Displaying blog entries 661-670 of 783
December 2010 saw six closed sales for the month according to multiple listing service. Here are the six sales:
The first two listed are foreclosures. Two properties were in Government Camp. The majority of homes selling at this time are second homes vs. primary residential properties. Three of these sales were cash and three with conventional loans.
Here are some interesting foreclosure numbers from RealtyTrac concerning 2010's numbers:
*2.87 million homes received foreclosure filings in 2010
*Foreclosure notices were up 1.67% from 2009
*They were up 23.23% from 2008
*1 in every 45 homes in the United States received a foreclosure filing
*Five states accounted for half of foreclosures: California, Florida, Arizona, Illinois and Michigan
*In California, 1 in every 25 homes received a foreclosure filing
*In Nevada, 1 in every 11 homes received a foreclosure filing
*In the 4th quarter of 2010, foreclosures slowed due to documentation issues
*1 million homes were foreclosed on in 2010
*The documentation delay will push foreclosures into 2011 for a projected 1.2 million foreclosures
*2011 should be the peak of the market downturn
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!
The unemployment figures are important to buyers and sellers in today's market and is a major component of home values and purchases. In a prior blog post on unemployment
Looking for a foreclosure in Government Camp? Look no more. Three units are on the market as 2010 ends. Two are Collins Lake Units and one Eidelweiss unit is currently available. Here are the details below.
November 2010 saw an increase in sales for the month! Fifteen sales closed from Government Camp, Welches, Brightwood, and Rhododendron. Mt. Hood real estate sales are picking up and this month proves it.
Here are the fifteen sales in November direct from multiple listing. SEVEN of these sales were bank owned properties including two Collins Lake Condos in Government Camp.
Information has just been released for November 2010 sales in the Mt. Hood area including Welches, Brightwood, Government Camp and Rhododendron. Below are the numbers straight out of our local multiple listing service.
Comparing the same month, November 2009, pending sales are down 35%. This is comparing the forth quarter of the year when the GNP was over 5%. What a difference a year makes.
There's a lot of talk about the "shadow inventory" lurking in the back ground which will cause increased supply. Here is a chart which tracts the potential shadow inventory based upon mortgage delinquincies, pending foreclosure inventory and pending bank (REO) inventory.
Here is a link to the latest survey by Fannie Mae on National Housing. Some of the more interesting numbers are:
People trust homeownership as an investment over buying stocks (66% to 16%. People trust homeownership over their 401K investment, purchasing mutual funds or annuities. The only thing they rate safer as an investment is a savings account.
96% of homeowners feel that homeownership has been a positive experience.
Demand for Rental Properties Likely to Increase – Delinquent Borrowers Now More Likely to Rent If They Move
Here are the numbers from RMLS for 2010 to give you an idea of what is happening as of the end of October. Average sale prices are down nearly 20% compared to last year. This is obviously due to the foreclosure sales this year at the lowest end of the pricing range. Our pending sales compared to last year at this time are down 23%. This reflects the difficulty in getting mortgage money in current times. Most sales that become pending through the rest of the year will probably close in 2011 with the banks moving at a snail's pace. Here's hoping 2011 will see lots of improvement!!
Displaying blog entries 661-670 of 783
