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Mt. Hood Real Estate Blog

Liz Warren

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Displaying blog entries 1601-1610 of 1876

Appraisal Issues on Mt. Hood

Thursday, June 11, 2009
by Liz Warren

Many buyers in the Mt. Hood area have been trying to obtain loans or existing homeowners are trying to refinance and both groups are running into a few problems with appraisals. If you haven't heard, the appraisal industry-and everyone else- is in an uproar over HVCC  (Home Valuation Code of Conduct), which is costing Mt. Hood buyers, sellers and refiancers and everyone a lot of money.

This video explains what is going on. It's a little "loud" but gets the point across. So, if you live in Brightwood, Government Camp, Welches or Rhododendron and you are looking at a refinance or a purchase, be prepared for the fact that you may not only need to pay for one appraisal but two to make your deal fall together.

My own recent experience with the appraisal issue came with a recent transaction. The first appraisal was 30% below the purchase price-out of area appraiser. The buyer passed on a second appraisal and left the transaction.

The second purchaser had their appraisal completed and came in much closer to the purchase price. All this happened within a month's time frame. Now, how can an appraisal completed within one month of each other be off 30%? This is a text book example of getting an appraiser who knew nothing about our area and one that did.

There is an area to sign a petition to get rid of this HVCC on the video page and I would advise everyone to sign the petition and pass it along to your friends. The housing market is in enough trouble as it is when an even bigger elephant in the closet is the HVCC costing extra fees and impacting home values throughout our area!

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Looking for Mt. Hood Foreclosures?

Wednesday, June 10, 2009
by Liz Warren

Here are current offerings as of 6/10/09

Call or email for details

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Nations Continuing Foreclosure Problem

Wednesday, June 10, 2009
by Liz Warren

A recent milestone was reach for 2009 and that milestone was one million foreclosures starts to date for 2009. This information is according to the Center for Responsible Lending. They also project that the number could increase to 2.4 million by the end of the year. The Center for Responsible Lending is a non profit policy group.

The Mortgage Bankers Association reports that 9.12% of all mortgage loans at the end of the first quarter were delinquent. This represents a shift away from the subprime loans to prime fixed rate loans. The moratorium on foreclosures over the winter slowed the process down but the unemployment numbers have been increasing causing additional missed payments on mortgages.

On the other hand, four states including California, Florida, Nevada and Arizona account for about 46 percent of foreclosure starts which is driving up the national number. These states represent half of the prime fixed rate foreclosure starts.

Did you know that approximately 10.6 percent of mortgages in Florida are in the process of foreclosure. Nevada is second highest at 7.8%, Arizona is third at 5.6% and California at 5.2%?

 

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Change in the Air

Tuesday, June 9, 2009
by Liz Warren

Change is in the air with government run Fannie Mae and Freddie Mac. Congress is having a house financial subcommittee start with hearings on how to restructure Fannie and Freddie in the future.

What does this mean to you? Since these two have failed and been taken over and run by the Feds the entire process is in for an overhaul. 

Fannie and Freddie have written the book and dominated the real estate market for decades on down payments, credit score requirements, loan amounts and underwriting standards. New rules will literally change these requirements and dictate what interest rates you will be eligible for.

Some theories suggest they morf into one unit. It's possible they could also help the jumbo and commercial markets with loans since these areas currently have no where to go to get money causing many problems in these areas.

If I hear any additional rumblings about where this is headed I'll include them in this blog.

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Morning Coffee on Mt. Hood

Monday, June 8, 2009
by Liz Warren
Monday Morning Coffee

INSPIRATION FOR TODAY:

"The greatest pleasure I have known is to do a good
action by stealth, and to have it found out by accident."
~ Charles Lamb (1775-1834)


GIVE IT AWAY!

Here's a "feel good" idea that pays big dividends to both giver and receiver: "Give something away every day!"

We all get caught up in our day-to-day routines and responsibilities. Between family and home, work and leisure, our daily schedules are usually packed with the things we do for ourselves. Managing to squeeze in a little time for others is often out of the question.

In the big picture, however, it is not what we do for ourselves but for others that really matters in life. We're not just talking about those who are "less fortunate" in this context. The world of "others" includes family members, associates, the elderly, those experiencing illness, those in our geographical, social, or church community, or the less fortunate.

