage must be endorsed over to the purchaser, and properly recorded. Without this, it is illegal to foreclose on property — no matter how many payments the homeowner has missed.

You can read the rest of it here.

I also love to read about history and found some interesting information on how property rights were to be protected, as written by our forefathers. Early Colonial America real estate laws required the transfer of title via a deed and that it be recorded. Almost all the colonies of early America in the 1700s adopted the “deed and record” system. In deed and record, title passed with the exchange of a deed, a memorandum of sale. The deed was then recorded in a county or colonial record book. The title was fully secured only with the recording of the deed.

MERS, in my opinion, has violated the very intentions of our forefathers, i.e., the recording of the deed at the required county seat, to protect private property rights of all citizens.

What do you think about the MERS foreclosure mess?   Are you looking to purchase a short sale or foreclosure?   Use this Interactive Map to find both.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2011. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

• There is still a considerable amount of pent-up demand from buyers and sellers wishing to make moves.
• (There is still pent-up demand which will continue into 2011). ↑

• Unemployment is still too high for people to go out on a limb to either buy or sell. Buyers are still sitting on the fence and 2010 will be the year for unemployment to get resolved and the number of those that are jobless to decrease. It’s all about jobs, jobs jobs.

• (Still true for 2011 “ we still need jobs, jobs, jobs). ↑

• I think that the extension of the home buyer’s tax credit will help but, once it expires, we will see a somewhat dismal real estate market unless unemployment drops substantially. Already the numbers show that our market hasn’t been boosted as much as I or others would have liked by the tax credit.
• (That turned out to be true). ↑

• All indications are that the Fed will raise interest rates most likely by the middle of the year or perhaps sooner should the economy show additional signs of improvement. I also believe we are going back to the conservative days of old. Larger down payments and stricter credit standards will once again be the norm.
• (Rates didn™t go up but lenders did have stricter qualifying standards in 2010 “ so I got this partially correct). ↔

• Builders need to take a long and hard look at who the future buyers will be. Those buyers will still be the first-time home buyers and the baby boomers and they need to construct housing to meet their needs.
• (Wow, I™ve been on my soapbox a long time and finally builders are re-thinking this “ got this one correct!). ↑

• The move-up buyer will continue to struggle in 2010 due to financing, demand, pricing, and a decrease in the number of those buyers wanting and/or being able to purchase in that segment of the market. The high-end market will have longer days on the market to sell. The suburbs will continue through 2010 to have a glut of inventory. The condo market will take another year or so to sell all that is currently for sale and developers/builders will hold back building anything new or, at the very least, question whether they should do so.
• (Got this one right too¦I™m on a roll!). ↑

• Close in locations dominated the sales in 2009 and I believe those areas will continue to be the hot selling segments of our real estate market here in Portland for 2010. I’m seeing that with my own buyers as well.
• (Was true and will continue into 2011). ↑

• Small businesses will continue to struggle through 2010.
• (Unfortunately this was all too true). ↑

• In those areas where there is little inventory, prices will continue to rise, and in those areas where there is too much inventory, prices will drop throughout 2010.
• (True “ the closer-in areas such as NE, SE, N Portland did well and saw low inventory and prices in pocket areas have increased). ↑

• There’s a long road ahead for all the foreclosures to clear out. In fact, I believe there will be many more. The short sale process still is not streamlined and workable. There are some lenders that continue to play “hard ball”. I said this last year and I still feel the same way, I personally wish there would be a one-year moratorium on foreclosures to allow people to get back on their feet.
• (Again, unfortunately this was true and played out. We™re still not anywhere near a good short sale process and we still have too many foreclosures on the market and soon-to-be even more). ↑

• Very rarely have all the stars aligned…tax credits, low prices, low interest rates, plenty of inventory, motivated sellers. Therefore, I do believe it is the best time to buy now.
• (I still feel strongly about this and believe there are great opportunities and good buys in our Portland real estate market. Prices did and continue to fall. I won’t say I was completely correct on this only partially). ↔

• There are some real estate agents who refuse to show and sell foreclosures and short sales. Unfortunately, they will continue to be a large portion of the houses for sale in our area.
• (This is partially true. Some real estate agents aren’t showing short sales and some buyers are still shying away from short sales but are wanting to purchase foreclosures instead). ↔

• My overall view is that 2010 will be a “clean up” year. New laws that have taken effect will become more familiar and workable for lenders, appraisers, and real estate agents and all the kinks will get worked out.
• (Well, this didn™t happen. Perhaps it was more wishful thinking than anything. With MERS and all the other foreclosures, loan mod issues, etc. I will admit that I was wrong on this one). ↓

We may be out of a recession according to the experts, but the housing recovery will still be a long, slow one in my opinion.

