As a CDPE myself, people often ask me this question. It is a good one and an important one. Here is the ‘official’ answer:
A Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales.
The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. The developers of the CDPE Designation believe that the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. They have the tools needed to help homeowners find the best solution for their situation. Often, when other options have been exhausted, CDPEs can help homeowners avoid foreclosure through the efficient execution of a short sale.
While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be. Selecting an agent with the CDPE Designation ensures you are dealing with a professional trained to address your specific needs. CDPEs don’t merely assist in selling properties, they serve and help save their clients in need.
Please give me a call if you or anyone you know is facing a hardship with his or her home. I am happy to help.
Sunday, December 20, 2009
Wednesday, December 09, 2009
More Extended Tx Credit Info
- The new law as explained by the IRS:
Authorizes the credit for long-time homeowners buying a replacement principal residence. - Raises the income limitations for homeowners claiming the credit.
- Members of the military, Foreign Service and intelligence community serving outside the U.S. should also be aware of new benefits in the law that apply particularly to them.
- A new version of Form 5405, First-Time Homebuyer Credit, will be available in the next few weeks.
- A taxpayer who purchases a home after Nov. 6 must use this new version of the form to claim the credit. Likewise, taxpayers claiming the credit on their 2009 returns, no matter when the house was purchased, must also use the new version of Form 5405. Taxpayers who claim the credit on their 2009 tax return will not be able to file electronically but instead will need to file a paper return.
- A taxpayer who purchased a home on or before Nov. 6 and chooses to claim the credit on an original or amended 2008 return may continue to use the current version of Form 5405.
Income Limits Rise
The new law raises the income limits for people who purchase homes after Nov. 6. The full credit will be available to taxpayers with modified adjusted gross incomes (MAGI) up to $125,000, or $225,000 for joint filers. Those with MAGI between $125,000 and $145,000, or $225,000 and $245,000 for joint filers, are eligible for a reduced credit. Those with higher incomes do not qualify. - Homes purchased prior to Nov. 7, 2009, existing MAGI limits remain in place. The full credit is available to taxpayers with MAGI up to $75,000, or $150,000 for joint filers. Those with MAGI between $75,000 and $95,000, or $150,000 and $170,000 for joint filers, are eligible for a reduced credit. Those with higher incomes do not qualify.
New Requirements
Several new restrictions on purchases that occur after Nov. 6 go into effect with the new law:
• Dependents are not eligible to claim the credit.
• No credit is available if the purchase price of a home is more than $800,000.
• A purchaser must be at least 18 years of age on the date of purchase.
For Members of the Military
Members of the Armed Forces and certain federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and still qualify for the credit. An eligible taxpayer must buy or enter into a binding contract to buy a home by April 30, 2011, and settle on the purchase by June 30, 2011.
For more details on the credit, visit the First-Time Homebuyer Credit page on IRS.gov.
Friday, December 04, 2009
The New Tax Credit Basics
By now we have all heard that in an effort to stimulate the U.S. housing market as well as address the economic challenges facing our nation, Congress has passed new legislation that:
· Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010. AND, here’s the new part:
· Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
I have been asked a lot of questions about how it really works, so will address these some of these questions here as well as in following blogs this week. Here are some of the basics:
So Who Qualifies?
· First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
· Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
What Property Types Qualify?
Primary residences only! These may include: single family homes, townhomes, condos and co-ops.
Will it have to be Paid Back?
No, if you plan to live in the home for a minimum of 3 years. Should you decide to sell it within those 3 years the credit will be recouped with the sale.
Next I will cover the amount available, income and income limits and begin to answer more indepth questions.
· Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010. AND, here’s the new part:
· Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
I have been asked a lot of questions about how it really works, so will address these some of these questions here as well as in following blogs this week. Here are some of the basics:
So Who Qualifies?
· First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
· Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
What Property Types Qualify?
Primary residences only! These may include: single family homes, townhomes, condos and co-ops.
Will it have to be Paid Back?
No, if you plan to live in the home for a minimum of 3 years. Should you decide to sell it within those 3 years the credit will be recouped with the sale.
Next I will cover the amount available, income and income limits and begin to answer more indepth questions.
Wednesday, November 25, 2009
When Will Real Estate Bottom Out?
We realtors are often asked when will the market hit the bottom. I tell people that it something you will only see in the rear view mirror! Every state is different as is every town and small community within any town. Real estate is local! Besides, the 'bottom' won't be a flat-line.
There will be considerable bouncing due to a myriad of factors. These include such broad issues as the economy, both national and local as well as employment. The rise in foreclosures and short sales puts more stress on market conditions and will greatly influence recovery. Until these homes/condos are sold, it will be a weak recovery. In some areas this will take years!
The are many indicators that can help:
- It is important to follow current home sales and prices in your own area. Generalizations from different areas in different parts of the country have little influence on your own neighborhood.
- Connect with your realtor, Jane Davies! :), to be sent listings and, more importantly, sales in your area of interest. Don't depend on hearsay and gossip.
- Get the facts! Ask to be sent articles pertaining to issues of interest to you; i.e, lenders and their information concerning rates. ... Did you hear interest rates were at 4.5% this week? WOW!
There is much you can do to stay abreast of real estate market conditions that are pertinent to your personal situation.
Monday, November 23, 2009
Home Sales Predicted to Rise in 2010!
With amazingly low interest rates coupled with homebuyer incentives and many homes still on the market, the sale of homes is expected to increase in the coming year. Increased sales will be helped by the governments newly expanded federal tax credit for homebuyers according to Housing Predictor.
The national deflation rate is predicted at around 8.7%. There are over 19 million homes vacant and in foreclosure in the US right now. Until this inventory is sold, housing prices will remain at the current levels. Remember though that all real estate is local and some areas will be happily surprised to see some appreciation. The areas that have been hit the hardest might see double digit deflation even though actual home sales may be increasing.
So, in spite of the signs of recovery, it will take years for the housing market to recover. In the meantime, take advantage of this unusual market!
