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Displaying blog entries 1761-1770 of 1903

Negative Equity Numbers

Wednesday, November 12, 2008
by Liz Warren

wHow does the Mt. Hood area fair compare to other areas of the country as far as negative equity in homes? Well, I can't say specifically what happens on the mountain but it is a reflection of the general Oregon market. Sources such as First American CoreLogic says 18.3% of properties with mortgages are underwater. Most of these states are Nevada, Arizona, Florida and hard hit Michigan with the Detroit carnage.FAC says Oregon mortgages are at 7.5% underwater which, believe it or not is the 6th lowest percentage of all states. Washington is right behind us.

So, if you think it's bad around here-it isn't! It's GREAT compared to the rest of the U.S.!

Here's a little more info mapping the negative equity states from the Wall Street Journal.

 

 

 

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Monday Morning Coffee for Inspiration

Monday, November 10, 2008
by Liz Warren
Monday Morning Coffee

INSPIRATION FOR TODAY:

"Begin to be now what you will be hereafter."

~ St. Jerome

GIVE YOURSELF A PRESENT!

Regardless of who you have been in the past - why not give yourself a "present"? Each of us experiences regret from time to time over what we have done - or left undone - in the past. Perhaps our transgressions were great - or just seemed so in our heart.

To become a different person in the future, St. Jerome suggests that you must "begin to be" that person now. If your career is overwhelming you, begging to be tamed, begin now to untangle it. Begin today to simplify your activities.

If you would like to be more caring, begin today by complimenting someone. Want to be more understanding? Listen carefully to one you love - today. Want greater financial independence? Analyze your income and your expenses, then earn more and live on less - beginning today.

Nothing happens until you "begin to be." Interestingly, however, the moment you BEGIN, you actually ARE the person you desire to be, provided you continue to be. The moment you change anything in your life, the past is over, forever.

Want a new beginning in your life? Don't wait for some earth-shattering, life-changing event to get your attention. Get started today!

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More Updates On Foreclosures on Mt. Hood

Thursday, November 6, 2008
by Liz Warren

Looking to purchase a foreclosure in the Mt. Hood Area? foreclosures are popping up in Welches, Government Camp, Rhododendron and Brightwood.

Foreclosure and Short Sales Info

 

Over the last 24 months, Oregon went from number 2 to having the 23rd highest foreclosure rate on a national basis. As of September 2008 there have been 2,344 foreclosure filings which equivocate to 1 filing for every 644 housing units. Foreclosure filings are up 26% from August 08 and up 139% from September 2007. The majority of these distressed properties are located in the greater Portland metropolitan area. 

 

In comparison, the state of California, which accounts for ~60% nationally of all foreclosure activity has 69,548 properties with foreclosure filings, equivocating to 1 in every 189 housing units.  Washington has 1 foreclosure filing out of every 1,383 housing units.

 

Below are some comments from our partners that actively work in this arena.

 

  • Most properties in foreclosure are so debt laden that they are reverting to the banks. 
  • An investor interested in buying a foreclosed property on the courthouse steps is not likely to get a good deal.
  • Banks have not been discounting the debt on these properties in order to sell them. 
  • It can cost a bank anywhere from $30K-60K plus, to take back a house.  This doesn’t include the cost of capital, refurbishment, marketing and sales costs.
  • So why are banks taking the homes back?
  • Some banks have been bundling multiple properties, with varying degrees of debt-to-market value ratios and selling them to large, institutional buyers.  This seems to be easier and more profitable for the banks right now.
  • In Multnomah County, who is buying foreclosed properties at this time? There are a few larger, private equity buyers and some individual investors.
  • The SE & NE corridors have the greatest percentage of foreclosed properties at an average value of $125K-225K.  However, more expensive properties are now entering the picture.
  • So where are some of the opportunities now?  Short Sales.

Short Sales - An option for those who have money & the time.

 

A short sale is where a property owner wants to sell their home but they have a higher mortgage debt on the property than the price they can sell the house for. First, seller and buyer must agree on a price and then they go to the lender with comparable homes sales data to support the decline in value plus a compelling story and documentation that proves the seller does not have the funds to pay off the entire mortgage due.  Sound simple?  Not really.  Short Sales on average take 90-120 days to complete if successfully negotiated.  Clients and real estate brokers should work with a professional who knows the ropes. 

Investment property owners who sell under a Short Sale agreement should be aware of the new exclusionary rule coming that will tax all or a portion of the ‘gain’ the home seller realizes from a short sale closing.

 

 

 

A big thanks for sharing this information Kim:

Kim Dodge at Usher Financial (503) 595.1600

 

 

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Monday Morning Coffee for Inspiration

Monday, November 3, 2008
by Liz Warren
Monday Morning Coffee

INSPIRATION FOR TODAY:

"Just because you're the lone voice in the wilderness,
it doesn't mean you're wrong."

~ Ghandi

ME, MYSELF & I - A GROUP OF ONE!

Remember this tune from the protest era? "One is the loneliest number that you'll ever do." The poignant lyrics call attention to the reality that being alone, being a group of one, can be a very lonely, uncomfortable, and sometimes challenging situation.

When it comes to the important issues in your life, it's much more comforting to know that others are standing with you. You stand up for a student issue at a PTO meeting, and others stand with you. You call attention to a social injustice, and are backed by a majority of the members in your organization. Together, the group gives strength and credibility to the views of its leader.

What, then, if the leader and followers are a group of just one? What value is there in taking a position with no one to back you up? What's more, acting alone often stimulates inner questioning, self-doubt, and ultimately self-defeat.