My one prediction for 2011 is that our Portland real estate market will be much the same as 2010 unless 1) our inventory continues to get reduced 2) lenders loosen up loan restrictions, although of late they are tightening them 3) jobs, jobs and more jobs are available and 4) sellers catch the “reality train” and reduce their prices so their houses sell! Housing has typically led us into a recession and a housing recovery has led us out. However, I think that might not be true in this recession because without jobs, any housing recovery will be delayed. I recently read the following and agree: From Boston Fed President Eric Rosengren: Two Key Questions about the Economic Recovery

The first question is, what role will housing play in the recovery? … housing has traditionally been an important sector of the economy for generating recovery. … I expect housing will not provide as much support to this recovery as it has in previous ones. My sense is that residential investment, consumer durables, and services related to housing will be less robust than is usual in many recoveries, thus playing a role in what I think will be only a gradual improvement in the economy and employment. To put it plainly, these housing-related headwinds are part of why I do not expect growth greater than 4 percent this year. And while 4 percent is not terrible, at that rate it will still take a very long time to get back to full employment. … The real laggard in this recovery has been housing. While housing is a relatively small component of GDP, it can be quite volatile “ and often grows rapidly during an economic recovery. In addition, purchases of appliances, home furnishings, and housing-related services are impacted by slowed housing activity. Given the problems that flow from the bursting of the housing bubble, Figure 5 shows that residential fixed investment is roughly where it was at the trough of the recession “ and thus not providing its more usual contribution to growth in the early stages of a recovery.

What was your scorecard? Do you think I rated myself fairly or? What do you think 2011 will be like for housing?

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

Portland

My hope throughout the year is to not only introduce you to the neighborhoods via pictures and information, but also show the real estate stats. A lofty goal and since it’s only January 2011, it sounds do-able. However,we’ll see how I do throughout the year.

The first report is for Lake Oswego’s First Addition neighborhood. You can view the First Addition, Lake Oswego, neighborhood profile here. What follows are the real estate stats for 2008, 2009, 2010 for single, family detached houses and do not include townhouses, condos or attached dwellings. Many who purchased in 2008 or 2009 are most likely now underwater. Those sold in 2010 had an average sale price of $462,847. Due to the financial crisis and economy, Lake Oswego, as indicated in other posts, has become more affordable.   Prices in First Addition dropped 28% since 2008, although the number of sales increased.

I recently posted the stats for Lake Oswego which had 10.9 months of inventory at the end of 2010. Lake Oswego, with its high inventory, is still a buyer’s market.

To search properties for sale throughout Portland’s metro areas, you can use this Interactive Map. To view those properties for sale in the First Addition neighborhood of Lake Oswego, click here. Want to see any of these listings? Just give me a call at 503-804-9685 and I’d be happy to show them to you.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress.

(For more local and national real estate information, go to my website).

Portland

The goal is to discourage a repeat of risky past practices, but the legislation makes an exception to the risk-retention standard for what is labeled a œqualified residential mortgage.

I have to admit I’m from the old school of real estate when a 20% down payment was the norm, where buyers didn’t ask sellers to pay for closing costs, and where buyers didn’t stretch themselves in order to purchase that dream home. Although it has benefited buyers when sellers pay their closing costs, and it certainly has afforded buyers the ability to purchase that dream home, there was a time when that wasn’t even in our frame of reference.

We didn’t always have sellers pay for costs. We did have sellers in the early years when I first started selling real estate always pay for repairs, those weren’t negotiated like they are today. We also had sellers pay for discount points for buyers. However, we didn’t have sellers pay for the buyers’ closing costs. When I am a listing agent representing a seller, and buyers come in extremely low with an offer price and then still ask for the seller to pay for closing costs, it has always bothered me. It seems as though buyers expect the sellers to dig even deeper into their equity so that they can purchase the seller’s house.

It has come to take the form of an entitlement on behalf of the buyers. I’m not sure, but think that was another great idea that came from the sub-prime mortgage market, having sellers just give money to buyers in order to purchase a home. I’m not in favor of 30% down, but I certainly think a 10 or 20% required down payment like we used to have, might be a better alternative. A final ruling isn™t expected until spring, when it could become more difficult, and more costly, for home buyers to secure mortgage financing.

Some are already speaking out against the 30% down payment.

If the 30 percent requirement does stand, some in the mortgage industry say it will drive more of the lending business from the private sector to the government. The Federal Housing Administration is exempt from the risk retention rules and offers loans with down payments as low as 3.5 percent. Wells Fargo says it suggested the 30 percent requirement because about half of all mortgages already have that big of down payment.

Certainly, in my opinion, not the best way to encourage a housing recovery. All the more reason for buyers to get off the fence and purchase a house soon. What do you think?

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

Portland

It’s also been reported here on my Portland real estate blog that many investment groups have been buying those large unbuilt subdivisions and smaller builders are building on abandoned individual lots throughout Portland and its suburbs. Further, I’ve written about how the suburbs may be a thing of the past as more and more buyers are wanting to live closer to cities with transportation, etc.

There are many posts throughout my blog that have discussed the emerging trend of abandoning the suburbs. However, the good news is that by just driving through Lake Oswego, I’ve seen signs of an uptick in new construction. Trillium Woods for example in the Lake Grove area has sat abandoned and empty for a long time, several years in fact. Now, there is new construction being built and marketed along with other new sites in the metro area. Renaissance Woods is building along the Tualatin River in Lake Oswego, and there’s new construction starting in SW Portland as well. News articles about several large Portland builders have been favorable with their new construction starts. New construction sales have been low due to the low supply in inventory.

Here are stats the average $ sold for the areas this blog covers – Lake Oswego, West Linn, West Portland and Tigard. In addition, I have the # of new houses sold for 2008, 2009 and 2010. Prices have dropped to less than 50% of our 2008 levels in some of the areas along with the declining number of sales as well.
There is good news being reported by the National Association of Realtors ® that recovery in the new construction housing market is here to stay and will continue to improve and housing starts are predicted to hit a three-year high.