The national deflation rate is predicted at around 8.7%. There are over 19 million homes vacant and in foreclosure in the US right now. Until this inventory is sold, housing prices will remain at the current levels. Remember though that all real estate is local and some areas will be happily surprised to see some appreciation. The areas that have been hit the hardest might see double digit deflation even though actual home sales may be increasing.
So, in spite of the signs of recovery, it will take years for the housing market to recover. In the meantime, take advantage of this unusual market!
Friday, April 03, 2009
Highest Taxed States
Top 10 Most Heavily Taxed States
It’s April, so people’s thoughts are turning to taxes, and where they live makes a big difference in how much they pay. Here are the 10 states with the highest taxes, including property, individual income, sales, alcoholic beverages, tobacco, motor vehicles, hunting and fishing, motor fuels, death and gift taxes, as well as insurance premiums. The per capita tax was derived by adding up all the taxes and dividing the total by the number of citizens.
1. Vermont, $3,861
2. Hawaii, $3,856
3. Connecticut, $3,596
4. Minnesota, $3,203
5. New Jersey, $3,024
6. New York, $3,019
7. Massachusetts, $2,953
8. Washington, $2,553
9. Wyoming, $2,357
10. Pennsylvania, $2,223
Source: Forbes, Matt Woolsey (03/30/2009)
It’s April, so people’s thoughts are turning to taxes, and where they live makes a big difference in how much they pay. Here are the 10 states with the highest taxes, including property, individual income, sales, alcoholic beverages, tobacco, motor vehicles, hunting and fishing, motor fuels, death and gift taxes, as well as insurance premiums. The per capita tax was derived by adding up all the taxes and dividing the total by the number of citizens.
1. Vermont, $3,861
2. Hawaii, $3,856
3. Connecticut, $3,596
4. Minnesota, $3,203
5. New Jersey, $3,024
6. New York, $3,019
7. Massachusetts, $2,953
8. Washington, $2,553
9. Wyoming, $2,357
10. Pennsylvania, $2,223
Source: Forbes, Matt Woolsey (03/30/2009)
Tuesday, March 31, 2009
It's a Good Time to Buy says survey!
Daily Real Estate News March 26, 2009
Survey: Households Say Now Good Time to Buy More than three-quarters (78 percent) of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy. Out of the 1,000 prospective U.S. first-time home buyers surveyed in early March for the CENTURY 21 First-Time Home Buyer Survey, 68 percent think now is a better time to buy than six months ago.Prices are the driving motivation for potential first-time home buyers with more than eight of ten first-time home buyers (85 percent) saying they consider current home prices affordable and 73 percent citing that taking advantage of current prices is a major factor in their decision to buy. Interestingly, potential first-time buyers are still split between “being willing to consider an offer now” (42 percent) and “waiting for prices to go down before they seriously consider making a purchase” (48 percent).“Current pricing, rates and incentives, such as the First Time Homebuyer Tax Credit, provide tremendous opportunities for first-time home buyers to get into the market,” said Tom Kunz, Century 21 Real Estate president and CEO. “Our research shows that while consumers still have concerns about the future of the economy, many are actively considering their options as we move into the spring selling season.”Among the survey’s other key findings:
Bargains in the marketplace are providing additional options for buyers to consider. 56 percent of potential first-time home buyers are considering purchasing a foreclosed or short sale home, and 63 percent are open to purchasing either a “fixer-upper” or “as-is” home.
When asked to rate the features that they look for when choosing a home, price is the primary consideration with 87 percent saying this feature is “very important,” followed closely by neighborhood safety (80 percent) and the condition of the home (71 percent).
Having enough money for a down payment is a top concern of potential first-time home buyers as nearly half (46 percent) said they are “very worried” about the issue.
Most respondents (86 percent) are in the market for single family homes.
Survey: Households Say Now Good Time to Buy More than three-quarters (78 percent) of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy. Out of the 1,000 prospective U.S. first-time home buyers surveyed in early March for the CENTURY 21 First-Time Home Buyer Survey, 68 percent think now is a better time to buy than six months ago.Prices are the driving motivation for potential first-time home buyers with more than eight of ten first-time home buyers (85 percent) saying they consider current home prices affordable and 73 percent citing that taking advantage of current prices is a major factor in their decision to buy. Interestingly, potential first-time buyers are still split between “being willing to consider an offer now” (42 percent) and “waiting for prices to go down before they seriously consider making a purchase” (48 percent).“Current pricing, rates and incentives, such as the First Time Homebuyer Tax Credit, provide tremendous opportunities for first-time home buyers to get into the market,” said Tom Kunz, Century 21 Real Estate president and CEO. “Our research shows that while consumers still have concerns about the future of the economy, many are actively considering their options as we move into the spring selling season.”Among the survey’s other key findings:
Bargains in the marketplace are providing additional options for buyers to consider. 56 percent of potential first-time home buyers are considering purchasing a foreclosed or short sale home, and 63 percent are open to purchasing either a “fixer-upper” or “as-is” home.
When asked to rate the features that they look for when choosing a home, price is the primary consideration with 87 percent saying this feature is “very important,” followed closely by neighborhood safety (80 percent) and the condition of the home (71 percent).
Having enough money for a down payment is a top concern of potential first-time home buyers as nearly half (46 percent) said they are “very worried” about the issue.
Most respondents (86 percent) are in the market for single family homes.
Monday, March 23, 2009
News for Troubled Homeowners
There is a new website called Making Your Home More Affordable which is intended to help troubled owners determine if they are eligible to negotiate a loan modification, refinance or short sale. This is intended to help 4 million or so homeowners whose loans are with Fannie Mae or Freddie Mac. Click here to read the Treasury Department's press release regarding the program.
The Fannie Mae form is at www.fanniemae.com/homeaffordable or call 800-732-6643.
The Freddie Mac form is www.freddiemac.com/avoidforeclosure or call 800-373-3343.
