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Real Estate Information Archive
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Measure 49 Update for Buyers and Sellers!
Thursday, November 22, 2007
Read the latest on Measure 49 :
The Real Mortgage Story
Tuesday, November 13, 2007
How about some real statistics about what is happening in the "mortgage crisis".
Did you know that the "mortgage problems" are mostly in seven states? Three are Ohio, Michigan and Indiana. These three states had problems three years ago and these problems were due to job losses. Real estate is "local" and jobs have a great deal to do with any local real estate market. Until jobs are increasing, these areas will continue to have problems.
The other states, California, Arizona, Florida, and Nevada were basically overbuilt. They now have excess inventory. the speculators that were purchasing mutiple homes and condos in mass- picking up 5 or 6 properties are the ones who are crashing and cannot make their mortgage payments.
The other 43 states are doing pretty well. In fact, in these states foreclosures have actually fallen from 2006 to 2007.
Did you know that 35% of homeowners in the United States have NO MORTGAGE!
The real numbers are that 94.88% of loans are doing fine. Even 75% of subprime mortgages are performing fine. In reality, only 3% of loans are "in trouble".
To read some of the articles in the news you would think the entire market was crashing when it really isn't.
National Association of Realtors Portland Area Outlook
Sunday, November 11, 2007
To keep you updated on the latest info on the Portland Metro area real estate outlook, I have provided a link to the October 2007 National Association of Realtors info. You can read this document and find out appreciation rates, subprime lending numbers, foreclosures and other interesting projections based upon economic factors and interest rate movement. Hit this link to download.
Tuesday Morning Coffe
Tuesday, October 30, 2007
The mountain market is adjustment state. Interest rates are going down, prices are adjusting. If you have good credit you can get a loan. Many current buyers want to purchase but are having a difficult time selling their existing homes in order to buy. As we move into November I suspect many will refinance with these great rates!
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INSPIRATION FOR TODAY: ~ Ralph Waldo Emerson |
THE POWER OF NEGATIVE THINKING!
"If everything's coming your way, you're in the wrong lane." We've all read or heard similar humorous observations regarding the idea that, when all seems to be going well, it's merely the precursor to some sort of disaster. Unfortunately, many people seem to base their attitudes on that perception and, even more regrettably, they often permit such negativity to influence not only their lives but also the lives of others.
Is it possible you’ve never been guilty of this transgression? When a colleague made a particularly impressive sale, did you ever say something along the lines of "Well, it'll probably take forever to top that one!" or "Too bad you can't do that all the time, huh?"
Ever told someone going on a trip that you've been there before and had a terrible time? Even telling a child who brings home a good report card to "Keep it up!" can lessen the moment, because it implies that the current achievement isn't truly enough or that you fear poor performance in the future. Such statements carry “conditional approval” that demands future accomplishment as well.
One of the keys to harmony, in the workplace or at home, is for everyone to feel good - about themselves and about their accomplishments. The next time you have the opportunity to make a comment, take a moment and carefully consider what you're saying - and how you're saying it. Squash any negativity right then and there.
It's an attitude that’s easy to change once you're aware of it and its effect on those around you. Simply put, view the glass as being half full, not half empty. The power of negative thinking can make an even stronger impression than that of positive thinking, so be careful how you wield that power!
Attention Oregon Vets!
Tuesday, October 30, 2007
Here is a fabulous offer from McCormick & Schmick's Restaurant to Honor VETS on November 11....please read this news release:
McCormick & Schmick’s Seafood Restaurants Honor Active Duty & Veterans
In their annual salute to all veterans McCormick & Schmick's Seafood Restaurants will again provide free meals in honor of Veterans Day. All veterans can receive a free lunch or dinner entrée at McCormick & Schmick's Seafood Restaurants nationwide on Sunday, November 11. Vets should show proper identification (VA card, VFW card, veterans ID,
DD214, discharge papers, etc.) Reservations Are Strongly Encouraged! In a show of thanks to our nation's veterans, Bill McCormick and Doug Schmick offer to serve those who've served at their McCormick & Schmick's Seafood Restaurants. Last year the company served nearly 15,000 vets nationwide. This year's event is taking place on the Sunday before Veterans Day so that families can participate. McCormick & Schmick's annual veterans program began as a small effort in just one
restaurant in 1999. Due to its overwhelming popularity and positive response received from veterans the program has expanded nationwide. A complete list of participating restaurants may be found at
http://www.mccormickandschmicks.com/index.cfm?fuseaction=content.display
MONDAY MORNING COFFEE----NEW!
Wednesday, October 17, 2007
Join me for Monday Morning Coffee! I'll give a brief update on the local market and a little weekly inspiration! (This week, only inspiration) If you would like to receive this every Monday by email, please send me an email at
Place Monday Morning Coffee in the subject line. Your copy will be on its way every Monday morning!
This week's
Top Five Pricing Considerations In This Market
Thursday, October 4, 2007
Here are the top five pricing considerations for today's market and selling your property.
1. Increased Inventory
2,Increased Mortgage Rates
3.Increased Mortgage Restrictions
4. Increased Vacancy Rates
5. Increased foreclosures
(cutesy of Steve Harney)
Mortgage Industry Update
Tuesday, October 2, 2007
The mortgage industry is not in chaos and there is plenty of money available to loan. The industry has changed though. To summarize some of the changes, and there are a few, here is a bullet list of some items for consideration when searching for a new loan and for understanding what is different since last year.
*161 lenders have closed their doors since 2006
*Underwriting standards are stricter than ever
*Credit scores less than 620 with little money down are not eligible for subprime loans
*Buyers are turning to FHA and VA loans to get 97% and 100% loans at reasonable rates
*Non-profit down-payment assistance programs are gone
*It's very tough to do a 1st and 2nd mortgage to finance a 90-95% loan of the sales price
*Jumbo loans (over $417,000) are now quoted at 7.5% or more depending on the borrower and their down-payment
*Jumbo loans often require two appraisals-one by the lender and one by the investor
*Lenders are very cautious about fraud these days
Lenders are searching for risk reduction. and scrutinizing loans heavily which have low FICO scores (credit scores), stated income borrowers, low down-payments, and high dept to income ratios.
I would highly recommend you search for an experienced mortgage broker if you're looking for a first mortgage or refinance!
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