I just thought these two articles were more interesting when put together.
There are some areas of Detroit that are going into forclosure where the banks are just giving up and selling for $300, $100 even $1! The closing costs and broker's fees add up to much more than that! Even the property taxes are around $3,000! If they are lucky those areas will turn around someday in the future and it will be a worth while investment. Otherwise, at least it didn't cost much.
http://www.foreclosure-support.com/wp/article-0820131.html
A home in the French Riviera was just sold for $750 million dollars. It has broken a world record (it better have!) and just the commission alone could set someone up for life. The amount of the property taxes would have a family living very comfortably. I cannot even figure out how many foreclosures you could buy in Detroit with the downpayment!
http://www.huffingtonpost.com/2008/08/11/villa-leopolda-sold-for-7_n_118112.html
PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com
Tuesday, December 16, 2008
Friday, December 12, 2008
November Market Report
November Residential Highlights
Sales activity continued to slow in the Portland metro area during November. The number of closed sales dropped 39.9% compared to last November. The 1,041 sold properties was the lowest sales total since February 1993. Pending sales also fell 31.7% compared to last November. New listings decreased 20.2%. Comparing November 2008 to October 2008, new listings dropped 25.5% (2,687 v. 3,605). Pending sales declined 12.6% (1,108 v. 1,268) and closed sales were down 28.9% (1,041 v. 1,465). The inventory of homes grew to a record 15 months, assuming that the 15,611 active residential listings are sold at the month’s rate of sales (1,041).
Year-to-Date
Comparing January-November of 2008 to the same time period in 2007 there have been 31.8% less closed sales and 30.5% fewer pending sales this year. Additionally, there was a 8.3% decrease in the number new listings.
Sale Prices
The average sale price for November 2008 was down 10.5% compared to November 2007, while the median sale price dropped 7%. Month-to-month, the average sale price and median sale price are both down when compared with October levels; the average sale price dropped 4.9% ($308,300 v. $324,300) and the median sale price was down 3.6% ($265,000 v. $275,000).
PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http/:www.TonyandLibby.com
Sales activity continued to slow in the Portland metro area during November. The number of closed sales dropped 39.9% compared to last November. The 1,041 sold properties was the lowest sales total since February 1993. Pending sales also fell 31.7% compared to last November. New listings decreased 20.2%. Comparing November 2008 to October 2008, new listings dropped 25.5% (2,687 v. 3,605). Pending sales declined 12.6% (1,108 v. 1,268) and closed sales were down 28.9% (1,041 v. 1,465). The inventory of homes grew to a record 15 months, assuming that the 15,611 active residential listings are sold at the month’s rate of sales (1,041).
Year-to-Date
Comparing January-November of 2008 to the same time period in 2007 there have been 31.8% less closed sales and 30.5% fewer pending sales this year. Additionally, there was a 8.3% decrease in the number new listings.
Sale Prices
The average sale price for November 2008 was down 10.5% compared to November 2007, while the median sale price dropped 7%. Month-to-month, the average sale price and median sale price are both down when compared with October levels; the average sale price dropped 4.9% ($308,300 v. $324,300) and the median sale price was down 3.6% ($265,000 v. $275,000).
PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http/:www.TonyandLibby.com
Tuesday, December 9, 2008
The REAL Victims
There are those out there getting hit but the housing crisis even though they pay their bill in full each and every month. These victims are called tenants and are getting blind sighted by sudden evictions all across the country. And in a lot of states they have no recourse.
This isn't just apartment buildings either. There are single-family homes that families with small children have been renting for years with no notion that they should be making other plans.
In the majority of cases the lender dealing with the foreclosure is not putting in too much effort to find out who the tenants are so they can be informed. So when the police arrive at their door to get them out, it is the first they have heard about it. Some cities have even suspended tenant evictions because the numbers of victimized tenants was out of control.
There are actually landlords out there who not only did not bother to inform their tenants, but kept collecting rent money after ownership had been transferred to the bank. One owner even had his tenants sign a brand new lease after the foreclosure was final.
Legally this needs to be looked at. This did not used to be an everyday occurrence but now it really needs attention. I personally think it should be up to the owners to inform the tenants that changes are coming. I don't know how this is not already a legal requirement. The lender, as the new owner also has some responsibility since it is now their property but perhaps more as a back up because it's the owner who got the loan they couldn't pay. These tenants should then be over-informed, first by the landlord, then by the new owner.
http://money.cnn.com/2008/12/08/real_estate/tenant_foreclosure_victims/index.htm?postversion=2008120909
PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com
This isn't just apartment buildings either. There are single-family homes that families with small children have been renting for years with no notion that they should be making other plans.
In the majority of cases the lender dealing with the foreclosure is not putting in too much effort to find out who the tenants are so they can be informed. So when the police arrive at their door to get them out, it is the first they have heard about it. Some cities have even suspended tenant evictions because the numbers of victimized tenants was out of control.
There are actually landlords out there who not only did not bother to inform their tenants, but kept collecting rent money after ownership had been transferred to the bank. One owner even had his tenants sign a brand new lease after the foreclosure was final.
