Portland Pete’s Real Estate Blog

November 2009 Portland Market Statistics Released

Peter Stewart Skei — Wed, 16 Dec 2009 09:44:00 GMT

Inventory levels remained low in November, and with new listings on the decline, maybe we will see the market's momentum carry into the traditionally slower winter months. See the full report here......(Continued)...

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Unterest Rates Remain Under 5%

Peter Stewart Skei — Mon, 14 Dec 2009 12:39:00 GMT

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage averaged... ...(Continued)...

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October 2009 Portland Market Statistics

Peter Stewart Skei — Fri, 13 Nov 2009 10:02:00 GMT

Follow this link to the full report for October's Portland metro area market statistics......(Continued)...

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Home Buyer Tax Credit Changes!

Peter Stewart Skei — Wed, 11 Nov 2009 12:46:00 GMT

Thatï¿½s Right! The bill was recently signed extending the first time homebuyer credit & creating a new credit for move-up/repeat buyers.

The $8,000 first time homebuyer credit currently in place has been extended to include any transaction placed under contract on or before... ...(Continued)...

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Interest rates back under 5% briefly - UNBELIEVABLE!

Peter Stewart Skei — Wed, 11 Nov 2009 12:46:00 GMT

Rates for 30-year home loans dipped below 5 percent this week after rising for three straight weeks.

The average rate fell to......(Continued)...

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Up, Up, and Away!

Peter Stewart Skei — Thu, 13 Aug 2009 13:09:00 GMT

That's right, sales are up; an increase of 8.6% over last July to be exact. This is the first time we have seen a year-over-year increase since early 2007! Pending sales were also up, but prices were......(Continued)...

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JD Power Real Estate Company Rankings Released

Peter Stewart Skei — Fri, 07 Aug 2009 12:18:00 GMT

JD Power just released their rankings, and Rated Coldwell Banker as #1! ...(Continued)...

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Interest Rate Graph and Summary

Peter Stewart Skei — Fri, 31 Jul 2009 12:29:00 GMT

Rates for 30-year mortgages rose for the second-straight week, Freddie Mac said Thursday.

The average rate for a 30-year fixed mortgage was 5.25 percent this week, up from 5.2 percent last week. Last year at this time, 30-year mortgages averaged 6.52 percent, Freddie Mac said.

Earlier this year, rates on 30-year mortgages fell to a record low of 4.78 percent, kick-starting refinancing activity. Last month, rates rose to nearly 5.6 percent.

See the graph below to compare how interest rates look over the past few years......(Continued)...

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Buyers and Sellers and finding common ground

Peter Stewart Skei — Fri, 31 Jul 2009 12:22:00 GMT

Real estate is certainly a hot topic in these interesting economic times. Buyers have such high expectations that they are going to get the deal of a life time and the prices they are seeing certainly support that. Sellers, on the other hand, are looking at the market analysis that their realtor has prepared for them and think that it must be a mistake, because THEIR home is certianly worth more......(Continued)...

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And now, for something completely different...

Peter Stewart Skei — Tue, 28 Jul 2009 10:26:00 GMT

The new S&P Case-Shiller report was just released, and holds some GOOD NEWS in it. Take a read here......(Continued)...

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Nationally, Foreclosures Continued To Rise Last Month

Peter Stewart Skei — Thu, 16 Jul 2009 11:58:00 GMT

Foreclosure-related filings rose 4.6 percent nationwide from May to June, data aggregator RealtyTrac said today, and the 889,829 filings for the second quarter represented a 20 percent increase over the same quarter a year ago.

Unemployment-related foreclosures accounted for... ...(Continued)...

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June 2009 Portland Market Statistics

Peter Stewart Skei — Thu, 16 Jul 2009 09:16:00 GMT

Inventory is falling, pending sales are up, and price declines are starting to slow. Here is a link to the June Market Action Report for the Portland area......(Continued)...

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Home Affordable Refinance Program

Peter Stewart Skei — Wed, 01 Jul 2009 17:16:00 GMT

Homeowners who are up to 125 percent underwater will be allowed to refinance under the Obama administration's Home Affordable Refinance Program if they... ...(Continued)...

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Housing Starts Are Up For May, But...

Peter Stewart Skei — Thu, 18 Jun 2009 11:06:00 GMT

Housing starts jumped 17 percent from April to May, up to an annual rate of 532,000, but builder confidence remains low, according to separate reports out this week.

Much of the increase in housing starts last month was in......(Continued)...

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Interest Rate News

Peter Stewart Skei — Wed, 03 Jun 2009 16:05:00 GMT

Rates on 30-year home loans rose this week and were poised to go higher as investors demanded higher rates for long-term government debt, which is closely tied to mortgage rates.

Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages rose to 4.91 percent this week (6/1), from an average of 4.82 percent a week earlier. Rates in Freddie Mac's survey have been below 5 percent for more than two months. If they rise higher, that will......(Continued)...

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FHA $8,000 Tax Credit Loan

Peter Stewart Skei — Wed, 03 Jun 2009 16:05:00 GMT

First-time homebuyers can get short-term loans for $8,000 tax credit

Thousands of first-time homebuyers will be able to get short-term loans so they can quickly make use of a new $8,000 tax credit.
The Federal Housing Administration on Friday released details of a plan in which borrowers who use FHA loans can receive the credit before they complete their taxes......(Continued)...

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Portland Quality of Life Comparison

Peter Stewart Skei — Fri, 01 May 2009 16:36:00 GMT

Oregonians know we have it pretty good. And the constant influx of out-of-staters has kept us reminded of that fact. But just how good DO we have it? Here is an interesting comparison of the cost of living in Portland, as compared to some other West coast cities:

According to Sperling's, a $50,000 salary here is equivalent to:

$85,800 in San Francisco, CA

$76,400 in Santa Cruz, CA......(Continued)...

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April Case-Schiller Home Price Index Released

Peter Stewart Skei — Thu, 30 Apr 2009 10:06:00 GMT

It appears that the price decline is beginning to slow. Take a look at the Case-Schiller index. We are no longer setting records for declines, and the steepness of the price graph appears to be decreasing. Hopefully we will see this trend continue until we hit a "bottom" in the next 6 months or so. Below is a link to the full Case-Schiller report... ...(Continued)...

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Do you know about the OTHER 1st time buyer programs out there?

Peter Stewart Skei — Wed, 15 Apr 2009 12:22:00 GMT

That's right, there are numerous programs out there for first time homebuyers, besides the relatively well-known $8,000 federal tax credit. For example, in Portland the PDC (Portland Development Commission) has numerous programs, including down-payment assistance, an annual tax credit of 20% of... ...(Continued)...

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March 2009 Portland Market Statistics

Peter Stewart Skei — Wed, 15 Apr 2009 10:58:00 GMT

In March of 2009 there were only 3,685 new listings put on the market, compared with 5,155 in March of 2008. This is good news, and is probably indicative of the big turnaround beginning. However, it will still be a slow process. Closed sales were down 30% since March of 2008, but pending sales were only down 15.5%. Again, an indicator that we are likely beginning to see light at the end of the tunnel. It will take time to clear out the excessive inventory that we have on the market, but the general sentiment is that people are beginnning to realize that we are nearing the bottom, and it is time to start taking advantage of the opportunity that is out there. Overall for the Portland area the average sales price is... ...(Continued)...

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Loan Modifications & Foreclosure Rescue? Do Your Homework First.

Peter Stewart Skei — Mon, 06 Apr 2009 13:02:00 GMT

Five companies accused of using deceptive practices to market mortgage modification and foreclosure rescue services have been hit with enforcement actions by the Federal Trade Commission, and warning letters have gone out to 71 others.

The companies often use copycat names or look-alike Web sites in an attempt to appear to be a nonprofit company or government entity, make deceptive claims about their success rates, and... ...(Continued)...

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Administration Launches New Consumer Website For Responsible Homeowners Seeking Relief

Peter Stewart Skei — Fri, 27 Mar 2009 11:12:00 GMT

Find out if you qualify for assistance

The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) launched a new website for consumers seeking information about the Obama Administration's Making Home Affordable loan modification and refinancing program. The website includes interactive self-assessment tools that will empower borrowers to determine if they're eligible to participate and calculate the monthly mortgage payment reductions they could see under the Making Home Affordable program. Here is a link... ...(Continued)...

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The Importance of a Home Inspection

Peter Stewart Skei — Fri, 27 Mar 2009 10:59:00 GMT

A home inspection is a must when you are buying. If you have ever purchased a used car that gave you nothing but trouble, you probably looked back with regret for not taking it for an inspection before you bought it. You ignored the wise counsel to seek out an objective third party's expert examination, and it cost you in the long run.

You definitely do not want to make that same mistake when you are in the market for a house. You may love the place, but this is one time you do not want your... ...(Continued)...

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3.875% 30-year fixed program continues!

Peter Stewart Skei — Thu, 26 Mar 2009 11:05:00 GMT

Banner Bank/Community Financial has extended their promotional interest rate program through April 26th. That's because it is working! In the past 3 weeks they have had about 50 home sales! This program is essentially subsidizing the loans for buyers of their existing new home inventory. Let me know if you are interested in taking advantage of this incredible opportunity. Here is an updated list of the homes that are in this program......(Continued)...

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Portland February 2009 Market Statistics

Peter Stewart Skei — Sun, 22 Mar 2009 15:22:00 GMT

The Portland market statistics for February 2009 have just been released. Here is a link to the full ...(Continued)...

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