Builders believe that 2012 will be a banner year for sales of their homes and that homes will be smaller (something as you know I’ve been lobbying for here on my Portland real estate blog).

The Urban Land Institute recently said that:

Stability is slowly returning to the new-homes market. While total single-family and multi-family building permits remain on an up-and-down roller coaster from month to month, they are on a slight upward trend for the year. Total private-sector housing permits in the U.S. were up 6% through October, with single-family units up 5% and multi-family units up 9%, according to estimates made by the U.S. Census Bureau.

You can read the full article here.

The new construction market isn’t dead here in Portland, however, builders are competing with 32% of foreclosures and 21% of the short sales in our Portland real estate market just like all the other sellers in our market.Interested in new construction stats for others areas? Give me a call at 503-804-9685 and I can get those for you. Or to search for new construction or other properties for sale throughout the metro Portland area, use this interactive map.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

Portland

Guest Author:

Bob Chiodo, CFP

Equity Home Mortgage, LLC

Ofc 503.670.7393

Cell 503.704.2807

www.ResCommLending.com

Apply Here

Estimated Rates for the week of January 17, 2011*:

• 30 yr fixed: 4.625 “ 4.750

• FHA/VA: 4.50 “ 4.75

• 15 yr fixed: 4.00 “ 4.25

• OR VA: 15 yr “ 3.25% w/1.375 pts; 30 yr “ 3.75 w/1.375 pts.

• Jumbo (30 yr fixed): 4.99 “ 5.375

• 5/1 ARM: conforming 3.125 “ 3.625; jumbo 3.625 “ 4.125

• OR State Bond: 3.875 w/ 1.75% pts or 4.25% w/1.75% and a 3% cash ˜gift™

(Post written 1-17-2011) The interest rate markets are closed today in observance of the Martin Luther King holiday – these rates are reflective of Friday™s close. Please note that these are close estimates. There are many factors that go into a rate quote today – down payment or equity, credit scores, and the type of property just to name a few.

The quotes above are best used for estimating available market rates and for keeping informed of and tracking changes in rates. Oftentimes we can find that a lender has a special going on for a product. For instance, many of our lenders are offering a discount of .25% in points for purchase loans. Some offer discounts for larger loan amounts while others charge more for a smaller loan amount. Occasionally we have a borrower who requests a less-utilized loan program.

We recently closed a refinance where the borrower requested a fully-amortized 10 year loan – that rate is down to 3.50% today. According to the MBA, the average rate on a 30-year fixed loan dropped to 4.78% last week from 4.82% the prior week. The rate reached 4.21% in October, the lowest since the group’s records began in 1990. At the current 30-year rate, monthly payments for each $100,000 of a loan would be $523.46, or about $21 less than the same week the prior year, when the rate was 5.13%. The average rate on a 15-year fixed mortgage declined to 4.15%, from 4.23%. The rates include a 1.00% origination fee for 80% loans. The share of applicants seeking to refinance a loan rose to 72.1% last week from 71% the prior week.

Lately, I have been working on obtaining FHA approval for a couple of condominium complexes and I came across an interesting situation that I haven™t seen before. There is a rather large complex that required a significant amount of work on their property “ and significant being over a million dollars. In those situations, we typically see the Association having to impose a special assessment on all of the unit owners. This amount was going to be in excess of $15,000 per unit. Obviously, there is never a good time for a special assessment but these days are particularly difficult “ especially for condo owners. Much to my surprise, the Association did find a bank who lent the Association the money to do the improvements. The bank had their lien secured by the income stream of the complex. They did not lien the overall improvements “ this is particularly important since a lien on the properties itself would be considered a priority lien and it could prevent homeowners from having their units financed. Of course, the homeowners still have to pay the loan back but paying an extra $100 or so per month is a lot easier than paying the $15000 up front. Just drop me a line if you are interested in knowing who the bank was.

Have a great week!

*Rates quoted are for the use of Realtors ® and others in the real estate/financial service industries. They are not meant to be a quote for an individual situation. Rates change daily and those above are only listed to assist market participants by keeping them informed of current interest rates. Credit scores, down payment, and other risk related issues may change the rate. Unless otherwise noted, quotes are usually shown for a 30 day lock period and a 1% origination or discount fee.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

Portland

The Dream. Martin Luther King Day. This is a sculpture in front of our Portland Convention Center by Michael Florin Dente. 1990 and is part of the public art collection in Portland. A multi-cultural bronze statue depicting Dr. Martin Luther King, Jr. stepping forward with conviction to deliver his powerful message.

“The Dream” shows Dr. King surrounded by three major figures: a young man representing the American worker, a woman wading ashore symbolizing the nation’s immigrant experience and a little girl releasing King’s coattail signifying inter-generational respect.

I took this picture towards the end of Summer and thought today would be an appropriate day to post it. It had turned out dark so I had to manipulate the photo to make it more appealing. If you haven’t seen this sculpture, it is located at the upper Plaza level at the Convention Center on Martin Luther King Blvd.

Source: Convention Center website. © Betty Jung 2011.

ALL ABOUT…..Portland.Oregon.Real Estate. All photos are copyright protected and may not be reproduced in any form.