Another site called Hope Now as information on how to apply for help thgough your mortgage holder. The hope Now hotline: 888-995-4673.
Call me for more information: 503-495-3897 - Jane Davies, Broker
Friday, March 06, 2009
How to get your $8000 now!
Here is some good news!
The American Recovery and Reinvestment Act of 2009 features an $8,000 tax credit for first-time buyers who purchase a home on or after January 1, 2009 and before December 1, 2009.
Details of the tax credit include:
Þ The temporary credit is only available for home purchases made between January 1, 2009 and December 1, 2009 and is equal to 10% of the cost of the home, up to a maximum credit of $8,000. (For example, a home purchased for $80,000 or more would qualify for the full $8,000 credit while a $70,000 home would only qualify for 10%, or $7,000.
Þ Buyers claim the credit on their federal tax return to reduce their tax liability. If the credit is more than their total tax liability that year, the buyer will get a refund check for the balance.
Þ Only first-time homebuyers can take advantage of the tax credit. A first-time buyer is defined as an individual who has not owned a home in the last three years. For married joint filers, both must meet the first-time homebuyer test to take the credit on a joint return.
Þ Eligible properties include anything that will be used as a principal singe-family residence, including townhomes and condos.
Þ Call me for income guidelines. In brief: there are income guidelines on the credit. Individuals with an adjusted gross income up to $75,000 (or $150,000 if filing jointly) are eligible for the full tax credit. The credit is phased down for those earning more and is not available for those with an income above $95,000 (or $170,000 if filing jointly).
Þ The new tax credit does not have to be repaid if the buyer stays in the home at least three years. But if the home is sold before that, the entire amount of the credit is recaptured on the sale.
How does it work? Attend my seminar:
March 19 - 6:00 - 7:00 PM
4800 SW Meadows Rd., 1st Floor Conference
RSVP: 503-816-7084
Wednesday, February 25, 2009
Good News for Portland Real Estate Market!
I thought you might be interested in the following article published by http://www.forbes.com/ concerning the current Portland Real Estate market. It shows Portland as #4 in cities showing stabilization!
Real Estate
Ten Best And 10 Worst U.S. Housing MarketsMatt Woolsey, 02.24.09, 11:50 AM EST
The cities that are showing signs of stabilization and those that continue to unravel.
In Depth: 10 Best And 10 Worst U.S. Housing Markets
Wishing you'd left the game earlier is a time-honored Las Vegas tradition. Today, that's true not only for gamblers but for homeowners there. The last time Las Vegas properties were worth more than the average mortgage? August 2003.
Blame overbuilding and risky loans, a gambling mentality or even the desert sun, but based on today's results from the S&P/Case-Shiller home price index, which measures metro home prices in 20 cities through December 2008, Las Vegas is the weakest market in the country. Prices are dropping quickly (down 4.81% since last month and 33% in the last year), the pace of decline is accelerating at the third-fastest rate in the nation, and based on lost equity, homeowners are out 65 months of mortgage payments.
All signals that things aren't likely getting better any time soon.
In Depth: Ten Best And 10 Worst U.S. Housing Markets
"Vegas is a market unto its own," says Steve Cesinger, chief financial officer at Dewberry Capital, an Atlanta-based real estate investment firm. "I don't know what those guys were drinking when they thought all this building made sense. If it does work out soon, then there's some force out there in the universe that I'm not aware of."
The S&P/Case-Shiller home price index, released monthly, examines repeat home sales in 20 metro markets, including the city core and surrounding suburbs. This means that while prices in tony San Francisco neighborhood Pacific Heights might be holding up, the net effect of including a bankrupt suburb like Vallejo brings down the metro area's score. Each city's score is assigned based on the price difference from 2000, which is scored as 100. So San Francisco's score of 130.12 means prices are up 30.12% from 2000. It still has the potential for a further fall, given the 31% year-over-year drop.
Forbes also analyzed monthly declines and year-over-year declines in home prices to determine where prices were falling fastest and where those drops were picking up momentum. It's not a good thing for San Diegothat prices from November 2008 to December 2008 fell 2.13%, but as prices declined by 2.29% from October to November, and 2.44% from September to October, the speed with which prices are falling is slowing.
That slowing rate of decline, also seen in places such as Denver, Washington, D.C., and Boston, helped rank those cities as some of the stronger markets in the country.
Contrast that with Minneapolis, where prices fell just 0.96% from September to October, but by December, the rate of month-to-month declines had jumped to 4.6%, an unwelcome acceleration.
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Next, to rule out places in complete depression, we looked at how many months of equity homeowners have lost. Places like Detroit (-2.98%) and Cleveland (-2.07%) haven't declined as quickly over the last month as Seattle (-3.63%) or Charlotte (-2.55%), but that's because prices in those two Rust Belt cities are so depressed it's difficult for them to fall any further. Detroit and Cleveland homeowners have lost 141 and 92 months of equity, respectively, whereas Seattle and Charlotte prices have only declined for the last 39 and 33 months, respectively.
One other factor to consider with the Case-Shiller numbers is that the index tracks repeat home sales. That means cities like Tampa and Miami, which are notorious for overbuilt new inventory and high numbers of foreclosures, perform better on the index than they ought to, as those two factors are not tracked.
"Case-Shiller doesn't take into account new construction or foreclosure sales," says Jonathan Miller, president of Miller Samuel, a Manhattan residential appraisal firm. "In some of these markets, I'm not sure how you can ignore new construction or foreclosures."
Another city with foreclosure and new construction problems is Phoenix, where bad loans have mounted and mortgage delinquencies, a forebearer of foreclosures, have risen.
"It's pretty gruesome," says Anthony Sanders, a finance professor at Arizona State University. He points to delinquencies as a major problem and a sign that the Valley of the Sun won't be bouncing back any time soon. In Phoenix, seriously delinquent loans--those that haven't been paid in 90 days--have increased from 3.5% to 27.3% for subprime loans since this time in 2005. Adjustable-rate mortgages that are seriously delinquent have gone from less than 1% to 20.2% in the same period.
