NEW BLOG HOME!!!!

Thanks for visiting our Blog. We have moved this blog to www.PDXRealtyNews.com. There you will find lots of new cutting edge features and enhancements, in addition to the local Portland real estate news that you have to come to expect. Please stop by and let us know what you think.

10 Best US Cities For Local Food (PHOTOS)

10 Best US Cities For Local Food (PHOTOS)

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Housing market could start boosting recovery - Stocks

Housing market could start boosting recovery - Stocks & economy- msnbc.com

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Portland Rocks!

We already knew that there were millions of reasons to love Portland Oregon, but now we have one more. Portland has been ranked the #1 city for the most courteous drivers! We are less likely to curse, honk or run red lights. But don't you all move here at once!

http://www.katu.com/news/local/48210792.html

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Portland OR Market Report

May Residential Highlights

Sales activity in May for the Portland Metro area continued to march upward compared to the prior month, but lagged behind 2008 levels.
Comparing May 2009 with the same month in 2008, pending sales were down 7.4% and closed sales decreased 23.4%. New listings also dropped 25.1%.
On the other hand, comparing May 2009 with April 2009, pending sales grew 5.8% (1,967 v. 1,860). Closed sales also rose 9.6% (1,427 v. 1,302). New listings increased 1.9% (3,879 v. 3,808).
Inventory dropped to 10.2 months, down from 11 months in April – the fourth straight month of decline. Active residential listings in May rose to 14,493 - up from 14,328 in April. Active listings appear to be increasing at a slower rate than usual for this time of year.

Year-to-Date

Comparing January-May 2009 with the same period in 2008, closed sales were down 28.1% and pending sales decreased 17.5%. New listings also dropped 23.8%.

Sale Prices

The average sale price for May 2009 was down 13% compared to May 2008, while the median sale price also dropped 13%. Month-to-month, the average sale price and median sale price both posted small gains when compared with April levels; the average sale price was up 0.1% ($291,400 v. $291,100) and the median sale price was up 0.04% ($250,000 v. $249,900).

Pending Home Sales on the Rise

Due to low interest rates and an $8,000 tax credit for first-time home buyers, pending home sales have gone up for the third month in a row.

It varies greatly from one area of the country to another, here in the West the Pending Home Sales Index rose 1.8%, to 94.8, but is 2.9% below a year ago. A pending home sale is a contract for a home sale that has been signed but the home sale has not closed yet.

Total number of existing-home sales is expected to improve in general but some corners of the United States have already bottomed out and started to recover while others are still falling slowly.

Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future existing-home sales.

It has noted that pending sales have increased, which is a sign that we're moving in the right direction, but that we are still drastically below where we were at the peak of the market. We probably should not be comparing our numbers to the peak of the market though. That was just the extreme the other way and ideally we'd like to be plain ol' steady.

http://www.businessweek.com/bwdaily/dnflash/content/jun2009/db2009062_031070.htm

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Just HAS to be good!

There is a new restaurant in town and I will be heading over to try it out as soon as I possibly can. A BBQ chain call Famous Dave's has just opened up in Tualatin, Oregon that is not only adding 150 jobs but providing much needed BBQ to the SW area of Portland Metro.

Oregon has always had far too few BBQ joints so it makes sense for one of the chains to finally make it's way out here because if they are any good, I guarantee it will be extremely popular.

http://tigardtimes.com/news/story.php?story_id=124287187716194400

http://www.famousdaves.com/

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Utilizing Lighting in Home Staging

Highlight Your Home with Lighting

When preparing your home for the real estate market, few things are as important as a good first impression. Anyone who has sold a home in the past will tell you that few methods are as effective as home staging. Home staging is the act of presenting your home in the most appealing way possible. While there are many ways to take advantage of home staging, one of the quickest and easiest ways is through the use of home lighting.

