Creative Way to Tour Downtown Portland

Looking for something fun and creative to do rather than the ususal shopping, eating, bowling or biking? Why not trying bringing a classic video game to life?! Trek around downtown Portland avoiding ghosts and collecting pellets in a life sized version of PacMan!

Use a cell phone to get instructions on where to go and how to avoid the ghosts who are chasing you. It's something a little different and gets you out visiting the city.

http://www.webmonkey.com/blog/WhereCamp_PDX_Takes_on_PacManhattan

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September Market Report

September Residential Highlights

While sales activity in the Portland metro area continues to slide, the slope of the decline leveled off a bit in September. From August to September, closed sales have averaged a 12.9% decrease over the last five years. This year, however, closed sales only fell 7.3% (1,640 v. 1,770) from August to September. Pending sales dropped 10.6% (1,705 v. 1,908). New listings also decreased 4.5% (4,200 v. 4,398). Similarly, comparing September this year with September 2007, pending sales are down 11.7% and closed sales dropped 12.1% (see table below). That’s less than half the drop we saw at the same time last year. At the month’s rate of sales, the 17,006 active residential properties would last approximately 10.4 months.

Third Quarter Report

In the third quarter of 2008, there was a 15% decrease in new listings (14,089 v. 16,573) when compared to the same period a year ago. Closed sales fell 26.4% (5,409 v. 7,351), while pending sales dropped 18.5% (5,471 v. 6,711).

Sale Prices

The average sale price for September 2008 was down 5.6% compared to September 2007, while the median sale price dropped 5.8%. Month-to-month, the average sale price and median sale price are both down when compared with August levels; the average sale price dropped 4.8% ($315,300 v. $331,300) and the median sale price was down 4.6% ($267,000 v. $280,000).

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Clackamas County Needs to Know...

Effective Nov. 1, 2008 - Clackamas County will change their work week to four days a week (Mon-Thurs.). This means that any properties in Clackamas CAN NOT and WILL NOT fund/record on a Friday starting next month. They will be working longer days Mon-Thurs do not expect anything to happen on Fridays. I might need to work there!

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New Bank of America "Bailout" Program

Bank of America announced today that they will be taking the most aggressive foreclosure prevention effort ever in the U.S. Don't be giving them their props just yet, it is court ordered due to a law suit filed by 11 states for predatory lending practices. Luckily all 50 states are eligable. Actually it is Countrywide who done wrong but they were just acquired by BofA.

Starting in December, financially strained borrowers who got their loan between January of '04 and December or '07 can try to get their monthy housing payment cut so that it is no more than 34% of their gross income. This deal could help so many, especially those who shouldn't have been in those loans to begin with.

This is the best program going and I find it so sad that it is forced instead of volunteery. They are going to be proactive about calling and informing those who are eligable. They are targeting subprime adjustable rate mortgage (ARMs), subprime fixed rate loans and option ARMs, but prime and Alt-A borrowers, who did not document their income, will also be considered.

No fees are going to be applied either, but this isn't for everyone. Those who have delinquent loans for normal, legitimate reasons like divorce, job loss or illness are not going to be able to pay a regular payment.

I cannot figure out how banks did not offer to do this themselves, of their own free will, considering the state of our country and it's economy. Sure this program is costing $8.4 billion but it is still less than letting all those homes foreclose and then trying to sell them in a market where no one is buying. It really doesn't take much to figure that out.

Each borrower will be evaluated on a case by case basis and then BofA has some options. They can freeze or lower a loan's interest rate, or even shrink the principal loan balance. The Hope for Homeowners program is also an option now making FHA-insured loans available to the delinquent borrowers.

Ideally, other banks will follow this lead. If it goes well for BofA, well meaning not loosing as much as they would have, then others should follow suit. If not for their own bottom line, then perhaps for their country.

http://money.cnn.com/2008/10/06/real_estate/Drastic_plan_slashes_mortgage_costs/index.htm?postversion=2008100615

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WES Stalled

WES, or Westside Express Service is the commuter railway system that was scheduled to begin service this November but now has been pushed back to February. The manufacturer, Colorado Railcar Manufacturing LLC, seems to be having money problems. Also, more time is needed for saftey testing, especially after that commuter rail crash in Los Angeles.

Apparently CRM has been having financial issues for months and when Tri-Met realised that CRM's suppliers were not being paid, Tri-Met stepped in and paid them directly, putting the project $3 million over budget.

Buying from another manufacturer is not an option because CRM is the only U.S. firm that builds the DMUs that meet federal safety standards, and the purchase complied with the Buy America requirement.

Taking the extra time to do safety tests is a worthwhile reason to not rush. Despite manufacturing slowing things down, Tri-Met is not going to move things along and risk service issues. We've waited 16 years, what is a few more months.

http://tigardtimes.com/news/story.php?story_id=122290722545219500

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