With those problems looming on the horizon in many cities across the country, Obama might need more ammunition than his proposed $75 billion foreclosure prevention package offers.
Then again, even in a boom-bust capital like Los Angeles, if you bought in 2000, paid your mortgage on time and are still in your home, you've seen a 71.5% price appreciation. There's something to be said for that kind of responsible, long-term investor.
Ten Best And 10 Worst U.S. Housing MarketsMatt Woolsey, 02.24.09, 11:50 AM EST
The cities that are showing signs of stabilization and those that continue to unravel.
In Depth: 10 Best And 10 Worst U.S. Housing Markets
Wishing you'd left the game earlier is a time-honored Las Vegas tradition. Today, that's true not only for gamblers but for homeowners there. The last time Las Vegas properties were worth more than the average mortgage? August 2003.
Blame overbuilding and risky loans, a gambling mentality or even the desert sun, but based on today's results from the S&P/Case-Shiller home price index, which measures metro home prices in 20 cities through December 2008, Las Vegas is the weakest market in the country. Prices are dropping quickly (down 4.81% since last month and 33% in the last year), the pace of decline is accelerating at the third-fastest rate in the nation, and based on lost equity, homeowners are out 65 months of mortgage payments.
All signals that things aren't likely getting better any time soon.
In Depth: Ten Best And 10 Worst U.S. Housing Markets
"Vegas is a market unto its own," says Steve Cesinger, chief financial officer at Dewberry Capital, an Atlanta-based real estate investment firm. "I don't know what those guys were drinking when they thought all this building made sense. If it does work out soon, then there's some force out there in the universe that I'm not aware of."
The S&P/Case-Shiller home price index, released monthly, examines repeat home sales in 20 metro markets, including the city core and surrounding suburbs. This means that while prices in tony San Francisco neighborhood Pacific Heights might be holding up, the net effect of including a bankrupt suburb like Vallejo brings down the metro area's score. Each city's score is assigned based on the price difference from 2000, which is scored as 100. So San Francisco's score of 130.12 means prices are up 30.12% from 2000. It still has the potential for a further fall, given the 31% year-over-year drop.
Forbes also analyzed monthly declines and year-over-year declines in home prices to determine where prices were falling fastest and where those drops were picking up momentum. It's not a good thing for San Diegothat prices from November 2008 to December 2008 fell 2.13%, but as prices declined by 2.29% from October to November, and 2.44% from September to October, the speed with which prices are falling is slowing.
That slowing rate of decline, also seen in places such as Denver, Washington, D.C., and Boston, helped rank those cities as some of the stronger markets in the country.
Contrast that with Minneapolis, where prices fell just 0.96% from September to October, but by December, the rate of month-to-month declines had jumped to 4.6%, an unwelcome acceleration.
Related Stories
Where In The U.S. Homes Are Most Affordable
America's Emptiest Cities
America's Fastest-Changing Cities
America's 25 Weakest Housing Markets
Where U.S. Home Sales Are Rising
Related Videos
Existing Home Sales Slip
Market Movers: Obama, Bernanke
Citi Leads Financial Rally
Big Ben Boosts Street
Home Prices Fall 18.6%
Stories
Videos
Next, to rule out places in complete depression, we looked at how many months of equity homeowners have lost. Places like Detroit (-2.98%) and Cleveland (-2.07%) haven't declined as quickly over the last month as Seattle (-3.63%) or Charlotte (-2.55%), but that's because prices in those two Rust Belt cities are so depressed it's difficult for them to fall any further. Detroit and Cleveland homeowners have lost 141 and 92 months of equity, respectively, whereas Seattle and Charlotte prices have only declined for the last 39 and 33 months, respectively.
One other factor to consider with the Case-Shiller numbers is that the index tracks repeat home sales. That means cities like Tampa and Miami, which are notorious for overbuilt new inventory and high numbers of foreclosures, perform better on the index than they ought to, as those two factors are not tracked.
"Case-Shiller doesn't take into account new construction or foreclosure sales," says Jonathan Miller, president of Miller Samuel, a Manhattan residential appraisal firm. "In some of these markets, I'm not sure how you can ignore new construction or foreclosures."
Another city with foreclosure and new construction problems is Phoenix, where bad loans have mounted and mortgage delinquencies, a forebearer of foreclosures, have risen.
"It's pretty gruesome," says Anthony Sanders, a finance professor at Arizona State University. He points to delinquencies as a major problem and a sign that the Valley of the Sun won't be bouncing back any time soon. In Phoenix, seriously delinquent loans--those that haven't been paid in 90 days--have increased from 3.5% to 27.3% for subprime loans since this time in 2005. Adjustable-rate mortgages that are seriously delinquent have gone from less than 1% to 20.2% in the same period.
With those problems looming on the horizon in many cities across the country, Obama might need more ammunition than his proposed $75 billion foreclosure prevention package offers.
Then again, even in a boom-bust capital like Los Angeles, if you bought in 2000, paid your mortgage on time and are still in your home, you've seen a 71.5% price appreciation. There's something to be said for that kind of responsible, long-term investor.
####
The following is copied from the link at the beginning: In Depth: 10 Best And 10 Worst U.S. Housing Markets
Best, No. 10: Seattle, Wash.
Index score: 160.19
Prices were last this low: October 2005
Month-to-month drop: -3.63%
Year-over-year drop: -13.35%
Deceleration rank: No. 19
Best, No. 9: Los Angeles, Calif.
Index score: 171.46
Prices were last this low: November 2003
Month-to-month drop: -2.5%
Year-over-year drop: -26.4%
Deceleration rank: No. 4
Best, No. 8: Dallas, Texas
Index score: 115.63
Prices were last this low: May 2004
Month-to-month drop: -2.33%
Year-over-year drop: -4.27%
Deceleration rank: No. 16
Best, No. 7: Boston, Mass.