So, where do you stand when it comes to defending your own principles of living? When you witness cheating, dishonesty, or unfair criticism of others, do you stand up as a group of one when no one else cares to stand with you? Do you then feel like the "lone voice in the wilderness?"

Our world has few leaders and many followers. The stand you take alone may provide the inspiration needed by followers who agree, but who do not have the ability to speak out on their own. As Ghandi counseled, just because you're "the lone voice . . . doesn't mean you're wrong."

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Residential Sales For October on Mt. Hood

Monday, November 3, 2008
by Liz Warren

Are we glad October is over? What a wacky month! Between the fluctuating stock market and election news I am more than ready for November!  The weekend rain has done a good job of knocking another third of the leaves down for yard clean up. I am having my ususal fall back transition issues  and getting my internal clock adjusted. What the hec  am I'm doing up this early? I don't know.

So, here are the numbers! These are the sales for October for Government Camp, Welches, Rhododendron, and Brightwood:

The good news is that Government Camp had another sale over $500,000! This market has been hard hit with few sales of single family homes in the upper price range.

One forest service cabin closed this month. This segment also has lots to choose from and less buyers making it quite competitive. New lease fees are coming up this January so we will see what the increase does to inventory at that time.

Ok, it's on to November and election night is tomorrow. Hopefully once this is settled things will loosen up a bit.

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Forest Service Cabin Inventory Is Up

Wednesday, October 29, 2008
by Liz Warren

The hidden jewels in the Mt. Hood National Forest are these forest service cabins. Scattered along rivers and creeks in the pristine Mt. Hood forest you can find these special cabins. Many were built in the 1920's and 30's as summer cabins for Portland residents.

Here is the current inventory right now. These cabins are mainly in the areas of Government Camp and Rhododendron. For additional details, send an email or call me.

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Monday Morning Inspiration

Monday, October 27, 2008
by Liz Warren
Monday Morning Coffee

INSPIRATION FOR TODAY:

"Your imagination is the preview to life's coming attractions."

~ Albert Einstein

YOU'RE THE STAR!

Do you believe Orville & Wilbur were first to fly because they had a hammer, nails and a free weekend? Think the television was created by accident? Did Bill Gates just stumble upon the software code that has changed the world? Not a chance!

The Wright brothers created the previews of their first flight in the theatre of their minds. Naturally, there were no limitations to their imaginings as they dreamed of flying. Who knows how the dream of television became reality . . . how it was transformed from a mere visualization into vacuum tubes, knobs, and channels?

What went through Bill Gates' mind prior to his early experiments? Surely his first visions were not of a colorful package entitled "Windows 2000." Nevertheless, his vivid imagination took us all from the concept of "1's" and "0's" to today's monumentally complex world of computer software and internet browsers.

What about you? What goes on in your mind's eye while no one is looking? What do you see yourself doing in one, three, or five years? Do you hear a special future beckoning you to create an action thriller from the previews running through your imagination? Is there a stirring inside you that begs to be brought to fruition?

Why not grab some popcorn, a soft drink, and settle quietly into your favorite chair to enjoy the previews of your own imagination? Then, with a clear picture fresh in your mind, create the main attraction - your life!

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Sunny Acre with Three Bedroom Ranch with views of the Sandy River

Monday, October 27, 2008
by Liz Warren

You will love this end of the road seclusion on a super sunny acre with the sounds of the Sandy River  out your windows. This well maintained ranch boasts three bedrooms, two baths with 1368 square feet of living space. There is a bonus den or family room with skylight and slider off to the back deck than runs along the entire length of the house. The property borders BLM land so you literally feel like you have a private park out your back door. Walk down to the river and watch the fish go by.


Sit in your living room and listen to the sounds of the river or after a big day on the slopes, hit the hot tub on your covered deck.

This location is closer in to Sandy yet a short drive to the slopes and the Mt. Hood National Forest. The best of both worlds.

TAKE A TOUR HERE

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Wine and Arts Festival Is Not Happening

Sunday, October 26, 2008
by Liz Warren

After nearly 15 plus years the Resort at the Mountain in Welches  is not having the Wine and Arts Festival this November. As a regular attendiee of this event I am sadly disappointed. I am hoping the new management comes up with events to replace this mountain favorite!

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Foreclosures on Mt. Hood

Thursday, October 23, 2008
by Liz Warren

Many buyers are searching for foreclosures in Government Camp, Welches, Rhododendron and Brightwood. The Mt. Hood area has relatively few foreclosures compared to other areas near the Portland metro area and Portland itself. The majority of homes that have shown up as foreclosures have been in the Timberline Rim subdivision.

Most of these foreclosed homes in Timberline Rim are under $300,000 and the majority fall in the low $200,000 range or less. When compared to subdivisions closer in such as in Sandy and the Happy Valley area, we have really not had the hard hits that many of these newer subdivisions have had. Lack of available land to develop with"new subdivisions" in the past couple of years has caused an escape from this problem.

foreclosures do bring  values down. Banks price these homes to go out the door. These foreclosure sales will be used as comparable for conventional loans. New lending rules require home sales in the past two to three months to be used as the comparables whether foreclosures or not.  They will help establish values for bank loans to buyers.This s the bad news.

The good news is that once the inventory of foreclosed homes are gone, existing home inventory gets adjusted to "market" and gets sold, values will stabilize and eventually we will be back to a more equal market for buyers and sellers.

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Displaying blog entries 1761-1770 of 1903

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Liz Warren
Merit Properties Group - Keller Williams Realty PDX Central
Box 131
Welches OR 97067
Direct: 503-705-3090
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