Displaying blog entries 11-20 of 22
As I listen to the rain failing this morning I'm thinking, will it stop?
Here is a more comprehensive update on the flooding locally in Rhododendron, Welches, and Brightwood areas.
What does eight and a half inches of rain at Timberline do to our area rivers?Chaos was unleashed throughout the area. The Zig Zag River, the Sandy and the Salmon were all raging over the past couple of days. Over 200 people were evacuated up Lo Lo Pass Road. Power, telephone lines, and cell service are out mostly in the Lo Lo Pass area as the powers of the rivers unleashed their fury.
Here is a newsclip from KPTVshowing how LoLo Pass Road in Rhododendron was wiped out. It's difficult to say how long it will take to rebuild these roads and fix the access.
Two homes were washed away in the flooding. One was called Gertrude's Vintage Cabin along LoLo Pass Road on the Sandy River and built in the 30's or 40's and survived the 1964,1996 and 2006 floods!
The second was a forest service cabin on the Zig Zag River behind the Skyway Restaurant area on Road 3 Lot 7. A log jam event caused major bank erosion in this area and completely took this cabin down the river. The next downriver cabin is also in eminent danger of major erosion and destruction. I spoke with the owner of the cabin while he was assessing the damage. The cabin has been there since the 20s but the river has changed course over the years.
Once the waters recede it will be interesting to see just how much damage has been caused by these recent events.
Collins Lake foreclosures are dominating the market in Government Camp. Here is a recent new listing that just became available today.
Another foreclosure unit went pending today, listed at $240,000
The last two sales closing in Collins Lake were also foreclosures. Once closing at $207,000 and another at $234,000.
December 2010 saw six closed sales for the month according to multiple listing service. Here are the six sales:
The first two listed are foreclosures. Two properties were in Government Camp. The majority of homes selling at this time are second homes vs. primary residential properties. Three of these sales were cash and three with conventional loans.
Here are some interesting foreclosure numbers from RealtyTrac concerning 2010's numbers:
*2.87 million homes received foreclosure filings in 2010
*Foreclosure notices were up 1.67% from 2009
*They were up 23.23% from 2008
*1 in every 45 homes in the United States received a foreclosure filing
*Five states accounted for half of foreclosures: California, Florida, Arizona, Illinois and Michigan
*In California, 1 in every 25 homes received a foreclosure filing
*In Nevada, 1 in every 11 homes received a foreclosure filing
*In the 4th quarter of 2010, foreclosures slowed due to documentation issues
*1 million homes were foreclosed on in 2010
*The documentation delay will push foreclosures into 2011 for a projected 1.2 million foreclosures
*2011 should be the peak of the market downturn
Considering buying a foreclosure or a short sale in the Mt. Hood area? There's a lot going on with robo-signers, recent court rulings and bank decisions. Recent news articles declare housing has just hit the "D" word, Depression level, in loss of values for the fourth year in a row. That's right, a loss of 26% since June 2006 nationally.
A recent court rulling in Massachusetsmay be good news for homeowners facing foreclosure. Did the banks have the legal authority to foreclose on homes and have all the legal paperwork in order? Robo-signing and loan servicers are under major scrutiny as to if the banks had the legal right to foreclose and did that bank actually own that mortgage.
Major banks, Freddie Mac (the largest underwriter of loans right now, all are reporting that the first half of 2011 will see further price declines. Numbers are anywhere from nearly 4% to 8% nationally. These are the same people who control the flow of foreclosures into the market place. Be aware that as these foreclosures hit the market they will increase the supply therefore depress prices a bit further.
Short sales may increase in 2011 as banks find out the foreclosure action may not be as easy or attractive this year. Many companies that insure these loans (mortgage insurance companies) covered the bank losses through foreclosures but since there is so many questions about the legalities that applications were fraudulent, banks may not get that insurance paid so short sales will look more attractive as an option.