Legally this needs to be looked at. This did not used to be an everyday occurrence but now it really needs attention. I personally think it should be up to the owners to inform the tenants that changes are coming. I don't know how this is not already a legal requirement. The lender, as the new owner also has some responsibility since it is now their property but perhaps more as a back up because it's the owner who got the loan they couldn't pay. These tenants should then be over-informed, first by the landlord, then by the new owner.
http://money.cnn.com/2008/12/08/real_estate/tenant_foreclosure_victims/index.htm?postversion=2008120909
PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com
Friday, December 5, 2008
Great Rates!
Rate Update 11/26/2008
WOW!! The Federal Reserve and Treasury rolled out an $800 billion dollar plan that includes buying up some $600 billion in debt tied to mortgages. This news obviously carried over into mortgages rates. Interest rates fell about 1 whole point to 5.25% today!! Lets get some buyers!! This is a fantastic opportunity for buyers who have been sitting on the sidelines waiting for a good reason to buy.
Conforming and FHA
5.25% 30 yr fixed
5.0% 15 year fixed
5.75% 5 yr ARM
Jumbo/Conforming Rates $50K to $5 million on Primary and 2nd Homes
5.375 % 5 yr ARM – IO add .25% to rate
5.875 % 7 yr ARM – IO add .25 to rate
6.375% 10 yr ARM – IO no add to rate
6.25% 30 yr Fixed to 600k!!
Stated Income to $ 2 million on Primary and 2nd Homes
5.75% 3 yr ARM - Interest Only available with no add to rate
6.0% 5 yr ARM - Interest Only available with no add to rate
6.25% 7 yr ARM - Interest Only available with no add to rate
6.5% 10 yr ARM - Interest Only available with no add to rate
Non Owner Occupied 1-4 Units to $1.5 million
6.0% 3 yr ARM - Interest Only available with no add to rate
6.25% 5 yr ARM - Interest Only available with no add to rate
6.5% 7 yr ARM - Interest Only available with no add to rate
6.625% 10 yr ARM - Interest Only available with no add to rate
Provided by...
Clint Elliott
NewLine Home Mortgage
1400 NW Irving #108
Portland, Or 97209
888-488-5731 toll free
503-548-4014 local
Wednesday, November 26, 2008
Check This Out
I just wanted to share with people a really great Portland blog by Ron Ares. It just has some good stuff on it so I encourage you to check it out. Particularly the sections, NAR Releases Q3 Numbers and Oregon Holds Head Above Water. Both great reads!
http://www.repdx.com/
PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.comTuesday, November 25, 2008
Vacation Hot Spots
CHECK IT OUT! Someone thinks this is one of the Top 10 Hot Vacation Sites!!! But of course!
6. Willamette Valley, Ore.
Located about an hour’s drive south of Portland and spread out on the banks of the Willamette River, this up-and-coming wine region has been making waves of late in wine glasses across the nation. Billing itself as the "place for pinot,” this slumbering grapevine district is home to more than 200 wineries, most of which beckon visitors with tasting rooms and even eco-wine tours. Visitors can also opt to take in the vineyard-covered landscape from a hot-air balloon ride, trot along farm-dotted trails on horseback, or take home a one-of-a-kind find from one of the many antique shops.
Why Go In 2009: Although enthusiasts forecast that this area will be the next Napa Valley, the less-commercialized Willamette Valley remains — for now — a much more affordable vino-centric destination than its southerly California neighbor. Plus, new developments are on the horizon for those looking for an alternative to the area’s charming B&B circuit — in August, for one, the region’s first luxury inn, The Allison Inn & Spa, will be unveiled, featuring extras like a restaurant dishing out regional cuisine and a working vineyard.
http://travel.yahoo.com/p-interests-24784785;_ylc=X3oDMTIxbjk0YXU3BF9TAzI3MTYxNDkEX3MDMjcxOTQ4MQRzZWMDZnAtdG9kYXltb2QEc2xrAzIwMDlob3RzcG90cy0yMDA5LTExLTI1
PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.comMonday, November 24, 2008
October Market Report
October Residential Highlights
Market Activity continues to be on the decline when compared to 2008. Pending sales fell 39.6% when comparing October 2008 with October 2007. The number of closed sales and new listings also fell, 21.4% and 21.6% respectively. Comparing October to September, we also saw a decline across the board, although not as intense as the comparison above. There were 25.6% (1,268 v. 1,705) fewer accepted offers in October. Additionally, there were 14.2% (3,605 v. 4,200) less new listings added to the inventory. Further, there was a 10.7% (1,465 v. 1,640) drop in closed sales. At the month’s rate of sales, the 16,257 active residential properties would last approximately 11.1 months.
Year-to-Date
Comparing January-October of 2008 to the same time period in 2007 there have been 31.3% fewer closed sales and 30.2% less accepted offers this year. In addition, there was a 7.5% decrease in the number of homes added to the market.
Affordability
Due to a decrease in the median home price in the Portland Metro Area ($267,000 in September) and a drop in the average interest rate (6.04% per Freddie Mac) a family earning the median income ($67,500 in 2008, per HUD) can afford 109% of the monthly mortgage payment on a median priced home according to a formula from the National Association of Realtors®. The formula assumes that the buyer has a 20% down payment and a 30 year fixed rate of 5.97% (per Freddie Mac).
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