To get us in shape, the Walk Oregon group has posted their schedule of walks. These are for Oregon only. You can go to the links at the bottom of this post for other walking events or click here for the Walk Oregon events.

There’s an upcoming walk event scheduled in Lake Oswego on 1/22 too.

• 1/19/11 – Wednesday Walking – join a group to enjoy a 5K or 10K walk 10:00 am Willamette Falls Hospital, 1500 Division St, Oregon City, OR

YRE 65 5/10 km, Rated 3 VV: in lobby behind business desk on right Willamette Falls Hospital Cafeteria (at start) http://home.comcast.net/~titone7604/Wed/wed.htm

• 1/22/11 – Saturday – 10 am (please arrive early enough to sign in so the walk can begin at 10:00) (This is primarily a guided group walk, but all are welcome: fast walkers, slow walkers, and new walkers)

Leaders: 10K: Ed Hainline 5K: Joe Titone George Rogers Park walk, YRE 1611 – 5/11K – rated 2+ Start: Foot Traffic 333 S. State St. Lake Oswego, OR Club web site: http://www.walking4fun.org/ Pictures from a previous walk: http://www.vancouverusavolkssporters.org/djjs040710/djjs040710.htm

• 1/23/11 – Sunday – 10 am (please arrive early enough to sign in so the walk can begin at 10:00) (This is primarily a guided group walk, but all are welcome: fast walkers, slow walkers, and new walkers)

Leaders: 10K: Bob Forsythe 5K: Joe Titone River Views walk, YRE 773 – 5/10K – rated 1 Start: Oxford Suites 75 82nd Dr. Gladstone, OR Pictures from a previous walk: http://www.vancouverusavolkssporters.org/db011310/db011310.htm

• 1/26/11 – Wednesday Walking – join a group to enjoy a 5K or 10K walk 10:00 am Tualatin Hills Fire and Rescue, 13900 SW Brockman, Beaverton, OR

YRE 1025 5/10 km, rated 1+ CM: start box on outside of building Pasta Veloce, 12700 SW N. Dakota – corner of 125th & Scholls Ferry Rd (1 km from finish) http://home.comcast.net/~titone7604/Wed/wed.htm

• 1/28/11 – Saturday – 10 am (please arrive early enough to sign in so the walk can begin at 10:00) (This is primarily a guided group walk, but all are welcome: fast walkers, slow walkers, and new walkers)

Leaders: 11K: Jane Leider 5K: Joe Titone Browns Ferry Park walk, YRE 798 – 5/11K – rated 2+ Start: Legacy Meridian Park 19300 SW 65th Ave, Tualatin, OR Club web site: http://www.sherwoodmerrywalkers.org/index.html Pictures from a previous walk: http://www.allweatherwalkers.org/wed/db071608/db071608.htm

• 1/30/11 – Sunday – 10 am (please arrive early enough to sign in so the walk can begin at 10:00)

(This is primarily a guided group walk, but all are welcome: fast walkers, slow walkers, and new walkers) Leaders: 10K: Ric Catron 5K: Reggie Blake Town and More walk, YRE 519 – 5/10K – rated 1 Start: Best Western “ Pony Soldier Inn 1060 NE Cleveland, Gresham, OR Club web site: http://www.eastcountywindwalkers.org/

• 2/5/2011

City / State: Portland, OR Event Name: Pre Superbowl Walk Event Type: Walk Event ID: 89439 Distance – Trail Ratings: 5km 10km – 1+ Description: Walk through the streets of NE Portland’s Alameda neighborhoods and down NE Fremont Street with cafe/restaurants, brew pubs, quaint coffee shops and shopping areas. There will be parts of the walk that has stairs for both of the walking routes. It will be difficult for Strollers. Pets are permitted, but not in Buildings. Owners are responsible for clean up of their pets. Amenities: Strollers: hard | Wheelchairs: NO | Pets: Yes | Restrooms: Yes Special Classifications: This event doesn’t have any special classifications assigned. Start Times: 9am to 12pm, Finish by 3pm

Location: McMenamin’s Kennedy School Start Point / Driving Directions: 5736 NE 33rd Ave, Portland, OR. From Portland take I-84 East to NE 33rd Ave Exit. Turn left and drive 2 miles to the McMenamin’s Kennedy School. From I-84 West take NE 43rd Ave Exit and follow the signs for Broadway. Go West 1 mile on Broadway, then North (right) on NE 33rd Ave. Go 2 miles to the McMenamin’s Kennedy School. Awards & Fees: IVV Credit Only Comments: Host Club: Columbia River Volkssport Club Contact: Ed Hainline (360) 921-1909 Website: www.walking4fun.org E-Mail Contact: edhainline@yahoo.com

Discovery Walk Festival 2011 – April 9 Walk-Bike-2 Swims http://www.discoverywalk.org
Victoria BC Phoenix Festival Apr. 15-17, 2011 Victora BC Canada http://www.vvpf.ca/
Vancouver USA Marathon, Half Marathon, 5K Inaugural Event June, 2011! Volkssport sanctioned – Vancouver, WA USA 7-hr time limit for marathon http://www.vancouverusamarathon.com
Portland Walking Examiner http://www.examiner.com/x-2281-Portland-Walking-Examiner http://twitter.com/walkingguide
Find Oregon Walks http://walking.about.com/od/eventswalks/a/oregonwalks.htm

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

Portland

When I first started selling Portland real estate in 1975, I worked 100% with first-time home buyers. As my career evolved that changed, my market areas changed and those buyers started to be more move-up buyers and I got away from only selling to first-time home buyers. I still had them as buyers occasionally, but not to the degree I did at the start of my real estate career. Recently, for whatever reason, I seem to be working with a lot of first-time home buyers again. And, it has been a reminder to me how much I love selling to that segment of the market.