Index score: 153.05
Prices were last this low: June 2003
Month-to-month drop: -1.28%
Year-over-year drop: -7.01%
Deceleration rank: No. 6
Best, No. 6: Denver, Colo.
Index score: 125.74
Prices were last this low: June 2003
Month-to-month drop: -1.5%
Year-over-year drop: -4%
Deceleration rank: No. 7
Best, No. 5: San Diego, Calif.
Index score: 152.16
Prices were last this low: October 2003
Month-to-month drop: -2.13%
Year-over-year drop: -24.84%
Deceleration rank: No. 1
Best, No. 4: Portland, Ore.
Index score: 158.5
Prices were last this low: September 2005
Month-to-month drop: -2.53%
Year-over-year drop: -13.14%
Deceleration rank: No. 11
Best, No. 3: Charlotte, N.C.
Index score: 122.41
Prices were last this low: April 2006
Month-to-month drop: -2.55
Year-over-year drop: -7.19
Deceleration rank: No. 13
Best, No. 2: Washington, D.C.
Index score: 176.34
Prices were last this low: April 2004
Month-to-month drop:-2.18%
Year-over-year drop: -19.24%
Deceleration rank: No. 3
Best, No. 1: New York, N.Y.
Index score: 183.5
Prices were last this low: November 2004
Month-to-month drop: -1.72%
Year-over-year drop: -9.19%
Deceleration rank: No. 9
Index score: 160.19
Prices were last this low: October 2005
Month-to-month drop: -3.63%
Year-over-year drop: -13.35%
Deceleration rank: No. 19
Best, No. 9: Los Angeles, Calif.
Index score: 171.46
Prices were last this low: November 2003
Month-to-month drop: -2.5%
Year-over-year drop: -26.4%
Deceleration rank: No. 4
Best, No. 8: Dallas, Texas
Index score: 115.63
Prices were last this low: May 2004
Month-to-month drop: -2.33%
Year-over-year drop: -4.27%
Deceleration rank: No. 16
Best, No. 7: Boston, Mass.
Index score: 153.05
Prices were last this low: June 2003
Month-to-month drop: -1.28%
Year-over-year drop: -7.01%
Deceleration rank: No. 6
Best, No. 6: Denver, Colo.
Index score: 125.74
Prices were last this low: June 2003
Month-to-month drop: -1.5%
Year-over-year drop: -4%
Deceleration rank: No. 7
Best, No. 5: San Diego, Calif.
Index score: 152.16
Prices were last this low: October 2003
Month-to-month drop: -2.13%
Year-over-year drop: -24.84%
Deceleration rank: No. 1
Best, No. 4: Portland, Ore.
Index score: 158.5
Prices were last this low: September 2005
Month-to-month drop: -2.53%
Year-over-year drop: -13.14%
Deceleration rank: No. 11
Best, No. 3: Charlotte, N.C.
Index score: 122.41
Prices were last this low: April 2006
Month-to-month drop: -2.55
Year-over-year drop: -7.19
Deceleration rank: No. 13
Best, No. 2: Washington, D.C.
Index score: 176.34
Prices were last this low: April 2004
Month-to-month drop:-2.18%
Year-over-year drop: -19.24%
Deceleration rank: No. 3
Best, No. 1: New York, N.Y.
Index score: 183.5
Prices were last this low: November 2004
Month-to-month drop: -1.72%
Year-over-year drop: -9.19%
Deceleration rank: No. 9
Wednesday, February 11, 2009
So, is THIS the Time to Buy in Portland, Oregon?
By: Yasmin Khajavi
Stewart Title of Oregon
Eight Centerpointe Dr. Ste B
Lake Oswego, OR 97035
503-290-5543
Stewart Title of Oregon
Eight Centerpointe Dr. Ste B
Lake Oswego, OR 97035
503-290-5543
There is a positive undercurrent in Portland real estate right now. Our population continues to grow. Housing affordability is the best in years. Mortgage rates remain low. According to the National Association of Realtors, existing home sales rose 6.5% in December. In fact, ShowingTime (a real estate software tool) reports that showings were up 10% over the year before.
So is this the time to buy? It is certainly the time to be looking for great deals and preparing your current home if you decide to sell. With flexible sellers and historically low interest rates, it may be smart to sell now and buy up to the neighborhood or home you’ve always wanted. Even if you don't get as much as you would like on your current sale, if you buy up you save more on your purchase.
National statistics show that a typical buyer plans on staying in their home for at least seven years. Buyers are taking advantage of great deals by focusing on long term prospects for housing in our area.
JUST ASK
Q: Is there such a thing as a billion-dollar property?
A: Not yet. Of course, there are some who remember when a million-dollar home was a big deal. Even with prices dropping, a million-dollar home is the norm in many areas. But have you ever thought about how much a billion is?
A billion seconds ago it was 1959.
A billion minutes ago Roman centurions walked on earth.
A billion hours ago it was the Stone Age.
A billion days ago no one walked on the earth.
A billion dollars ago was only 8 hours and 20 minutes at the rate our government is spending it.
Those are some fun factoids that help us to put the concept of "billions" into perspective.
OUR TOWN
A recent study from Pew Research found that Portland was one of the top 10 cities where people want to live. This is one of the reasons why our long term housing prospects look better than many other areas.
FYI
Although we have seen a slight bump, rates are still extraordinarily low and offer tremendous buying opportunities.
Thursday, February 05, 2009
The benefits of owning 13063 SW Caddy Place, Tigard, OR
Located on a popular cul de sac, 13063 SW Caddy Place, Tigard, Oregon is a fabulous 3 bedroom end unit in Bull Mt. area with a Mt Hood view. It is across from a greenspace and is beside grassy area. High ceilings & large, bay windows make it bright and airy. The master has a vaulted ceiling, ceiling fan, skylight and a soaker tub. There are 2 walk-in closets, oodles of storage, a deck, back patio with a working Hot Tub. It is landscaped, has a garden wth raised beds. Close to parks, Washington Square, transportation. Move-in ready! Across from higher priced homes.