Even the most beautiful home may come across as mundane without the proper lighting. You want to create an inviting atmosphere for prospective buyers. The trick is to avoid relying on a single lighting source. If you combine both overhead lighting with accent lights, then you avoid the risk of your lighting becoming too harsh or too dim. Multiple lighting sources will help you achieve that warming glow you desire to help create the perfect ambience.

When lighting your home for potential buyers, you should also utilize the help of Mother Nature by incorporating as much natural light as possible. Sunlight is an instant mood lifter, so leave the curtains open and make sure your windows are clean. Sadly you canít always rely on the sun to help you showcase your home, but it is important to make the most of it when you can.

While the inside of your home is very important, you canít forget the outside as well. Use flood lights to shine a spotlight on your home and make it pop against the night sky. Not only will this help your home look more striking, but it will also make it easier to find at night. Sometimes address numbers can be hard to spot, especially at night. By illuminating your home once the sun goes down, you can assure that prospective buyers can find your home with little effort.

By utilizing simple home staging tips, you can easily get a leg up on the housing market. By sprucing up your home for buyers, you can be sure that you make a great first impression every time. Take a look at your home lighting scheme before your next open house. With a few simple tricks, you be able to make your home shine brighter than the competition.

Portland OR Market Report

April Residential Highlights

While sales activity continued a steady month-over-month increase in the Portland metro area, it still fell short of 2008’s same month marks for April. Comparing April 2009 with the same month in 2008, pending sales were down 10.1% and closed sales decreased 17.7%. New listings also dropped 28.1%. On the other hand, comparing April 2009 with March 2009, pending sales grew 13.6% (1,860 v. 1,637). Closed sales also rose 10% (1,302 v.1,184). New listings increased 3.3% (3,808 v. 3,685). Pending sales continue to rise month-over-month at a steeper than usual rate (13.6% in 2009 vs. 6.8% in 2008 and -2.3% in 2007).

Inventory also dropped to 11 months and this is the first time it has dropped from March to April since 2004. Active residential listings in April numbered 14,328 - up from 14,158 in March.

Sale Prices

The average sale price for April 2009 was down 10.4% compared to April 2008, while the median sale price dropped 9.1%. Month-to-month, the average sale price and median sale price were mixed when compared with March levels; the average sale price decreased 2% ($291,100 v. $297,000) and the median sale price was up 1.4% ($249,900 v. $246,400).

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Great News For First Time Home Buyers!

GREAT NEWS FOR FIRST TIME HOME BUYERS!

Great news for first-time home buyers. This week, Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development stated that the Federal Housing Administration (FHA) is now going to permit it's lenders to allow home buyers to use the $8000 tax credit as a down payment. Previously, buyers had to wait to file their taxes to take advantage of the tax credit, which hindered some home buyers from buying.

By allowing buyers to utilize the tax credit as a down payment, money will now be freed up for the buyer that would otherwise be needed at closing. This will allow the first-time home buyer to save their money for a rainy day or for home improvements.

I believe this new program will further stimulate the already improving real estate market, attracting even more first-time home buyers.

There couldn't be any more incentives for first-time home buyers, considering that interest rates are at an all time low, home prices are not over inflated and there are plenty of homes to choose from. Sellers would have to give the home away for free for there to be a better deal. This is the absolute best time to be a first-time home buyer.

Consumer confidence needs a boost and I feel that this is just the news that will do it or at least light a fire. Now, if only the news media such as the TODAY Show would report on this great news instead of always reporting on the negatives about the real estate market, consumer confidence would increase.

If you are a first-time home buyer, get out there and find your home before this tax credit is gone in November.

