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March Sales Numbers are in for the Mountain Area

Thursday, April 12, 2012
by Liz Warren

Market statistics are in from multiple listing service for area 153 which covers Government Camp, Welches, Rhdodendron and Brightwood. March was a very active month for closed sales totaling 12 sales. Fifty percent of those sales were foreclosures. Take a look at the numbers from NAR. In February the national percentage of distressed sales was hovering at 34%. As the backlog of foreclosures enter the market this year it's likely the national number will go back up towards 40%. Mountain sales for the month are listed below this graph.

Distressed sales Nationally

Twelve sales. Five were cash and two purchases were USDA loans. This would be homes for primary home use and income limits to qualify for this type of loan. 

Mt. Hood Area Real Estate sales for March 2012

 

 

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Mt. Hood Real Estate Multiple Listing Numbers are in for June 2011

Sunday, July 17, 2011
by Liz Warren

The multiple listing service just came out with the Mt. Hood area statistics for June. This is for sales including Government Camp, Welches, Rhododendron and Brightwood. Number of sales were substantially up to eleven sales! Total sales since the beginning of the year hit 39.

mt hood real estate sales

Summer has finally arrived and many sellers have placed their properties on the market for the prime summer season. Incredible deals are available with many motivated sellers. It's the perfect time to purchase while interest rates are low making homes more affordable. This could be a once in a generation opportunity according to CBS Money Watch.

Mt. Hood Time to Buy Real Estate

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Weather Beaten Market

Wednesday, January 7, 2009
by Liz Warren

No doubt about it, the crazy snow pilling up, melting snow and rain, falling trees and branches and a general lack of accessibility will be reflected in fewer pending and sold properties showing up in January. From Government Camp, which was buried with snow and constantly battling power outages closing down local ski areas to Welches, Brightwood and Rhododendron, it was a rough winter holiday season. People just couldn't get around on the roads let alone view properties.

The clean up has begun and most roads are easy to navigate so showings are happening and buyers are back. Rivers and creeks are dabbling at high water levels. Many basements are flooded and finally, everyone has their power back on.

As we shake all of this off, 2009 should be one for adjustments as major price reductions are rampant in the multiple listing service. Some owners have dropped their prices nearly 40% chasing the market down.

Buyers have rarely had so much inventory to choose from and with rates hovering around 5%, opportunity knocks!

FHA loans have increased their down payment qualifications to 3.5% down. FHA loans numbers have increased significantly from the past couple of years.

Speaking of incredible rates, this is currently causing a rush to refinance. Mortgage brokers are busy getting folks into incredibly affordable loans. If you have a lot of equity in your home, this is  a great time to pull that down payment out for a second home purchase.

Well, it's back to work for me now that the power and internet are working again!

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Monday Morning Coffee for Inspiration!

Monday, November 17, 2008
by Liz Warren
Monday Morning Coffee

INSPIRATION FOR TODAY:

"Temperance in all things!"

~ Harry S. Truman

Extreme or Temperate?

You can see it on TV almost every day - extreme football, extreme wrestling, extreme police chases, extreme everything. The TV networks seem to be competing to capture our attention with one-upsmanship to the extreme.

If you're in your 20's to mid 30's, doing things to the extreme may be attractive to you. If you're 35-45, you may be starting to question whether it's necessary to carry things quite so far. If you're over 45, your age of wisdom may have set in - leading you in another direction - towards temperance. The good news is that it's beneficial at any age.

Recently on TV, there was an old interview with Harry Truman at the age of 77. The interviewer David Susskind asked, "To what do you attribute your energy and vitality at age 77?" Truman shot back with noticeable conviction, "Temperance in all things. I take plenty of rest, sleep well at night, and eat the right foods. That leaves me ready to face the challenges of being president."

What a simple word - "temperance." Webster defines it as "moderation in action or thought; restraint; marked by moderation, as in keeping within limits." It does not mean total abstinence or prohibition of action. It is merely a concept that takes into account reasonable, self-imposed limits.

Some see temperance as "clean living." By whatever name, it can bring peace, tranquility, good health, high self-esteem, satisfaction, and financial freedom. What are your self-imposed limits?

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Wine and Arts Events for the Weekend of November 15 and 16!

Saturday, November 15, 2008
by Liz Warren

 

 

Check out this link to see the events scheduled for this weekend. Lots of art and wine events hosted through many local businesses.

Events and participants are at this link

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Oregon Trail School Bond Passes

Wednesday, November 12, 2008
by Liz Warren

Dr. Shelley Redinger , superintendent of the Oregon Trail School District sends this thank you:

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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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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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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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Mt. Hood: Investor Lending to Change Parameters!

Friday, October 10, 2008
by Liz Warren

If you are considering using an investor loan to purchase properties in the Mt. Hood area of Brightwood, Welches, Rhododendron and Government Camp consider this, If your lender is selling their loan to Fannie Mae they are going to add on substantial fees to your loan after December 1st. Depending upon your downpayment, these fees could be anywhere from 3 to4% and maybe even greater. Some private mortgage insurers may stop insuring investor loans altogether.

So, if you are an investor you should find your property now and lock your rate in the next six weeks and close before December 1st to insure you don't get caught with higher fees or the inability to buy at all!

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Displaying blog entries 1-10 of 48

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