Benefits: Townhome living can be a huge advantage for some people. Paying a small monthly Home Owner Association dues relieves the stress of, to list a few benefits:
- Paying for a new roof;
- Paying for outside maintenance
- Paying a landscaping service
- Paying for painting the exterior
- It's easier on your lifestyle: should I go to the movie or mow the lawn?
It can be a great way to get into the housing market for a first time buyer; it's nice for retirees and even more so if they are snowbirds. Many singles live in townhomes, and some people own townhomes while they are saving for the larger home of their dreams. It can be a very positive move. To see more of this townhome at 13063 Caddy in Tigard, click here.
Why should I live at 21804 SW Roellich Ave in Sherwood, Oregon?
21804 SW Roellich is a delightful 3-bedroom home backing to Greenspace in a very popular Sherwood, Oregon neighborhood with a Master on the Main. Built in 1997, it has 1426 square feet. This home lives large; it flows! New carpeting has just been installed, it has been freshly painted, has a huge deck perfect for entertaining, an open kitchen/great room and a formal living room which could also be used as a formal dining room. The new elementary/junior high school which will open this fall is within walking distance. This home is a winner!
View more details here!
To find other homes for sale in Sherwood click here!
For more Real Estate information and tools click here!
View more details here!
To find other homes for sale in Sherwood click here!
For more Real Estate information and tools click here!
Wednesday, February 04, 2009
Is the Grass Greener?
Daily Real Estate News | February 4, 2009 |
Survey Finds Grass Is Greener on the Other Side
The results of a survey exploring attitudes related to where Americans would like to live show that the grass is definitely greener on the other side of the fence.
About 46 percent of people would prefer to live in a different type of community from the one they live in now, the survey by the Pew Research Center's Social & Demographic Trends found. That sentiment was most common among urban dwellers.
But the desire to move elsewhere doesn’t stop people from appreciating their current locale. About 80 percent rank their current communities as excellent, very good or good. Both the 63 percent who have moved at least once and the 37 percent who have lived in the same place all their lives are equally satisfied with their current locations.
Other findings include:
Americans are all over the map in their views about their ideal community type: 30 percent say they would most like to live in a small town, 25 percent in a suburb, 23 percent in a city and 21 percent in a rural area.
About 75 percent of Americans say they prefer living where the pace of life is slow, not fast. A similar majority prefers a place where neighbors know each other well to one where neighbors don't generally know each other's business.
About 65 percent say they prefer to live in a hot-weather climate rather than a cold one.
Fast food gets the nod with 43 percent preferring to live in a place with more McDonald's outlets vs. the 35 percent who would rather have more Starbucks shops.
Asked to rank cities where they would live if they could, nearly everyone chose warm weather locations in the South or the West. Here are their top 15 picks:
1. Denver, 43 percent
2. San Diego, 40 percent
3. Seattle, 38 percent
4. Orlando, 34 percent
5. Tampa, 34 percent
6 San Francisco, 34 percent
7. Phoenix, 33 percent
8. Portland, Ore., 31 percent
9. Sacramento, 29 percent
10 .San Antonio, 29 percent
11. Boston, 28 percent
12. Miami, 28 percent
13. Atlanta, 26 percent
14. Washington, DC, 25 percent
15. New York, 24 percent
Source: Pew Research Center (01/29/2009)
Survey Finds Grass Is Greener on the Other Side
The results of a survey exploring attitudes related to where Americans would like to live show that the grass is definitely greener on the other side of the fence.
About 46 percent of people would prefer to live in a different type of community from the one they live in now, the survey by the Pew Research Center's Social & Demographic Trends found. That sentiment was most common among urban dwellers.
But the desire to move elsewhere doesn’t stop people from appreciating their current locale. About 80 percent rank their current communities as excellent, very good or good. Both the 63 percent who have moved at least once and the 37 percent who have lived in the same place all their lives are equally satisfied with their current locations.
Other findings include:
Americans are all over the map in their views about their ideal community type: 30 percent say they would most like to live in a small town, 25 percent in a suburb, 23 percent in a city and 21 percent in a rural area.
About 75 percent of Americans say they prefer living where the pace of life is slow, not fast. A similar majority prefers a place where neighbors know each other well to one where neighbors don't generally know each other's business.
About 65 percent say they prefer to live in a hot-weather climate rather than a cold one.
Fast food gets the nod with 43 percent preferring to live in a place with more McDonald's outlets vs. the 35 percent who would rather have more Starbucks shops.
Asked to rank cities where they would live if they could, nearly everyone chose warm weather locations in the South or the West. Here are their top 15 picks:
1. Denver, 43 percent
2. San Diego, 40 percent
3. Seattle, 38 percent
4. Orlando, 34 percent
5. Tampa, 34 percent
6 San Francisco, 34 percent
7. Phoenix, 33 percent
8. Portland, Ore., 31 percent
9. Sacramento, 29 percent
10 .San Antonio, 29 percent
11. Boston, 28 percent
12. Miami, 28 percent
13. Atlanta, 26 percent
14. Washington, DC, 25 percent
15. New York, 24 percent
Source: Pew Research Center (01/29/2009)
Tuesday, February 03, 2009
Forbes.com
Where We Live
America's Most And Least Popular Cities
Lauren Sherman, 01.29.09, 02:00 PM EST
Those who live in the U.S. love and hate these 10 spots.
In Depth: America's Most And Least Popular Cities
Looking to start over?
Those who have lost their jobs, defaulted on their mortgages or are simply searching for a change might want to consider Denver. The city-- known for its skiing, culture and bustling singles scene--is where Americans would like to live the most, according to a recent survey conducted by Washington, D.C.-based group Pew Research Center.
San Diego, Seattle, Orlando and Tampa, Fla., are the other most popular cities.
In Depth: America's Most And Least Popular Cities.