Mortgage Interest Rates*
Rates as of Wednesday, 13th May, 2009:


Conforming APR Payment per
$1,000 Jumbo APR Payment per
$1,000
Conforming FNMA Fixed 5.0% 5.088% $5.37 % 0.000% $0.00
FHA 97% Fixed 4.875% 4.962% $5.29 % 0.000% $0.00
Conforming 15 Fixed 4.625% 4.711% $5.14 0% 0.000% $0.00
Conforming 3 year ARM 4.5% 4.585% $5.07 % 0.000% $0.00
Conforming 5 year ARM 4.5% 4.585% $5.07 % 0.000% $0.00
Jumbo Fixed 7.0% 7.099% $6.65 % 0.000% $0.00
Jumbo 5 year ARM 6.125% 6.219% $6.08 % 0.000% $0.00
*Rates are subject to change due to market fluctuations and borrower's eligibility.

Information provided by...

Kevin Donahue
Executive Mortgage Advisor
Wealthbridge Mortgage
Phone: 503.501.6468
Fax: 503.597.7525
kevin.donahue@wealthbridge.com
http://www.wealthbridge.com/ <http://portal.mxlogic.com/redir/?FTujKDuX8USDtYQsEEIEzzhOr016fQ-pcx6i17-nMTvHTLuX3XNEVsdTdPZlo_p_g57RS4WRf8l3-ndEIe9I6QkS4QSbI9LCQNNIb7Xek6Rkzh02ZDVEw2qO6PYQg0LZgb6V-7PNo_pgdECQjqtTPhOyyOyMyrD06O>

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A Sign of the Times

Unemployment is sky high now-a-days and getting a plain ol' part-time receptionist job will have you competing with hundreds of other applicants. What can you do to stand out from a crowd of overqualified job-seekers? Now is the time to get a little creative and get people to remember you. It's common knowledge that you tend to get a job through who you know. Nick Willard decided he needed to expand his network and get his face out there. He stood at the freeway exit and handed out his resume and cover letter to those who showed interest. With a family at home to support he thought it was time for potential employees to see Nick, not just a piece of paper. Those who overcome in tough times are those who don't sit at home feeling sorry for themselves.

http://tigardtimes.com/news/story.php?story_id=123984496254591400

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Taking Advantage of Interest Rates

It seems like everywhere you turn there is some letting you know how amazing rates are now and how you MUST take advantage. At the same time you will hear story after story of people with decent to great credit not being able to get one of these amazing loans because of stricter standards. So how do you give yourself the best chance possible?

To start you are going to want to see if you qualify for a refi. Banks are currently wanting a credit score of at least 740 and 20% equity. These are not hard and fast guidelines but if your credit score could use some help, now is the time to work on it. If you don't have the 20% equity there are some programs out there but your loan must be held by Freddie Mac or Fannie Mae.

Next you are going to want to get rid of any home equity loans or lines of credit. Otherwise you can be adding significant time to the loan process and/or some interest could be tagged on.

You will also want to know where to look by shopping around. Where one bank may reject you, another might see you as a perfect candidate. Lately the best rates seem to be coming from small local banks and credit unions.

If you have the option, it is a really good idea to pay a point up front. A point is 1% of your mortgage and paying one off up front can buy your loan down an eighth to a quarter of a percentage point off your rate. Some lenders will even take off a full half of a percentage point just to avoid serial refinancers. This could also help you lock in a rate. Before you really only need about a month so locking in your rate wasn't so difficult. Now it can take closer to two months and paying a point can get that rate locked in for 45 days.

The loan application process has gotten a lot harder and more complicated, but not only will it be easier if you know what you are getting into but also completely worth the effort to get these historical rates.

http://money.cnn.com/2009/04/17/real_estate/low_rate_loan.moneymag/index.htm?postversion=2009041711
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Homes In Portland Seem To Be Selling Faster!

HGTV

Hello, all:

At long last, the House Hunters special that I got to participate in, "House Hunters' Guide to House Hunting", is airing this Sunday, April 5th, at 8 PM EST. I would advise you all to check your local listings for specific times in your area, just in case, because sometimes the different cable or satellite providers air the shows at slightly different times.



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How Long Is It Taking To Sell A Portland Home?

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How Did it Happen?

Fantastic documentary, by CNBC, on how the housing crisis developed and crashed.