There has also been a revelation that the first-time home buyers of today seem much more enthusiastic about buying, more astute and knowledgeable, charged up and ready to buy their first home. It’s been fun again to sell Portland real estate. And, they are a smart group of home buyers. These first time buyers know interest rates are at an all time low, they know there are great buys in our real estate market here in Portland, and they are moving quickly to purchase. Frankly, I am impressed.

The National Association of Realtors ® just posted a profile of the first-time home buyer:

• The median household income for first-time home buyers in 2009 was $59,900.
• The typical age of first-time buyers was 30.
• 84 percent of first-time buyers purchased their home through an agent.
• 53 percent of first-time buyers purchased a home because of their desire to own a home.
• Three-quarters of first-time buyers purchased a single-family home.

Interested in seeing properties under $200,000? Here is an Interactive Map you can use to search or give me a call at 503-804-9685 and I can provide you with that information.

Further, I think this is an opportunity that shouldn’t be passed by. It is a wonderful time and opportunity for first time home-buyers. Are you thinking of buying your first house? Let me show you all the reasons why you should. ALL ABOUT…..Portland.Oregon.Real Estate.

© Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

Portland

The recession over the last three years has hit us all includingPortland real estate  agents, some harder than others.   In spite of the recession, real estate agents continue to work and work hard.   However, there were 6,709 real estate agents through the end of November ” membership figures that roughly match the headcount from late 2004, and it is expected there will be a single-digit percentage decline in membership in 2011.

I have some friends who are quite elderly and see me work pretty much 24/7. They have sold many houses of their own over their long lives yet have said to me over and over they had no idea what it was  œreally  like to sell  Portland real estate.

Recently   a client in a discussion with me about GPS and a new car said to me œyour company will buy you a new car.   WHAT?   No my company doesn™t buy me a car, my company doesn™t buy me anything.   In fact, I have to pay my company just to work there whether I make a sale or not.   I met a lady recently who was complaining she had found her last house without her agent, although her agent had been showing her houses for months.   I guess she also forgot that the agent successfully negotiated with the seller and then took the transaction through to the end, i.e. closing.

Some of my clients over the years thought selling real estate was easy and fun so they entered the real estate business only to last about a year or so and then leave. Many of them have called me after their departures to tell me they had no idea how I do it and how hard it is. Like many situations, lives, jobs or careers, until you™ve been in my shoes, you wouldn™t understand.

Perhaps as a for sale by owner, you™ve sold three houses, five houses, 20 houses or more in your life-time   and thought it was relatively easy.   In my 35 years,  I™ve sold thousands upon thousands of houses. No house is the same, no transaction is the same, no two clients are ever the same. Times change, recessions are never quite the same.   Real estate rules change, the laws change, the forms change, the technology changes, the education changes and yet, on a daily basis, I keep current with all of it. This is my full-time job, this is how I pay my bills.

Would you go to work every day knowing that you™re  not  going to get paid for the hours you worked? Would you cut your salary if your boss asked you to reduce it like sellers ask us to œcut our commissions? Would you voluntarily reduce your income? Would you be willing to spend lots of money out of pocket for expenses, advertising and marketing and  never  get reimbursed?   Then there™s the wear and tear on your car, the gas involved and, oh by the way, your time for which you won™t get paid? Most of us are not employees.   We are self-employed, independent contractors.   Money can bring out strong emotions in people. Clients change their minds or their situations change and we don™t get paid for our time when they do.

I™ve had other people tell me they know what it™s like selling real estate because they™ve been in sales. Yet, I™ve had those same people obtain their real estate license only to tell me later selling real estate is far different than just being in sales.

HousingWatch  had a great article about real estate agents.   You can read the rest of it  here  and it said in part:

œOtherwise rational, highly intelligent, highly educated people can lose their minds when it comes to their homes. I™ve heard more than one story of how a  Wall Street investment banker, whose day job is to take cold hard looks at companies and put values on them, simply can™t accept that his home isn™t worth what he thinks it ought to be worth. Why hire an expert, paying them extraordinary amounts of money (5 or 6 percent of a house sale is rather a lot), then ignore their professional advice?

More fundamentally, you don™t pay for their time. Real estate may be the last pure commission job left in America ” even retail sales has notions of draw-against-commission. An agent could spend three months and a few hundred hours working for you, showing you house after house, negotiating contracts, working through difficulties, and a hundred other things besides, only to have you change your mind at the last minute and decide to buy somewhere else. The agent made exactly zero dollars from that work. (Someone is going to point out that lawyers work on contingency all the time. True, and they also take 30 percent to 40 percent of the award.)

We Realtors ® work with people™s emotions and their lives and that™s what distinguishes us from just another œsales job. Most of us, if not all of us, love what we do.   Like other jobs or careers, there are definitely drawbacks being a real estate agent. However, we™re still here and not only have we survived but we continue to thrive.

