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CPFB-Consumer Protectoin Financial Bureau Lacks Transparency

by Liz Warren

The CPFB was created after the Wall Street implosion to help protect consumers from financial transactions including mortgages. In the process, strict mortgage qualifications were developed so loans that would be packaged were solid (no liar loans) and these loans were called Qualified Mortgages. If a qualified mortgage failed it would give the right to the consumer to sue the lender in the event of foreclosure.  These rules for qualified mortgages were written by the CPFB.

After the Qualified Mortgage package was passed in January 2013, the director of CPFB, Raj Date, left to "spend more time with his family" and several months later created an investment advisory company called Fenway Summer LLC to make loans to people who did not qualify for the "qualified mortgage". He also hired many former CPFB employees setting his company up to make billions in future loans.

The CPFB didn't raise any alarms at what happened in their own backyard. Read the letter from the Committee of Oversight on Government Reform and the Committee on Financial Services sent out July 31st. to the current chair of the department.

Look for further news on this story in the next several months.

Summer Inventory Increases on Mt. Hood

by Liz Warren

Inventory soared with 33 new properties for the Mt. Hood market this June! Pending sales are up 83% over June's 2012 sales. And total pending sales are up about 6% from last year at this time. What a difference an upturn makes. Not a large number of sales closed though with five total.

How about some sales stats for the year?

61 total sales as of today. Pricing points are as follows:

<$200,000   35 Sales

$200,000-$300,000  14 sales

$300,000-$400,000   8 sales

>$400,000   4 sales

 

RMLS chart for June 2013

Mountain Closings Down for June 2013!

by Liz Warren

It came as a complete surprise when June 2013 sales info came out this week. Only five properties went to closing for the month according to RMLS statistics. July numbers will certainly make up for the slow down with 25 sales currently pending. The jump in interest rates slowed applications for mortgages according to lenders but I wouldn't exactly say that is reflected in our current pending sales information. We expect the surge in inventory to keep prices very affordable as many second home sellers have been waiting for an improving market.

June 2013 sales for Mt. Hood

Rates Are Up!

by Liz Warren

Interest rates are up

Eleven Sales for April 2013

by Liz Warren

RMLS reported a total of nine sales for April but two more have since been added to RMLS totaling eleven sales. Three of this month's sales were foreclosures and one short sale. Foreclosures in the area are tapering off and short sales increasing. Lengthy closings are status quo for any short sale these days.

April 2013 mt. Hood Sales

April 2013 Mt. Hood Sales

Distressed Sales for Mt. Hood Area

by Liz Warren

Resent numbers for distressed properties were just released by multiple listing for the Portland Metro area graphed below. Although the numbers are shrinking and down from 35% or so from a year ago, the total sold  homes are still around 22% of the market for bank owned and short sales. The first quarter of 2013 on the mountain saw 28 sales with only three bank owned properties in the mix. Bank Owned Properties for sale on Mt. Hood.

Portland Metro distressed properties for first quarter

Market Numbers for March 2013

by Liz Warren

Wow, there was a lot of money flying around in March on the mountain. By the end of the month a total of 28 sales had closed since January 1st and 15 of those sales closed in March, more than half of the year totals. Six of those sales went pending in March and closed. All of those sales were cash and four on leased land in the Mt. Hood National Forest.

            Mt. Hood march sales for 2013

 

This is a surprise because the total market time for the homes that sold was 365 days. How could this be? Well our data base is quite small so things get a bit skewed in the numbers. One property at 25488 E CEDAR GLEN LOOP had a cumulative marketing time of 1412 days.... yes that is FOUR years on the market!

There is plenty of inventory on the market on Mt. Hood and we expect an active year.

Remodeling Projects

by Liz Warren

Here are the cost benefits of some home remodeling projects from NAR and CAR, that's National Association of Realtors and California Association of Realtors. Of course the numbers will be somewhat different in Oregon as far as costs but it might get  you thinking about what types of remodeling help your value the most.

Remodeling projects and costs

Spring Skiing Passes at Low Prices on Mt. Hood!

by Liz Warren

Today it's snowing all the way down the hill in Welches and the skiers are heading up to catch recent snow and there's plenty of it. Spring break is often the best skiing for the whole year and the most affordable time of the year to ski. Check out these prices if you aren't heading for Cabo this break. Next week you'll need plenty of sun screen too as temps are going up. Some of THE BEST conditions of the whole year can be had for the rest of this ski season so take advantage!

Spring Pass Specials: 

Ski Bowl $99.00

Mt. Hood Meadows $139.00

Timberline $109

Eight Sales for Mt. Hood Real Estate in February 2013

by Liz Warren

 

It's good news for sales on Mt. Hood with eight sales closing in the month of February and they are all over the board from full time residential to Government Camp vacation homes and leased land cabins. Buyers are flocking to Mt. Hood to pick up that perfect getaway and future retirement home! This bodes well for a huge buying and selling season for 2013. Buyers and sellers need to get going before rates begin to creep up towards the end of the year.

Mt. Hood February 2013 sales

Displaying blog entries 581-590 of 785

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