18Oct 2016 by admin

Portland Realtors: Fall Update

economy
Portland Real Estate Report: Plateau... Or Just Platitudes? In summary, home values in Portland, Oregon are being described as "hovering" at the moment. Various articles and Portland Realtors commenting on the local housing market have used terms like "plateau", "flattened" and even the somewhat ominous word "cooling" to describe our current conditions. The graph below shows that median prices hit highs at/near $550,000- in the spring of 2016 but have tapered off to our current median price of $499,700-. Recession has become a zeitgeist and the subject of scary campfire stories ever since 2008. Nonetheless, economic contractions remain a recurring certainty and a predictable part of all economies. -Richard E Lockwood Real estate agents note that this settling in prices may be due to our city's tradition of the market…
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13Jul 2016 by admin

Portland Realtors: Short Sale Specialist’s Summer 2016 Report

Real Estate
For the summer of 2016 the Portland real estate market has been defined by extremely low inventory of available homes for sale and stiff competition among buyers eager to find a place to live. However, record home values have not completely wiped away the relevance of Portland short sale specialists in that underlying financial difficulties such as slow wage growth, underemployment and rising living expenses puts many household budgets under duress. Furthermore, higher real estate prices often entail higher monthly mortgage premiums which add increased pressure of possible mortgage default during times of financial strain. During the height of the recession, short sales were commonplace to the point of being ubiquitous and it's important to note that increased home values has moved many mortgage defaults out of short sale into…
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26Jan 2016 by admin

January, 2016: Portland Housing, Economic Update

economy
From the Article: ...will bad news from Wall Street and Asia rain on Portland's parade or will the distant rolls of thunder merely echo nay-sayers beating the drum of chimerical doom & gloom? Despite recent upsets and a dismal start to the trading year on Wall Street, home-buyers in Portland, Oregon remain extremely bullish on the local real estate market. International issues such as China's burgeoning debt crisis along with foreign trading markets being flooded with newly available petroleum energy have led to record stock-market volatility; with many sources noting that the new 2016 fiscal year is the worst on record for many stock exchanges worldwide. In contrast, factors such as local job growth and strong demand for Portland's unique "Northwest" lifestyle mean that homes throughout the metro area are…
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29Jul 2014 by admin

Distressed Sales Information 1st & 2nd Quarters

Portland Real Estate Market
Distressed property sales in the Portland metro area dipped in the second quarter of 2014 as the spring buying season heated up. Short sales dipped from being 6.1% of total sales to being 4.1% of total sales for the first and second quarters of 2014 respectively. Bank owned foreclosures (REO) properties experienced a less abrupt drop from 4.9% down to 4.7% when the first quarter of 2014 is compared to the second quarter of this year. Inventory of available homes offered on the market throughout Portland remains quite low and this low inventory may be fueling the drop in short sales as rising prices move more sales into the non-distressed category. Also, national politics may be playing a role as congress has failed to reach an agreement extending the Mortgage…
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02Jul 2014 by admin

Wall Street Speculation Driving Up Home Prices

Portland Real Estate Market
Investors Buying Short Sales & Foreclosures In Bulk, Profiting Big This article is opinion based on available data from a variety of news and financial sources. This article is not legal, tax or financial advice. The author is a real estate broker licensed in the State of Oregon, and an short sale specialist in Portland. [caption id="attachment_6950" align="alignleft" width="300"] Wall Street Back To Gambling On Real Estate[/caption] While recently reduced numbers of short sale transactions and foreclosures have pushed real estate investment money back into flipping and renovating, in the height of the recession many major financial interests were buying short sale and foreclosure homes in bulk and trading them as a commodity. Now, these investment companies appear to be slowing their rate of purchase as the supply of distressed…
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20May 2014 by admin

High-End Homes Soar, Low Price Homes Tank

economy
National Housing Market: Luxury Homes Sales Soar, Affordable Homes Falter The volume of homes selling in working and middle-class price ranges is falling dramatically, while at the same time sales of luxury homes are ramping up by very large margins. Mortgage bankers note that new loan applications are on the rise for properties with an asking price of over a half million Dollars whereas the numbers of new loan applications are dropping in every other real estate pricing tier. Nationally, closed transactions of $250,000 or less have sagged by a jawdropping 12 percent when compared to last year, according to Bloomberg.com. United States Economy Grew by 1.9% Last Year, Portland Real Estate Went Up 12.1% Median sale prices of residential real estate in Portland, OR rose by 12.1% ($316,400 versus…
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12May 2014 by admin

Response to 05-08-2014 Housing Article

economy
My sister, Dr. Julie Lockwood Pechacek (PHD, Economics) wrote the following response to my May 8th article on real estate and the economy. Response To May 8th Real Estate Crash Article: I read your article on the economy and the Portland housing market. Here are some thoughts. Let's talk more often! Love you, -Julie -While I agree that timing is important, you appear to rely heavily on the fact the recession in pdx occurred after the main wave. I say "appear" because I don't think this idea is required for your argument. Recession timing is more related to the geographic dynamics of contagion, and how a financial contagion spreads, than any specific features of Portland's (moderately diverse) economy. -Your essay leads me to wonder if all sectors of the housing…
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08May 2014 by admin

Case Shiller & Another Portland Real Estate Crash

economy
This is an editorial opinion article written by Richard Lockwood, a real estate agent active in the Portland Metro area. This article makes no effort to assure anyone of future capital gains or losses. For further inquiries please see disclaimer at bottom of page. Fewer Homes For Sale Vs. Low Wages, Slow Recovery With first quarter housing market data in for the year 2014, one of the prime factors having a stark impact on the housing sector for Portland is the lack of available residential real estate inventory. RMLS data (graph on the left ) shows lower inventory in the year 2014 (marked in red) as compared to the two years prior. The simple law of supply and demand points out that reduced inventory of available homes for sale will…
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06Nov 2013 by admin

Housing Wanes Amid Economic Unrest

economy
Homeownership Lowest in 13 Years The US economy (having never fully recovered from the great recession) is experiencing a waning housing market and Portland Oregon seems to be following this national trend. Economic uncertainty surrounding the Federal Government shutdown, healthcare and future tax liability have made many key industry players including builders and investors a little more than uneasy in recent months. These concerns, combined with normal seasonal slowing off the industry have combined to undermine recent gains in residential home values. According to the National Association of Realtors today’s home ownership is the lowest it has been in the last 13 years. The US Census reports new household formation was 380,000 down from 2 million pre-recession levels. A new household is established when a person rents an apartment or…
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28Dec 2012 by admin

Home Sales Rise as Economy Stalls

economy, Portland Real Estate Market
Lackluster holiday spending and low US consumer confidence did not detour home buyers the last quarter of 2012. Home sales are up for the last couple months as buyers take advantage of low interest rates and depressed property values. Local Realtors had a Merry Christmas cashing commission checks in November and December as Portland RMLS reports a 5% month over month gain in sold home volume. MERS and its legal woes have also contributed to reduced inventory; with the embattled company's foreclosure practices now being called in to question in landmark court cases across the nation. MERS Foreclosures Challenged In Landmark Cases The latest burst of closed real estate transactions in combination with the low number of new listings has caused extremely low levels of available inventory. At best the…
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