Stats From A Friend At Umpqua Bank

House Still Buyable

The economic climate has been a bit stormy lately, but that doesn’t mean your dream of buying a cozy cottage by the seaside has to go by the wayside. Learn more about what’s still possible when it comes to home buying.

PERCEPTION REALITY
Banks Have no money for mortgage Loans Umpqua Bank has plenty of money to lend, and we’re ready to use it to help you get settled into your new home
No one can get a home loan right now We’re closing nearly $60 million in new mortgage loans every month; our customer are building, buying and financing their homes.
You must have 20% into the deal not Government – sponsored loan programs can require as little as 3.5% down, and loans with a 95% loan-to-value with out on finance are still available. We’ll help you evaluate what you can borrow and connect you to the program that makes sense for your specific situation.
Down payment assistance programs have disappeared Some down payment assistance programs have disappeared, but many are still available through city, state and local community development organizations
You must have stellar credit to get a mortgage loan Though the industry overall has seen a tightening of credit criteria, our lending practices have not dramatically changed. Talk to us to see where you stand.

THERE ARE NUMEROUS LOAN PRODUCTS AVAILABLE:

• Conventional - fixed and arm products with a loan amount less than $417,000.

• Non-Conforming - fixed and arm products with a loan amount greater than $417,000.

• FHA - 3.5% down payment (can be gifted by acceptable source). Flexible downpayment sources.

• Oregon Bond - Loan must be conventional, FHA or Rural Housing. Income restrictions and designed for first time homebuyers

• Rural Housing - Must be in rural housing area. 100% financing based on appraised value. Adjusted household income can not exceed the maximum allowable income

• VA - Guaranteed by federal government based on the amount of entitlement to the veteran in the conjunction with loan amount.

• ODVA - loans are conventional fixed rate designed for veterans.

• All-in-One Construction - Must be for primary or second home

http://jimhungerford.com/

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New Rules Could Cost Oregon Sellers

According to this article, when a home's soil is test to see if the oil tank is leaking they are testing for a carcinogen call benzene. If too much benzene is found the oil tank has to be decommissioned. This just means making sure that chemicals are not leaking to the home or groundwater. Most of the time this does not require much soil removal to comply with guidelines but two new chemicals have been deemed carcinogenic by the Environmental Protection Agency.

Naphthalene and ethylbenzene are now considered carcinogens and are a part of the updated screening test for leaky oil tanks. Now more and more home owners are finding that the amount of work needed to fall within the guildelines can be more like $7,000.00 instead of $2,000.00.

Usually these types of things get tested when trying to sell or buy a home and since this is a buyers market sellers are getting hit with an unexpected expense.

It is very much a case-by-case scenario but home owners should know that passing this "test" has gotten a little tougher.

http://www.oregonlive.com/news/index.ssf/2009/02/new_epa_and_oregon_rules_doubl.html

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The PORTLAND market is currently quite strongly in the Buyer's Market zone (below 30). The 90-day Market Action Index stands at 16. With several months of inventory available at the current sales rate, buyers should find ample choice. The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

Bull Mountain - Tigard Gem

Sherwood Stand Out

Rare Tigard Home

New Price! Bull Mountain Value

New Hillsdale Listing

New Tigard Short Sale

New Gresham Listing

New SE Portland Listing

New Beaverton Listing

February Market Report

February Residential Highlights

The Portland metro area market improved in February compared to a record low January, but remains slow compared with February 2008. Comparing February 2009 with the same month in 2008, closed sales dropped 38.1%. Pending sales also fell 30.5%. New listings decreased 19.7%. On the other hand, when comparing February 2009 with January 2009, closed sales grew 17.1% (857 v. 732) and pending sales were up 3.3% (1,276 v. 1,235). New listings, on the other hand, dropped 17.3% (3,471 v. 4,196). At the month’s rate of sales, the 14,188 active residential listings would last approximately 16.6 months, down from a record 19.2 months in January.