At the opposite end of the spectrum, Americans say they'll stay clear of Detroit, Cleveland, Cincinnati, Minneapolis, Minn., and Kansas City, Mo.
Behind the Numbers
In October, Pew--a non-partisan research group, funded by the nonprofit Pew Charitable Trusts, that tracks social and demographic trends--conducted a nationwide telephone survey of 2,260 adults.
Researchers listed 30 of the country's largest metropolitan statistical areas and asked "Would you want to live in this city or its surrounding metropolitan area or not want to live there?" Those surveyed reflect U.S. population in proportion in terms of age, sex and race, and many of the surveys were conducted on cell phones, not land lines, which means a larger swatch of respondents was reached.
While answers varied, one thing was certain: geographical location and weather play a major role in where we want to settle down. The five top-ranked places were in either the West or South, while the five cities at the bottom of the list are all in the Midwest.
"There is a reason the Sun Belt population continues to increase," says Paul Taylor, head of social and demographic trends and executive vice president at the Pew Research Center. "Weather did play a role in people's choices."
Sunny spots like San Diego, Tampa and Orlando did so well because of near year-long mild temperatures. (Although we're betting few people surveyed took hurricane season into consideration.) Indeed, overall perceived attitude of the city was the biggest factor, according to the Pew report: "Seven of the top 10 metropolitan areas are in the West, and the other three--San Antonio, Orlando and Tampa--are Southern cities that share the characteristics of many Western metro areas: warmer weather, a casual lifestyle and rapid growth."
Up north, harsh winters helped Minneapolis to its dismal rank. Despite its fine cultural institutions--including Minnesota Public Radio--and financial dedication to the arts, 82% of those surveyed said that they wouldn't want to live there.
Of course, current economic conditions also play a role. It's no surprise that 90% of those surveyed don't want to live in Detroit, which ranked lowest out of 30 cities. It's got a 9.5% unemployment rate and a murder rate 5.16 times higher than the national average.
But just because Americans are straining to pay their bills doesn't necessarily mean they overwhelmingly want to seek better opportunities elsewhere. Just over half of those surveyed said that they're living in their ideal community, while 46% said that they would rather live in a different place.
Where We Live
America's Most And Least Popular Cities
Lauren Sherman, 01.29.09, 02:00 PM EST
Those who live in the U.S. love and hate these 10 spots.
In Depth: America's Most And Least Popular Cities
Looking to start over?
Those who have lost their jobs, defaulted on their mortgages or are simply searching for a change might want to consider Denver. The city-- known for its skiing, culture and bustling singles scene--is where Americans would like to live the most, according to a recent survey conducted by Washington, D.C.-based group Pew Research Center.
San Diego, Seattle, Orlando and Tampa, Fla., are the other most popular cities.
In Depth: America's Most And Least Popular Cities.
At the opposite end of the spectrum, Americans say they'll stay clear of Detroit, Cleveland, Cincinnati, Minneapolis, Minn., and Kansas City, Mo.
Behind the Numbers
In October, Pew--a non-partisan research group, funded by the nonprofit Pew Charitable Trusts, that tracks social and demographic trends--conducted a nationwide telephone survey of 2,260 adults.
Researchers listed 30 of the country's largest metropolitan statistical areas and asked "Would you want to live in this city or its surrounding metropolitan area or not want to live there?" Those surveyed reflect U.S. population in proportion in terms of age, sex and race, and many of the surveys were conducted on cell phones, not land lines, which means a larger swatch of respondents was reached.
While answers varied, one thing was certain: geographical location and weather play a major role in where we want to settle down. The five top-ranked places were in either the West or South, while the five cities at the bottom of the list are all in the Midwest.
"There is a reason the Sun Belt population continues to increase," says Paul Taylor, head of social and demographic trends and executive vice president at the Pew Research Center. "Weather did play a role in people's choices."
Sunny spots like San Diego, Tampa and Orlando did so well because of near year-long mild temperatures. (Although we're betting few people surveyed took hurricane season into consideration.) Indeed, overall perceived attitude of the city was the biggest factor, according to the Pew report: "Seven of the top 10 metropolitan areas are in the West, and the other three--San Antonio, Orlando and Tampa--are Southern cities that share the characteristics of many Western metro areas: warmer weather, a casual lifestyle and rapid growth."
Up north, harsh winters helped Minneapolis to its dismal rank. Despite its fine cultural institutions--including Minnesota Public Radio--and financial dedication to the arts, 82% of those surveyed said that they wouldn't want to live there.
Of course, current economic conditions also play a role. It's no surprise that 90% of those surveyed don't want to live in Detroit, which ranked lowest out of 30 cities. It's got a 9.5% unemployment rate and a murder rate 5.16 times higher than the national average.
But just because Americans are straining to pay their bills doesn't necessarily mean they overwhelmingly want to seek better opportunities elsewhere. Just over half of those surveyed said that they're living in their ideal community, while 46% said that they would rather live in a different place.
Sunday, February 01, 2009
Real Estate: as written in Forbes.com
Best Home Improvements To Make In A Recession
By: Matt Woolsey, 01.29.09, 06:00 PM EST
Installing energy-saving technologies is a great way to save money on homeowner costs.
The days of undertaking quick-fix remodels to sell a home more quickly and for more money are long gone. Now, with loans hard to come by and home sales slow, remodeling is all about projects that save you money in the long term and pay you cash up front.
Believe it or not, the federal government is more than willing to help--to the tune of thousands in tax credits. But this isn't about redoing your kitchen; it's about energy independence.
In a recession, there's nothing better than padding your wallet whenever you can, so reducing energy costs makes natural sense. A serious commitment to this idea does have significant upfront costs, but it can save thousands in the long run.
From Windows to Wind
The Emergency Economic Stabilization Act of 2008, passed in October, increased the size of energy-related tax credits for homeowners. In past years, $200 credits for energy-efficient windows or improvements to a roof were nothing exciting, but the new law added two particularly interesting technologies to the tax-credit rolls: wind turbines and geothermal heating systems, with credits of $4,000 and $2,000, respectively.