Despite potentially a further price decline in the market, interest rates may tend to move upwards this year. The "cost" of buying a home is still excellent right now. It's a great time to lock in the monthly payment that you can afford!
THE SEARCH IS OVER!
Have you ever read Shel Silverstein's wonderful book, "The Missing Piece and the Big O"? It's a whimsical fable that has touched readers of all ages. It chronicles the search most of us have undertaken at one time or another in our lives to find the one person who can make us whole.
As the "Missing Piece" searches, it encounters other "parts." Some of them fit, but cannot roll. Others have too many pieces missing - while still others have too many pieces. The missing piece continues the futile search until one day it meets the "Big O" - a whole (not a part) with no pieces missing.
Thinking it had, at last, found its whole, the Missing Piece exclaims, "I think you are the one I have been waiting for - maybe I am your missing piece . . . I was hoping that I could roll with you." The Big O replied, "But I am not missing a piece . . . perhaps you could roll by yourself."
How often have we all felt that we needed someone else to be whole (or to roll) - not realizing that we are all in fact already the "Big O." We are already self-contained, have the ability to roll in any direction we like, and need nothing else to achieve every dream we've ever had. Then, unexpectedly, we find that there are others who are also "Big O's," with whom we can share our own "wholeness."
If I've lost you with this mysterious tale, go by the library or pick up a copy of this unusual story. Trust me - you'll understand. It's the type of book you can give to a loved one who may be feeling like a "Missing Piece."
There's a new and very popular event up at Timberline Lodge near Government Camp this winter for people who don't ski or snowboard. That event is offered by the Forest Service and it's a walk with Bruno, the Saint Bernard that is the mascot for Timberline Lodge! These walks are on Fridays, Saturdays and Sundays at Timberline. It's a stroll through the outdoors with an informative guide teaching history and ecology plus Bruno. Details may be found in this article from the Oregonian. Special tours can be arranged also. To schedule a visit, call the Zigzag station at 503-622-2033.
There are five factors to watch in housing over 2011 and the impact they will have on our housing nationally and locally.
1. Good news on mortgage rates. They should stay under 5% for the balance of 2011. Four out of five current mortgage applications are for refinancing homes.
2. Nationally, housing prices will possibly bottom out in the first half of 2011. Locally, it may take longer due to our "lagging behind" nationally in Oregon. The second half of the year may see a slight stabilization.
3. Affordability: The affordability index started in 1971. The home affordability has never been better since the inception of the index. There has never been a better time to purchase a home. This could cause an increase in sales for 2011!
4. Fewer mortgage originations: Well, if most people have already financed over the past year and four out of five will be refinancing now, there will be less mortgages taken out over 2011. Estimates are, because of tightening credit and low credit scores that nearly a third of Americans cannot qualify for a mortgage.
5. Gradually lower delinquent rates on mortgages. As the foreclosure mass comes to the market this year there will be lower delinquent rates due to some stabilization in employment. Bernanke predicts 4 to 5 years before employment returns to "normal" rates.
So, with a large inventory of homes and cabins in the Mt. Hood area, super low intersest rates, motivated sellers left and right and many foreclosures to choose from it is a perfect time to buy!
If you are looking for that perfect getaway on Still Creek that sleeps a bunch and is in brand new condition with absolutely no work, you have found it. The four bedroom cabin sits right on Still Creek with easy access to the highway to get to the ski areas, or walk over the foot bridge to Rhododendron for groceries and movies!
Location Location Location! There's hardwood floors, French doors and walls of windows that look out over Still Creek. A gourmet kitchen with granite counter tops makes cooking a breeze. You'll love the covered deck right on the creek with tons of room for summer barbeques. There's even a two car garage!
Located in the Mt. Hood National Forest on leased land. And the best part-It's only One Hour from Portland. The perfect mountain getaway!
Located on Road 14 Lot 4! $274,985
 |
 |
Visit Mount Hood Cabins!
Displaying blog entries 11-20 of 22
