Real Estate Information Archive

Blog

Displaying blog entries 291-300 of 381

HAMP numbers

Saturday, August 21, 2010
by Liz Warren

What is HAMP? Home Affordable Modificaiton Program This government program helps homeowners get their payments modified so they can stay in their homes.

This chart shows the numbers of modifications currently in process.

HAMP

Some of the dept to income ratios are shocking for modifications. The modification program does not work for many and after you see the numbers you'll know why. The median front end, or housing dept to income ratio was 44.8% of the income but combined with total debt, the median dept to income ratio was 79.7%. Yes, nearly 80% of the income of the borrower went to servicing debt.

After the HAMP modification, that total debt to income for all debts went to 63.5%. That is a huge amount of debt even after modification. This explains why there are still failures and drop outs after the modifications take place and why it has not been the big success the government had hoped for. It also shows why banks have not been quick to act in completing this program since they often end up foreclosing on the property any way.

Add Comment

New Mt. Hood USDA loans

Wednesday, August 18, 2010
by Liz Warren

The recently funded USDA loan program has just been refunded for our area. This includes Welches, Rhododendron, Brightwood and Government Camp. This program is for low income earners and is in very high demand. The loan is 100% financing!

Details may be found here.

Add Comment

Purchase Before September 7th!

Tuesday, August 10, 2010
by Liz Warren

If your purchasing in the Mt. Hood area it's a good idea to buy before September 7th, if you are using an FHA loan. New rules are coming down the road which will actually increase your monthly payment potentially making it harder to qualify. The "idea" is that FHA is trying to reduce the upfront costs of getting buyers into loans by reducing the Up Front Mortgage Insurance Premium (UFMIP) from 2.25% to 1%. This can be financed into the loan at the back end so there is really no "upfront cost". Technically this reduces your monthly payment slightly.

Meanwhile back at the ranch the MMI- the Monthly Mortgage Insurance Premium is getting raised from .55% to .85%-.90% depending upon the loan to value of the loan. This means your monthly payment will go up and you will be paying more for the same loan thereby potentially not qualifying for as much loan as you did prior to September 7th. With this rise in payment it essentially means a decrease in the loan amount by 4-5% to get the same monthly payment (a lower purchase price so the loan amount is lower).

Why is HUD doing this? To cover their operating costs and to cover anticipated losses. As a buyer, there are pluses to having an FHA loan. The main benefit is when you decide to sell your home these loans are assumable if the new buyer qualifies. This is an attractive prospect if they, HUD, doesn't increase the interest rate for the assumption. They seem to change the rules as administrations come and go. I'm not sure if this is a locked in guarantee or not!

Add Comment

To Buy or Not to Buy Mt.Hood Properties

Tuesday, July 27, 2010
by Liz Warren

The fact is, this is probably the best time in the past 80 years to purchase real estate. Swelling inventories and unbelieveable interest rates have created this opportunity. Not only is a house a home but what about the investment opportunities.

Here is how the housing values compares with the stock market over the past decade.

Mt. Hood Stock vs. Real estate

Add Comment

Mt. Hood Real Estate Numbers for June 2010

Saturday, July 17, 2010
by Liz Warren

The numbers are in for June 2010 for Mt. Hood area real estate sales straight out of RMLS. The numbers are impressive with a total of 15 sales closing. My estimate is that these sales were put together in March and April and finally closed. We have seen a weakening of pending sales at the moment but hope with the fantastic weather we are having that more buyers will take advantage of the incredible inventory currently on the market. Now is the time to get a hec of a deal on a mountain property!

Mt. Hood real estate sales for June 2010

Market indicators show increasing inventory, fewer pending sales for the month, longer marketing periods but pending sales up nearly 50% year to date from 2009!

Add Comment

February 2010 Oregon Foreclosures

Thursday, July 15, 2010
by Liz Warren

The numbers are out for the National Association of Realtors statistics for February 2010 in the Salem area foreclosures compared with the United Sates Numbers. Here is a chart of activity:

Foreclosures on Mt. Hood

 

Add Comment

Oregon Foreclosure Information

Thursday, July 15, 2010
by Liz Warren

The National Association of Realtors has published some interesting information on Oregon foreclosures for 2009. Our state has been in the news recently at number three in the country for foreclosures. Here is the breakdown of home ownership and home foreclosures based on the type of loan the homeowner received. Prime loans are the biggest percentage of foreclosures in 2009 reflecting the high unemployment rate in Oregon.

See Mt. Hood Area Foreclosures here

Add Comment

Lowest Interest Rates Since 1971!

Friday, June 25, 2010
by Liz Warren

That is right. Read the headline! These are the lowest interest rates since 1971! We are talking nearly 40 years.

Average 30-year home loan rates : 4.69 percent

Average 15-year mortgage rates are just 4.15 percent

Buy now or take advantage of a refi. These are unbelieveable rates!

 

Add Comment

Mt. Hood and Oregon State Numbers of Foreclosures

Saturday, May 1, 2010
by Liz Warren

Have you ever heard of www.responsiblelending.org? This group tracks delinquencies and foreclosures and how the mortgage crisis has impacted Oregonians. Here are their numbers. 

Oregon Delinquencies and Foreclosures

The average loss per home in the state of Oregon is $8,442 in equity. You can check other state losses at the web site. The average loss in New York is around $37,000! In Florida it is $81,000. In California it is $51,000. So at this point, Oregon has faired decently compared to many other states. That number could increase as we see the foreclosures hit the market for 2010.

Add Comment

Clackamas County Credit Conditions

Monday, March 15, 2010
by Liz Warren

There's lots of credit information/conditions getting tracked by the Federal Reserve Bank of New York. Not only do they track mortgage information but credit card delinquencies, student and auto loan delinquencies and more!

Here are some interesting statistics for Clackamas County from this site:

* 4.2% of all mortgages are delinquent at 90 days or more

* 5.3% of Jumbo mortgages are in foreclosure

* 1.6% of prime loans are in foreclosure

* 1.9% of FHA and VA loan mortgages are in foreclosure

* 92.7% of prime loans are current!

* 9.1% of student loans are 60 days delinquent

If you'd like to check out other Oregon counties or states, visit this web site.

 

Add Comment

Displaying blog entries 291-300 of 381

Syndication

Categories

Archives