Granted, both are expensive investments--and that's assuming your neighborhood or homeowner association will let you put wind turbines on your property. They can run between $5,000 and $25,000. Still, these systems have the potential to reduce monthly energy costs to zero.
Geothermal heat pumps, which run between $3,000 and $10,000, won't reduce your water-heating bills to zero, but as they draw 70% of their energy directly from the earth, which is free, they can dramatically reduce hot-water costs.
Keep in mind: The old tax credits are still on the books, meaning you can still save if a wind turbine is currently outside your price range but energy-efficient windows are not. In fact, the 2008 law even featured some upgrades in tax-credit levels.
"Many of them are new in that they came out of the Energy Policy Act of 2005 or the Energy Independence Security Act of 2007 and were renewed," says Jonathan Cogan, a spokesman for the Department of Energy. "Some of those previously enacted tax incentives had a sunset date on them, and the more recent legislation extended the life of those."
The credit is now $500 for window and roof improvements, instead of the $200 offered last year.
The Bigger Picture
While such incentives are good news for homeowners trying to save a buck, some suggest that the tax credits don't go far enough in stimulating private-sector investment or reducing greenhouse emissions.
While cars and factories contribute to greenhouse emissions, 48% of them come from buildings, according to Architecture 2030, a green architecture research group. Edward Mazria, president of Mazria, Inc., a Santa Fe, N.M., architecture firm, notes that homeowners behind on their mortgages are unlikely to make large up-front investments in technologies like fuel cells or solar arrays, which can cost $5,000 to $20,000, even if they do pay for themselves in the long run--some even can make money for a homeowner by feeding the power they generate back into the grid.
To keep people in their mortgages, many--including House Financial Services Chairman Barney Frank to the National Association of Realtors--have floated the idea of mortgage-rate buy-downs as an attempt to keep people in their homes and encourage home buying.
Mazria suggests combining the two: Allow mortgage-rate buy-downs if homeowners improve their energy efficiency by 75%. Homeowners don't have to choose between the short and long term, and government money becomes directly invested into green projects.
"It requires homeowners to invest money into improving the efficiency of their home," says Mazria. "Without it, the plans for the federal government to buy down mortgage rates? All that does is incentivize refinancing, it doesn't create any jobs."
And little could be better than the combination of lower mortgage payments and smaller energy costs. Especially when you throw in a few thousand dollars from Uncle Sam.
Best Home Improvements To Make In A Recession
By: Matt Woolsey, 01.29.09, 06:00 PM EST
Installing energy-saving technologies is a great way to save money on homeowner costs.
The days of undertaking quick-fix remodels to sell a home more quickly and for more money are long gone. Now, with loans hard to come by and home sales slow, remodeling is all about projects that save you money in the long term and pay you cash up front.
Believe it or not, the federal government is more than willing to help--to the tune of thousands in tax credits. But this isn't about redoing your kitchen; it's about energy independence.
In a recession, there's nothing better than padding your wallet whenever you can, so reducing energy costs makes natural sense. A serious commitment to this idea does have significant upfront costs, but it can save thousands in the long run.
From Windows to Wind
The Emergency Economic Stabilization Act of 2008, passed in October, increased the size of energy-related tax credits for homeowners. In past years, $200 credits for energy-efficient windows or improvements to a roof were nothing exciting, but the new law added two particularly interesting technologies to the tax-credit rolls: wind turbines and geothermal heating systems, with credits of $4,000 and $2,000, respectively.
Granted, both are expensive investments--and that's assuming your neighborhood or homeowner association will let you put wind turbines on your property. They can run between $5,000 and $25,000. Still, these systems have the potential to reduce monthly energy costs to zero.
Geothermal heat pumps, which run between $3,000 and $10,000, won't reduce your water-heating bills to zero, but as they draw 70% of their energy directly from the earth, which is free, they can dramatically reduce hot-water costs.
Keep in mind: The old tax credits are still on the books, meaning you can still save if a wind turbine is currently outside your price range but energy-efficient windows are not. In fact, the 2008 law even featured some upgrades in tax-credit levels.
"Many of them are new in that they came out of the Energy Policy Act of 2005 or the Energy Independence Security Act of 2007 and were renewed," says Jonathan Cogan, a spokesman for the Department of Energy. "Some of those previously enacted tax incentives had a sunset date on them, and the more recent legislation extended the life of those."
The credit is now $500 for window and roof improvements, instead of the $200 offered last year.
The Bigger Picture
While such incentives are good news for homeowners trying to save a buck, some suggest that the tax credits don't go far enough in stimulating private-sector investment or reducing greenhouse emissions.
While cars and factories contribute to greenhouse emissions, 48% of them come from buildings, according to Architecture 2030, a green architecture research group. Edward Mazria, president of Mazria, Inc., a Santa Fe, N.M., architecture firm, notes that homeowners behind on their mortgages are unlikely to make large up-front investments in technologies like fuel cells or solar arrays, which can cost $5,000 to $20,000, even if they do pay for themselves in the long run--some even can make money for a homeowner by feeding the power they generate back into the grid.
To keep people in their mortgages, many--including House Financial Services Chairman Barney Frank to the National Association of Realtors--have floated the idea of mortgage-rate buy-downs as an attempt to keep people in their homes and encourage home buying.
Mazria suggests combining the two: Allow mortgage-rate buy-downs if homeowners improve their energy efficiency by 75%. Homeowners don't have to choose between the short and long term, and government money becomes directly invested into green projects.
"It requires homeowners to invest money into improving the efficiency of their home," says Mazria. "Without it, the plans for the federal government to buy down mortgage rates? All that does is incentivize refinancing, it doesn't create any jobs."
And little could be better than the combination of lower mortgage payments and smaller energy costs. Especially when you throw in a few thousand dollars from Uncle Sam.
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