Are you looking for that home of your dreams?     You can use this  Interactive Map to search for that home.   Let me help, I™d love to be your Realtor ®.

ALL  ABOUT¦..Portland.Oregon.Real Estate. © Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal  copyright laws. Based on a Blog at  WordPress.

(For more local and national real estate information, go to my  website).

Portland

The December 2010 RMLSâ„¢ Market Action report was published yesterday afternoon. Here’s the  full report.

Not surprisingly, our inventory of homes fell significantly by the end of the year and was not unlike 2009. Our weather has a lot to do with it. In 2008, year-end inventory was 14.1 when we had our Arctic Blast and no one was out looking for houses. This year we didn’t have that kind of weather. In addition, interest rates are currently extremely low and we have a good inventory of well-priced homes, i.e. foreclosures and short sales.

Personally, I also noticed an up-tick of activity at year’s end as I worked through both Christmas and New Year’s holidays with buyers writing offers. This is typically a slow time of year, but I didn’t have that experience this year. There are some winter months that are slow and others that aren’t it usually is dependent on the weather. In almost every situation I’ve been in with my buyers writing offers of late, we’ve been in multiple offer situations. There are buyers out there and my experience has been that the first-time home buyers are out in force. Pending sales increased by 6% this December from the previous year which is a good indication that are our market is still alive and kicking.

However, prices are still falling. The average sales price fell by -2.7% and the median sales price dropped by -2.9% for the year when comparing 2009 to 2010. Although for November 2010 to December 2010, our sales price actually increased by 2.2% while the median price did drop by -1.3%

Below are the stats for year-end as to which markets in our Portland metro area were balanced, sellers or buyers markets

Buyers, Sellers or Balanced Markets in the Portland metro area:

Balanced: 5-6 months worth of inventory is considered to be a balanced market (or under 7 months). There were 4 markets that were balanced markets at 2010 year-end:

• North Portland = 6.2 months of inventory
• NE Portland = 6.3 months of inventory
• SE Portland = 6.2 months of inventory
• W Portland = 6.6 months of inventory

Not surprisingly, North, NE, and SE Portland throughout 2009 and 2010 continuously were either buyers or balanced real estate markets. The surprise is W Portland. Throughout most of 2010, W Portland had a high number of listings. My only thought would be that either many more foreclosures/short sales got sold, sellers were more aggressive in their pricing, or people who had their houses on the market for a lengthy period of time took their homes off the market. When I do my West Portland stats, I’ll dig deeper into that data.

Sellers Market:  Under 5 months of inventory is a sellers market and we did have one area in Portland metro that had the unique distinction at year-end to be considered a sellers market:

• NW Washington County = 4.9 months of inventory.

A record number of condos sold in the NW markets this past year due to many auctions that were held. I would think this had a lot to do with reducing the over-all inventory of the NW market area.

Buyers Market: An inventory of 7 months or greater is considered a buyers market. Unfortunately some of these market areas that were still buyers markets at the end of 2010 were that way through much of 2010 and going back into 2009 as well. There were three market areas that had around 8 months of inventory or slightly less, which is a sign that the prices in those markets are stabilizing:

• Gresham/Troutdale = 8.1 months of inventory
• Milwaukie/Clackamas = 9.8 months of inventory
• Oregon City/Canby = 10.3 months of inventory
• Lake Oswego/West Linn = 12.2 months of inventory
• Beaverton/Aloha = 7.9 of inventory
• Hillsboro/Forest Grove = 7.1 of inventory

No surprise that the suburbs have been struggling since early in this recession. Lake Oswego/West Linn can’t seem to shake their high inventory due most likely to 1) higher priced homes for sale and/or 2) a reluctance to reduce prices.

In the meantime, if there is specific neighborhood or area information you are interested in, email me at  bettyjung.rebroker (at) gmail.com  and I would be happy to give you that information. Or use this  Interactive Map  to search properties currently for sale.

ALL ABOUT…..Portland.Oregon.Real Estate.   © Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal  copyright laws. Based on a Blog at  WordPress.

(For more local and national real estate information, go to my  website).
Portland

Lately, it seems, I have had quite a few issues in regards to ownership of real estate. In past real estate transactions, I’ve also had other real estate agents list property without checking who the owner actually was and tried so sell the property without the permission of the correct and rightful owner.

There are mixed-family relationships these days with partners who are not married buying real estate, parents giving the children gifts to purchase or buying a house for cash and then are not on the deeds yet later declare their rights, parents co-signing loans, extended family situations, divorces, deaths or relationships that dissolve, wills and promises made to others in regards to the ownership of that real estate. We’ve all seen what the MERS fiasco has been like without the correct transfer of deeds.

It can become complicated and all the more reason to understand what type of title you own and have a right to in regards to any real estate. Always seek the advice of an attorney or at the very least the title company to find out what your rights are should something go hay-wire in a relationship, partnership or verbal agreement. Title to real estate varies across the nation and it is different from state-to-state.

Here in Oregon, there are several ways to hold ownership to Portland/Oregon real estate:

Sole Ownership If you own property solely in your name, you own all the rights to that property. If you want to transfer property that is solely in your name upon your death, you must do so by a will or trust.