So . . . what do you give away? Are we talking big money to charities or an endowment to the local university? Nope! What you give away is up to you. It might just be your time - something as simple as taking your grandchild for a walk, offering to take an aging neighbor grocery shopping, or donating a Saturday to Habitat for Humanity. On days when you lack ideas, just give away a smile, a compliment, or some encouragement.

Maybe you give away some of your material possessions. That might include a piece of furniture, an antique, a piece of family heirloom jewelry, or the like-new clothing in your closet that never fit right. Why not donate some of the kids' toys to a day-care center?

Whatever you decide to give away, do it quietly - and anonymously when possible. Make it a habit. It will bring you the special joy of knowing you've made a difference.

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Mortgage Changes in the Air

Monday, June 8, 2009
by Liz Warren

Change is in the air with government run Fannie Mae and Freddie Mac. Congress is having a house financial subcommittee start with hearings on how to restructure Fannie and Freddie in the future.

What does this mean to you? Since these two have failed and been taken over and run by the Feds the entire process is in for an overhaul. 

Fannie and Freddie have written the book and dominated the real estate market for decades on down payments, credit score requirements, loan amounts and underwriting standards. New rules will literally change these requirements and dictate what interest rates you will be eligible for.

Some theories suggest they morf into one unit. It's possible they could also help the jumbo and commercial markets with loans since these areas currently have no where to go to get money causing many problems in these areas.

If I hear any additional rumblings about where this is headed I'll include them in this blog.

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Mortgage Delinquencies on Rise?

Thursday, June 4, 2009
by Liz Warren

Are Mt. Hood mortgage delinquencies on rise? Well, yes according to the Mortgage Bankers Association. In fact, since keeping track since 1972, last quarter was the highest first quarter of delinquencies since records have been kept.

Unemployment and continued area job losses make mortgage payments difficult to meet. Although some reports say Oregon will see some job stability in the fourth quarter of 2009, most of the country is predicted to continue with higher unemployment well into 2010.

Top off the unemployment rates with increased foreclosure rates and the reset of subprimes coming up in '09 and '10 we should see more aftermath of bad loans impacting area homeowners.

Nationally one in ten of homeowners are in trouble with their loans. This seems to be a cascading effect that is inescapable if you have borrowed to the max or taken out home equity loans.

Stay tuned for the impact these events will have on the Mt. Hood market. So far the hardest hit area appears to be Government Camp. Not only did this area escalate in pricing at breakneck speed, like Bend, this market will take a very hard hit adjusting to current market conditions.

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Mt. Hood Wine Lovers

Wednesday, June 3, 2009
by Liz Warren

Here is your chance to meet the author of two Northwest books on wine,'Wine Trails of Oregon' and 'Wine Trails of Washington'.He is Steve Roberts and mark your calendar for Friday June 26th at 7:30 PM. He will be visiting our own Wy'East Booke Shoppe and Gallery. His wine guides give information on the wine makers, their philosophies, maps, hours of operations, wine edicate and other tidbits.

Speaking of wine, a recent article in US News says Portland is one of the top ten retirement locations for wine lovers. Here is a link to this article.

 

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Employment Rebound in 4th Quarter?

Tuesday, June 2, 2009
by Liz Warren

According to Moody's Economy.com there are five states which are poised to start an employment rebound in the fourth quarter of 2009. Their prediction is that Oregon will be one of those states. This would be great news since we are 2nd in the nation for unemployment. Our recession began in August of 2008 according to their numbers.

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Lenders Can Use Your Tax Credit!

Tuesday, June 2, 2009
by Liz Warren

The new regulations helping first time home buyers use their tax credits to purchase should give a breakthrogh for buyers in the Welches, Rhododendron and Brightwood areas. FHA loans require 3.5% for a downpayment. Lenders can tap the $8,000 tax credit to help with this downpayment. Lenders can get paid direct from the IRS when the buyer files and uses this credit! This should take the stall out from many buyers sitting on the fence without the actual cash to move forward. See the letter from HUD which you can down load here.

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Displaying blog entries 1601-1610 of 1876

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