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Displaying blog entries 281-290 of 381

Mt. Hood Housing Factors to Watch in 2011

by Liz Warren

There are five factors to watch in housing over 2011 and the impact they will have on our housing nationally and locally.

1. Good news on mortgage rates. They should stay under 5% for the balance of 2011. Four out of five current mortgage applications are for refinancing homes.

2. Nationally, housing prices will possibly bottom out in the first half of 2011. Locally, it may take longer due to our "lagging behind" nationally in Oregon. The second half of the year may see a slight stabilization.

3. Affordability: The affordability index started in 1971. The home affordability has never been better since the inception of the index. There has never been a better time to purchase a home. This could cause an increase in sales for 2011!

4. Fewer mortgage originations: Well, if most people have already financed over the past year and four out of five will be refinancing now, there will be less mortgages taken out over 2011. Estimates are, because of tightening credit and low credit scores that nearly a third of Americans cannot qualify for a mortgage.

5. Gradually lower delinquent rates on mortgages. As the foreclosure mass comes to the market this year there will be lower delinquent rates due to some stabilization in employment. Bernanke predicts 4 to 5 years before employment returns to "normal" rates.

So, with a large inventory of homes and cabins in the Mt. Hood area, super low intersest rates, motivated sellers left and right and many foreclosures to choose from it is a perfect time to buy!

Mt. Hood Mortgages and Credit

by Liz Warren

If you're looking to purchase a new home or second home in the Mt. Hood area one of the most important things you should be concerned about is, will I qualify for a mortgage? One of the most critical components of getting a mortgage, a car, credit card or any other type of borrowing vehcile is your credit report.

There's a new site provided by the Feds that is excellent and explains everything you need to know about credit, how to improve your rating, how to clear up credit report errors and more. 

Make a New Year's resolution to get your credit score up so you don't pay a higher interest rate for consumer goods and loans. Visit the site today and pick up your pointers!

FHA has replaced Freddie and Fannie

by Liz Warren

Here is a new head scratcher direct from the Feds.

First the info:

Since the Feds took over Freddie and Fannie they have been limited to only lending on high quality mortgages. This should reduce "future" losses. BUT

The Fed has since shifted their high risk mortgages over to FHA  and two other government programs.

Did you know that 60 percent of home purchase loans now have down payments of less than 5 percent, compared to 40 percent at the height of the bubble?

In 1990 FHA had about 4%of loans with less than a 3% down payment. In 2008 44%of their loans had less than a 3% down payment.

Pre 1990 policy required 10 to 20% down payments to purchase homes. You had to have good credit and low debt to income ratios. HUD policy loosened lending creating the wonderful bubble we just experienced.

Despite the governments recent regulation of the financial industry, they seemed to have overlooked their own backyard. Will current HUD policies create the next bubble with their lending practices?

I just don't get it!

Here is an article asking these same questions from the Journal of American Enterprise Institute.

Time to Buy On Mt. Hood-Great Interest Rates

by Liz Warren

Is this the perfect buying opportunitiy? Motivated sellers left and right and some of the best interest rates in 50 years? Sellers with their properties on the market right now going into winter are the most serious sellers of all!

Rates can't be beat! Here are the predictions from the National Association of Realtors and the Mortgage Broker's Assocation for the next year plus:

Interest Rates

So, to keep your monthly payment low and manageable, now is the time to make that purchase because even if prices go down, your monthly payment will be fixed at a lower unbelievable rate.

The Cost of Foreclosures

by Liz Warren

What is the real cost of foreclosures in a neighborhood? There are a few of them in the Mt. Hood area. Most are in Brightwood and Rhododendron but more are heading our way. This chart is taken from the web site Center for Responsible Lending and shows how much each Oregonian has lost due to foreclosures impacting the value of their homes. The average loss of value from homes that are near foreclosures is $8,442!

Mt. Hood Foreclosures Loss in Value

Largest Bank Servicers Q2 2010

by Liz Warren

Here are the largest bank servicers for Q2 2010 according to National Mortgages News. B of A of course absorbed Countrywide when they imploded. This also lists the number of delinquencies on their loans. These numbers include first and second mortgages.

Foreclosures and Short Sales on Mt. Hood

by Liz Warren

Here's a video that is produced by two mortgage guys who explain why IndyMac wants to do shortsales and foreclosures and how our tax dollars are paying the bank for the difference. This is in layman's terms.

Foreclosures and Fraud Issues

by Liz Warren

There's lots of interesting info coming out about lenders with foreclosures in the headlines. Twenty three states have halted foreclosures with GMAC and B of A. Unfortunately, Oregon is a non-judicial state so it does not fall into lucky 23 state catagory. A major title company has stopped issuing title insurance on foreclosures properties with Chase. Details can be found here.

 

 

Mt. Hood Area Foreclosures

by Liz Warren

Nationally, foreclosure buyers received a 26% discount when purchasing foreclosed properties if they purchased in the second quarter this year. Pre Foreclosure buyers received a 12.97% discount. REO or bank owned foreclosure buyers were able to receive a 34.54% discount for their purchase in the second quarter.

According to RealtyTrac, about 24% of sales in the U.S. were foreclosures! The hardest hit states were California, Nevada and Arizona averaging nearly 50% for all of them combined.

Oregon, in the second quarter had around 25% of sales as foreclosures. Of course these foreclosures impact pricing and are creeping into appraisal comparables if they are near a home that is selling. Bad news for sellers due to the impact they have on their values.

The good news is for buyers, there are many properties to choose from. Here is a list of the foreclosures currently for sale in the Mt. Hood area from Government Camp, Rhododendron, Welches, and Brightwood:

Mt. Hood foreclosures

Oregon Foreclosures July 2010

by Liz Warren

Great news! According to RealtyTrac Inc. Oregon has slipped out of third place in foreclosure activity in July. Here are the top ten numbers for the month of July.Oregon Foreclosures

Displaying blog entries 281-290 of 381

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