Sale Prices

The average sale price for February 2009 was down 12.9% compared to February 2008, while the median sale price dropped 7.5%. Month-to-month, the average sale price and median sale price are both up when compared with January levels; the average sale price increased a slight 0.4% ($298,500 v. $297,200) and the median sale price was up 3.6% ($259,000 v. $250,000).

Year-to-Date

Comparing January-February 2009 with the same period in 2008, closed sales dropped 35.8%. Pending sales also fell 29.1%. New listings decreased 17.2%.

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Beware

I was reading a blog by a RE/Max agent in New Jersey, Mr. John Nyiszter who made me aware of some very important information.
Apparently there are identity thieves out there who will borrow an address and pictures from your listing website and post an ad on craigslist posing as a renter.
Then when this person finds a renter via craigslist they will request payment for the home they are going to rent you.
The potential renter in this scenario figured it out when the person who posted the craigslist ad asked for a wire transfer to Nigeria.
Especially nowadays, there are a lot of shady people out there and I want you all to be careful.

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Portland Home Prices

Here is a look at the current home prices in Portland Oregon.



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Choosing Foreclosure

It is said that 20% of home owners are "underwater" on their mortgages and more and more homes are going into foreclosure every day. For many the best financial option is to let their home go into foreclosure instead of throw away thousands of dollars that the home has lost in value.

The prediction is that most of these home owners will do just that but some think that people aren't always so rational.

One reason is that people tend to over value their own home. That makes it to valuable for them to just walk away from.

Secondly, people tend to place greater importance on immediate consequences than they do the long term ones. Walking away might help you out down the road but is a lot of pain and effort right now.

Then there is the morality of it. Some feel it is just plain wrong to walk away because if you borrowed the money, then you need to pay it back, it's that simple. Check out this article with great real-life examples of home owners situations and what they intend to do about it.

http://money.cnn.com/galleries/2009/real_estate/0903/gallery.walking_away/index.html

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Portland Inventory Report

Watch for our real-time updates on the Portland Area Real Estate Market!

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Score A Deal!

Before recently most people had never even heard of a short sale, now buyers are out looking for them to make sure they are getting a deal.

A short sale is when the bank agrees to discount the loan balance for a seller who owes more on his mortgage than the home is currently worth. And since nowadays these are everywhere, you are going to find one on your house hunting trip whether you want to or not.

So there is a down side to these things, you have to work for them. There is the extra step of getting approval from the bank and this one step can add months and months to the process. Especially now because they are so backed up with all the short sales being processed.

First of all, you want to be aware of what your are getting into, patience and persistence are going to be key. Do not think your transaction will be different and be easy and short, because it won't. So do not plan on aparticular move in date, have a place to stay till it is all finalized.

Second, you definitely need a realtor who has done these before. You need someone advising you properly and calling the lender daily on your behalf.

Thirdly, try to avoid short sales with extra liens on them. The more banks you include the longer it will take. If you can help it, you also want to avoid homes that already have other offers. This too will extend the process and decrease your chances of getting the home.

Fourthly, you want to price right so have your agent research the comparables, do not just go off the list price. The bank may be low-balling to attract multiple offers. You will also want to get pre-approved or the bank my not even look at your offer.

Fifthly, try to get the lender to pick up the closing costs. You also want to let them know that you won't be paying for appraisals and inspections until you have an approved offer. No reason to be throwing money away on every house you MAY get. While you are at it, try not to put in earnest money over 3Kin case you want to pursue more than one home at a time.

Finally, be willing to be annoying. You should be calling your agent at least once a week so that you know they are calling the lender constantly. The processor dealing with your loan will not be putting your off because they want the phone calls to stop. But if you are willing to put in the effort, you can score a major deal!

http://money.cnn.com/2009/01/27/real_estate/short_sale.moneymag/index.htm?postversion=2009012806

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Good News/Bad News

The good news is that we are ranked #4 in the U.S. for best housing markets.