Tenancy in Common If you own property with another person, by law you own that property as a tenant in common unless a deed or other document states otherwise. A tenant in common is a person who owns an undivided interest in the entire property, such as a one-half, one-third or one-fifth interest. This interest can be sold to others. It also may be transferred to others through a will or trust. If you are a tenant in common, you may name a specific person or persons in your will to receive your interest. The person receiving the property will then hold your interest in the property with the other tenants in common. Tenants in common who cannot agree on how to sell or manage the property usually have to go to court to settle their differences.

Survivorship Estate In Oregon, persons may hold property together with a survivorship interest. A survivorship interest assures that when one owner dies, the remaining co-owner(s) will automatically receive the deceased owner™s share of the property through a survivorship estate. For example, a husband and wife usually hold property together with this right of survivorship. This particular form of ownership between husband and wife is also called a tenancy by the entirety. Tenancy by the entirety means that if one spouse dies, his or her interest will automatically go to the surviving spouse. Married couples who do not want this to occur should hold title as tenants in common instead. You can hold title with a survivorship interest with someone other than your spouse. Friends, relatives and business partners use this form of ownership when they want to own property jointly and have the property pass to the survivor(s) on death. Property that is held subject to a survivorship interest cannot be transferred by the will of the party who dies first. If you own property in this way and you want to pass that property to a particular person or entity, you should contact a lawyer for advice. Creating a survivorship interest requires special words when used in a deed, trust or will. There are risks in creating survivorship interests in both real and personal property; for example:

• If you name someone as a joint tenant with the right of survivorship on a bank account, that person can take part or all of the money out without your permission.

• Survivorship interest may cause the property to go to someone other than your intended heirs

• Sometimes a creditor of the other person you named on your property with a survivorship interest can take all or part of that property to pay debts.

You should talk to a lawyer about the advantages and disadvantages before trying to create a survivorship interest.

Life Estate A life estate usually is created to protect a person™s right to live on property and, on that person™s death, have it pass to another.

Have any questions? Let me help direct you to the proper source for information.

Source: Oregon Bar Association

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2011 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

Portland

Here are some further tips that go beyond this video from Barb Schwarz in getting your home spruced up to get it sold!   Our Local Margaret Oscilia from Salem, a professional stager, also has some great tips.   Read them here.If you want to move to another soon, you’d better get started and I hope these tips will help you along the way.   Need more help?   Give me a call at 503-804-9685.ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2011. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal  copyright laws.  Based on a Blog at  WordPress. (For more local and national real estate information, go to my  website).Portland

The popular Farmer’s Market in Lake Oswego released its Farmers Market Cookbook. The cookbook is available and can be purchased at the Lake Oswego Parks and Recreation office at the West End Building or at the City Store at City Hall during normal business hours from 8 a.m. to 5 p.m. Monday -Friday.

There will be a release party tomorrow, January 13, at Gubanc’s Pub at 5 p.m. and the Oilerie on January 20 also at 5 p.m. The cookbook features 75 local recipes from farmers, vendors, local restaurants, growers and community members and would make a great Valentine’s gift. Cost is $20.00

2011 Farmers Market Poster Contest You might think the Farmers Market is still months away, and it is. It opens in May but the City of Lake Oswego is looking for your creativity and artistic talent now to help promote this popular community event. All ages and abilities are encouraged to enter. Entries will be displayed at the West End Building for you to vote for your favorite. Posters are due February 4, 2011 and voting is open February 14-March 4.

Over the winter months, this might be a great activity for the kids to focus on. Wouldn’t they love having their poster be the one chosen to advertise this event. There are guidelines for the submission and you can call 503-697-6590 for the details.

© Copyright 2008-2011 Betty Jung. All Rights Reserved. ALL ABOUT…..Portland.Oregon.Real Estate. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

Portland

I also don’t put much weight into what economists say about our local market.   Since I started writing in 2008 here on this Portland real estate blog, I’ve stated that the economists have been wrong in the past and more than likely will be wrong in 2011.

Our 2011 real estate market started on good footing.   When the January stats come out I believe sales will be up and so will our listing inventory.   Personally I believe people are more positive than they have been and are deciding to take advantage of low prices and low interest rates.

However, since they are considered the “experts” here’s what has been said about 2011:The end of 2010 saw:

¢ 11 million homes œunderwater, which is 21.5% of the total number of mortgages nationwide.

¢ 4.2 million seriously delinquent mortgage holders

¢ 6 million homes in œshadow inventory

¢ 9 months of listed housing inventory at all price points

However, there are those “glimmers of hope” yet again. Inasmuch as it is the start of 2011 and we are all hopeful, below are some of those signs I’m talking about.

JOBS

Here is an article that says Jobs are on the Increase.

œAs the economy gradually recovers, some big U.S. companies are cranking up their recruiting and advertising thousands of job openings, ranging from retail clerks and nurses to bank tellers and experts in cloud computing. Many of the new jobs are in retailing, accounting, consulting, health care, telecommunications and defense-related industries, according to data collected for The Wall Street Journal by Indeed Inc., which runs one the largest employment websites. It said the number of U.S. job postings on the Internet rose to 4.7 million on Dec. 1, up from 2.7 million a year earlier. The company daily collects listings from corporate and job-posting websites, removing duplicates. Its figures may under count available jobs because some companies don™t post all listings online, an Indeed spokesman said.

