Displaying blog entries 301-310 of 388
The fact is, this is probably the best time in the past 80 years to purchase real estate. Swelling inventories and unbelieveable interest rates have created this opportunity. Not only is a house a home but what about the investment opportunities.
Here is how the housing values compares with the stock market over the past decade.
The numbers are in for June 2010 for Mt. Hood area real estate sales straight out of RMLS. The numbers are impressive with a total of 15 sales closing. My estimate is that these sales were put together in March and April and finally closed. We have seen a weakening of pending sales at the moment but hope with the fantastic weather we are having that more buyers will take advantage of the incredible inventory currently on the market. Now is the time to get a hec of a deal on a mountain property!
Market indicators show increasing inventory, fewer pending sales for the month, longer marketing periods but pending sales up nearly 50% year to date from 2009!
The numbers are out for the National Association of Realtors statistics for February 2010 in the Salem area foreclosures compared with the United Sates Numbers. Here is a chart of activity:
The National Association of Realtors has published some interesting information on Oregon foreclosures for 2009. Our state has been in the news recently at number three in the country for foreclosures. Here is the breakdown of home ownership and home foreclosures based on the type of loan the homeowner received. Prime loans are the biggest percentage of foreclosures in 2009 reflecting the high unemployment rate in Oregon.
See Mt. Hood Area Foreclosures here
That is right. Read the headline! These are the lowest interest rates since 1971! We are talking nearly 40 years.
Average 30-year home loan rates : 4.69 percent
Average 15-year mortgage rates are just 4.15 percent
Buy now or take advantage of a refi. These are unbelieveable rates!
Have you ever heard of www.responsiblelending.org? This group tracks delinquencies and foreclosures and how the mortgage crisis has impacted Oregonians. Here are their numbers.
The average loss per home in the state of Oregon is $8,442 in equity. You can check other state losses at the web site. The average loss in New York is around $37,000! In Florida it is $81,000. In California it is $51,000. So at this point, Oregon has faired decently compared to many other states. That number could increase as we see the foreclosures hit the market for 2010.
There's lots of credit information/conditions getting tracked by the Federal Reserve Bank of New York. Not only do they track mortgage information but credit card delinquencies, student and auto loan delinquencies and more!
Here are some interesting statistics for Clackamas County from this site:
* 4.2% of all mortgages are delinquent at 90 days or more
* 5.3% of Jumbo mortgages are in foreclosure
* 1.6% of prime loans are in foreclosure
* 1.9% of FHA and VA loan mortgages are in foreclosure
* 92.7% of prime loans are current!
* 9.1% of student loans are 60 days delinquent
If you'd like to check out other Oregon counties or states, visit this web site.
Fraud Alert: First there were inflated appraisals, fake buyers, and escrow fraud as the market was screaming hot in real estate bubble times. Most fraud was directed at financial institutions.
Times have changed and so have the fraudsters. They have turned to owners who are in trouble financially with mortgages. You must be aware of loan modification and foreclosure scams that are running rampant throughout the counrty.
The California Department of Real Estate has put out an information document that can be found HERE that explains seventeen items (starting on page 5) to look out for concerning Loan Modifications offers that may be fraudulent.
If you are a first time home buyer and made a purchase last year or this year you need to know that the IRS will not accept electronic filing of your taxes. After over 90,000 fraudulent claims, according to the Treasury, the IRS is changing the filing requirments. Here is information from the IRS' "First-Time Homebuyer Credit" page online.
The IRS has created form 5405. Check the rules and requirements to get this tax credit on the First-Time Homebuyer Credit page above to be sure you qualify.
Did you know that if you sell your house within three years of purchase you may have to pay that tax credit back?
If you have not made your first time home buyer purchase, you have until April 30th to have a binding contract in place and you MUST close by June 30th, 2010!
No Misprint!
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$15,000 PRICE REDUCTION on Resort at the Mountain Condo (Fairway Estates Unit). Enjoy the recently renovated Resort at the Mountain upgrades! Steps to golf course and minutes to skiing. Only ONE HOUR from Portland. Quit driving all weekend to the slopes and stay at your mountain condo.
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Displaying blog entries 301-310 of 388