The bad news is that we still declined 14%, although the national average is 18%.

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com

Just had to share...

I am just so, so excited that I had to share. I just recently filmed another two episodes of "My House Is Worth What" for HGTV. On top of that exciting news I received a phone call to do an episode of "My First Place" for HGTV as well. I will try and keep you guys updated on when those will air.

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com

Portland Market Report

January Residential Highlights

Although closed sales dragged to a new low in January, pending sales rose 52.5% over December’s total. Comparing January 2009 with the same month in 2008, closed sales dropped 32.5%. Pending sales also fell 26.1%. New listings decreased 15%. On the other hand, when comparing January 2009 with December 2008, pending sales grew 52.5% (1,235 v. 810) and new listings increased 123.2% (4,196 v. 1,880). Closed sales continued to lag, dropping 25.8% (732 v. 987) – a new record low for closed sales in a month since record keeping began in 1992. As a result of the low sales total, and a rising number of active listings (14,076), housing inventory also hit a new high of 19.2 months.

Sale Prices

The average sale price for January 2009 was down 13.3% compared to January 2008, while the median sale price dropped 10.7%. Month-to-month, the average sale price and median sale price are both down when compared with December levels; the average sale price dropped 1.2% ($297,200 v. $300,800) and the median sale price was down 1.1% ($250,000 v. $252,900).

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Time To Buy A House

No matter what the market condition, there is always going to be a group whose turn it is to be in the most advantageous position. Right now it is the first-time home buyer. This is evident by the stat saying 41% of buyers at the end of '08 were first-timers.

This stroke of luck is for a few reason. With the new lower prices they are able to afford better than they could before, if they could afford anything at all before. Not to mention all that inventory just sitting there, sellers are negotiating.

Then there are the low interest rates that compliment the low home prices so perfectly. It's like stars are aligning.

Of course buyers right now have to have good credit and a significant down payment, but if a buyer has that in order they are in a great position to get a deal.

There is still a question of whether or not prices have hit bottom yet, but there will always be that risk. Perhaps it means a buyer can take the time to find the perfect deal.

http://online.wsj.com/article/SB123431356988570855.html?mod=rss_Today%27s_Most_Popular

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Westside Express Service

Yesterday, Monday, Feb. 2, the Westside Express Service commuter rail went on its first ride. The westside of the Portland Metro area now has its own commuter rail line. The 14.7-mile route has five stations in Beaverton, Tigard, Tualatin and Wilsonville, with trains running every 30 minutes during weekday morning and evening rush hours.

So far the busiest station has been the Beaverton Transit Center. Officials are hoping it will become popular so that it will reduce traffic on Pacific Highway, 217 and I-5.

The new commuter trains are equiped with free Wi-Fi, bike hooks and swivel seats; and the stations have some fun works of art.

It is hoped that in the future they will be able to offer some weekend hours, but that of course will depend on how much use it gets during commuting hours.

http://tigardtimes.com/news/story.php?story_id=123319608573742100

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Negotiate Your Rent

It seems that economic crisis has caused an opportunity for some. (besides buying up cheap properties) Apartment vacancies are on the rise putting people in a mighty good bargaining position.

Managers are starting to get desperate to get and keep people in their buildings all across the country. The Portland OR area is one of the biggest rent drops of-3.2%. So if your lease is up, now is the time to talk to your landlord about a new longer and cheaper lease.

http://finance.yahoo.com/real-estate/article/106480/Rents-Drop-Nationwide-as-Vacancies-Spike

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Taking Matters Into Their Own Hands

Toll Brothers Inc. is a luxury homebuilder who is tired of watching buyers sit on the sidelines waiting for mortgage rates to hit bottom. They are now offering on their new-home inventory a 30-year, fixed-rate mortgage at an interest rate of 3.99% with no points paid up-front. The idea is to get those teetering on the fence to finally jump off and buy.