We all know by now that if people aren’t earning any money, they can’t pay their bills or mortgages. It’s jobs that we need for the economy to improve. Although it has been stated in the past that the housing has led us into this mess and that housing will lead us out, I think that is now old-school thinking and that jobs are the most important ingredient in getting our economy moving again. All indications point to the job market improving and the unemployment numbers in Oregon are slowly decreasing.

INTEREST RATES AT ALL TIME LOWS & HOUSING AFFORDABILITY

Freddie Mac reported that:

“Housing is at its most affordable level in many years. A new survey released this week by Freddie Mac showed mortgage rates in the U.S. have again reached record lows. Interest rates for 30-year fixed rate home loans, the most common type of mortgage, averaged 4.19 percent during the week before October 14. That is down from 4.27 percent the week earlier, which had been the lowest average on record, based on the survey taken since 1971.”

Not only are interest rates low, but they are predicted to go even lower by mid-2011. Further, the Feds aren’t expected to raise rates until at least 2012. ABC News recently reported that sales are increasing because prices are so low and affordability is at one of its best ever. Here’s a link to that news report about housing rebounding.

HOME VALUES TO APPRECIATE

With jobs increasing and the economy picking up speed, there are indications that home values should appreciate as well. At the very least, depreciation is seen to slow and be much lower than in the past.

œIt is noteworthy that depreciating forecasts remain much better than those from a year ago with nothing worse than 7 percent depreciation, Fox said. Fox continued, œA year ago, we were seeing some markets with depreciation rates in the double-digit range. So while things aren™t happening rapidly, the forecast indicates they are getting better.

PENDING SALES

Pending sales continued their climb in November, a good sign that housing is recovering albeit slowly. Some say, and I tend to agree, that a slower recovery is actually better than a huge spike that has in the past led to a housing bubble. Our National Association of Realtors ® posted their stats for the November pending sales. Here’s a link to that story.

FORECLOSURES AND DELINQUENCIES ARE DECLINING

A recent article stated that:

“TransUnion predicts that the number of delinquent accounts ” 60 or more days past due ” will drop to 4.98 percent from an expected 6.21 percent at the conclusion of 2010.The projected decrease would more than double the 9.87 percent yearly decline that is expected between the end of 2009 and 2010 (from 6.89 percent to 6.21 percent). TransUnion anticipates at least double-digit declines in mortgage delinquencies in every state and the District of Columbia through 2011.”

SALES OF HOMES TREND UP

Our National Association of Realtors reports that:

Lawrence Yun, NAR chief economist, is hopeful for 2011. œContinuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable, he said. Yun added that home buyers are responding to improved affordability conditions. œThe relationship recently between mortgage interest rates, home prices and family income has been the most favorable on record for buying a home since we started measuring in 1970, he said. œTherefore, the market is recovering and we should trend up to a healthy, sustainable level in 2011.

THE BOTTOM? ARE WE THERE YET?

Technorati reported:

It should be a buyers™ market for the next year or two. As the economy starts to improve and workers are in a better financial situation, the buyers and sellers will come closer together this year. With the added inspiration of increasing interest and mortgage rates, people who have been on the fence about purchasing a home should be more willing to buy.

The aftermath of the recession has left longer-term negative consequences in some industries such as construction, real estate, and manufacturing. As we just mentioned, it will take a while before the demand for houses really picks up. Unemployment is still quoted at close to 10% but the real figure that includes everyone: people still looking, those who have stopped looking, and part-time workers who want full-time jobs, is much higher. Read more here.

It’s been reported that we came out of the recession in June 2009 and those same economists say June 2010 was the bottom of our real estate market. Zillow now says that:

“We™ll see the bottom in national home values in Q2 or Q3 of 2011 (more likely the latter).”

PORTLAND REAL ESTATE MARKET

The Bad News

A recent Money Magazine article said that Portland is still over-valued by 24%. You can read the full article here. Housing Predictor posted their thoughts on the top 20 real estate markets and showed they expect Portland prices to drop -9.4% in 2011. We are only one of 8 markets that is considered over-valued.

CoreLogic’s recent report shows that Portland has one of the most depressed markets with one of the highest depreciation rates. “Including distressed sales, the five states with the greatest depreciation were: Idaho (-13.56 percent), Alabama (-11.18 percent), Arizona (-10.38 percent), Oregon (-9.26 percent) and Mississippi (-8.37 percent).” You can read the rest of their report here.

The Good News

However, Smart Money recently posted where they felt it was “safe to buy”. Portland, OR. was on their list as a safe real estate bet. Here’s an interactive map showing those cities throughout the U.S. that Smart Money recommends. Further, Portland ranked in the top 10 for being a good place as a business investment. That article is here.

In a recent article, Portland ranks #9 as one of the best places to purchase in 2011.And, the U.S. Census Bureau ranks our Portland/Vancouver/Beaverton area 2nd in the nation for having low vacancies at 4.8% for Q3 2010.

According to a recent PSU Housing Report, Lake Oswego has one of the lowest apartment-multi-family vacancies and once again the Kruse Way area has a low office vacancy rate.

I recently posted Lake Oswego and West Linn stats for 2010. West Portland and Tigard will follow shortly. In the meantime, want specific local information, neighborhood stats for an area you are interested in? Send me an email bettyjung.rebroker (at) gmail.com and I’d be happy to send you the information.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2011. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws. Based on a Blog at WordPress. (For more local and national real estate information, go to my website).

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