This is a brilliant idea on their part and the phone has been ringing off the hook. Now they are even locking that rate in for nine months for those who want to buy a new, built-to-suit home.

http://money.cnn.com/2009/01/22/real_estate/builder_slashes_loan_rates/index.htm?postversion=2009012217

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Do You MeetUp?

I was going through the Realtor magazine and found a page about people connecting. With all the blogs and facebook pages and ways people are getting together on the internet this article was letting people know that you can still meet face to face.

Apparently there is this website called http://www.meetup.com/ where you can start or join a group of like minded people who want to meet up and get to know new people.

So I got on there and looked up my city and found all kinds of cool groups! People who meet to hike, play poker, talk about Buffy the Vampire Slayer, dance Salsa, do pub crawls, even get-togethers for World of Warcraft fans.

You don't even have to join a "networking" group in order to network, although I did find a Real Estate Professionals group. http://www.meetup.com/portlandrealestate/

Is this one of those things everyone already knows about and I'm just the last to hear?!

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Inflated Home Values

This article on CNN.com mentions that one of the reasons that home prices were soaring too high was the appraisals. Loan officers and mortgage brokers were (and do) putting lots of pressure on some appraisers to "hit the number" that the officer or broker was looking for.

So now there will be a Home Valuation Code of Conduct starting in May. These will be guidelines for appraisals being used in loans being sold to Fannie Mae and Freddie Mac. The guildelines prohibit lenders from coercing, extorting, colluding with intimidating or bribing appraisers.

So what you are telling me is, this was not against the rules before.

The only way this will be of any help at all is if it is actually enforced. Otherwise the appraisers following the rules will be the ones not getting work.

The enforcement comes by way of complaints from appraisers or consumers. If a lender receives too many then they won't be able to sell loans to Fannie or Freddie.

As usual, I'm sure there are already pleanty of regulations in place that are not already being enforced. Perhaps more are needed but I would be willing to bet that TRUE enforcement is what is really called for here.

http://money.cnn.com/2009/01/14/real_estate/appraisal_reform/index.htm?postversion=2009011405

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Pendings still going down...

It's hard to be optimistic when pending sales for the month of November have hit a 7-year low, but you just have to try.

There are so many factors working against home buyers like strict lending standards, recession, rising unemployment and the likelihood that their currant home isn't selling and/or the value has dropped too much. Even historically low interest rates have only caused a lot of people to refinance their currant mortgage.

The bright side? Well, we can only go up from here, right? It will be slow, but it will be in the right direction.

http://money.cnn.com/2009/01/06/real_estate/pending_home/index.htm?postversion=2009010614
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Refinancing Frenzy

Interest rates have fallen recently, as most people are aware, and naturally people are rushing to refinance in order to reduce their housing payments.

The average rate for a 30-year, fixed mortgage dropped to 5.08% last week, according to the Mortgage Bankers Association, more than a full point lower than just a month ago.

Mortgage applications were up 48% last week, and by far, the majority of those were from homeowners looking to lower housing costs.

Refinancing is not for everyone however. If you currently have an adjustable rate, you could lower your rate by a percentage point or more, you do not plan on selling soon and/or you have significant equity then you should certainly look into getting a new home loan.

Those with an adjustable rate can save themselves a lot of trouble by turning it into a fixed rate while it is low so that future rate increases won't jeopardized their lifestyle.

Getting a lower rate is a really good idea but because of the fees and costs associated with a new loan, it really is only worth it if you are lowering your rate by a whole percentage point or more.

The balance of your loan will increase when you refinance and paying off the new extra will take a year or two, so it won't be so helpful if you plan on selling before then.

Some people lost much or all of their equity when home values fell. If your equity has fallen below 20% of the total appraised home value, the borrower will likely have to purchase private mortgage insurance. The insurance adds a point or two to the monthly mortgage costs erasing any advantage of refinancing.

http://money.cnn.com/2008/12/24/real_estate/when_to_refi/index.htm?postversion=2008122608

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