If you are wondering what investment properties are doing in the area, here are the July numbers for 2-4 unit properties sold (NW Washington County, Portland West, Aloha, Beaverton, Tigard, Tualatin, Sherwood, Wilsonville).  With prices low and interest even lower, now is a great time to consider investing in real estate. I am licensed in the State of Oregon and would love to help you find the right property!

2 to 4 Units in RMLS Areas 148,150,151 Sold in July, 2010
Area 148             # of units       Address                               List Price    Sale Price  SP/LP Ratio  DOM
                                    2               8012 SW 19th Ave.PDX     329,800$  224,000$   67.9%          1027
                                    4               3511 SW Corbett PDX       385,000$  320,000$   83.1%           58
                                    4               2401 SW 11th PDX            336,600$  325,000$   96.6%          39
                                    4               8101 SW 34th Ave PDX     448,888$   400,000$  89.1%          235

Area 150           # of units        Address                                List Price    Sale Price  SP/LP Ratio DOM
                                    2             6275 SW Fisher Ave. BV     329,000$   303,000$  92.1%          112
                                    3             6955 SW King Blvd.  BV      345,000$   309,000$  89.6%           75

Area 151           # ofunits        Address                                  ListPrice     SalePrice   SP/LPRatio DOM
                                    2            12348 SW Grant Ave. TI      109,000$    90,000$   82.6%             9

Source: RMLS Data, Portland, OR 8/10/2010 DOM=Days on Market

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SW Princess Ave

NE 31st Ct

NE Copper Beech

SW 186th Pl

Call me with any questions regarding home buying or selling! Licensed in the State of Oregon.

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Market Update

Housing activity continues to remain above year-ago levels despite some setbacks resulting from the now-expired tax credit. Improved stability in home prices with similar levels of distressed properties seen last year offers a hopeful sign the market is holding its ground. However, the economy still has a considerable way to go to achieve its full recovery. 

Consumers are saving more and being picky about how they spend their money. While a higher savings rate means less spending in the near term, this is a positive sign that households are taking control of their finances to build some cushion that can be used to pay down debt and/or support future spending.

Existing home sales marked the twelfth consecutive month of year-over-year increase in June. On a monthly basis, sales activity eased 5.1% from May. The moderation in home sales reflects “understandable swings as buyers responded to the tax credits,” according to Lawrence Yun, NAR chief economist. He anticipates such impact to show up in the next two months.

June’s median home price increased for the fourth consecutive month. Distressed homes, accounting for 32% of sales last month, continued holding home prices at highly affordable levels for the time being. While distressed sales hovered around the same level as a year ago, the gain in home prices is pointing to a sustained stability in the making.

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 In July, mortgage rates set a new record low as consumer confidence softened and unemployment remained elevated. This presents a great opportunity for buyers and investors. Coupled with lowered home prices and a robust rental market, investors are finding their way to cash-flow opportunities. As recovery gains deeper roots, rates will need to rise to keep inflation in check. 

Rates as of August 6.

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On May 22, 2009, President Obama signed into law the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, marking a turning point for American consumers and ending the days of unfair rate hikes and hidden fees. While the new law offers significant safeguards, consumers still need to be vigilant against new practices designed to outflank the new rules. Stay as informed as possible, read your statement , report any irregularities immediately, and watch for these tricks.

• Shortened Billing Cycle: The CARD Act requires companies to allow a window of at least 21 days from when a statement is mailed and when payment is due. Cardholders are reporting being shortchanged on billing cycle time and then being assessed late-payment fees.
  Advice: Watch out for shortened payment dates.

• Sunday Due Dates: The CARD Act stipulates if a creditor does not receive or accept payments on weekends or holidays, then the date is extended and late-payment fees shouldn’t be triggered. However, some banks say they’re open for business even when there’s no mail delivery.
  Advice: Don’t assume you are safe.

• Low-Limit Cards: The CARD Act says a card’s total annual fees can’t exceed 25% of a borrower’s credit line. However, some issuers may be evading the fee restrictions by charging an up-front processing fee that doesn’t fall under the 25% cap.
  Advice: Watch out for processing and other fees.

• False Inactive Fees: Issuers will no longer be able to charge inactivity fees or extra charges for people who don’t spend a certain amount each year, effective August 22. However, some issuers are charging an annual fee that’s waived if cardholders reach a certain spending threshold.
  Advice: Watch out for conditional annual fees.

• Rebate Offers: Some credit cards offer refunds on finance charges when customers pay on time. However, rebate offers aren’t governed by the CARD Act, and such offers can be revoked suddenly and for any reason, leaving cardholders stuck with higher charges.
  Advice: Rebates may translate to real savings in finance charges.

Source: The Wall Street Journal

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Some economists say a housing shortage might be in the offing. A 2009 report by Massachusetts Institute of Technology economics professor William Wheaton says that despite the glut of existing homes, with current depressed levels of construction, there might be “excess demand” for newly constructed homes. We’re only adding about 600,000 new housing units a year now, and the long-term growth in new households is 1.3 million to 1.4 million per year, says Ross DeVol, executive director of economic research at the Milken Institute. The household formation rate has fallen off somewhat because of the recession. But that decline is misleading because college graduates have chosen to live at home with their parents while they find their financial footing, and people defer getting married for a year or two. But long term, that household growth says that “if we build substantially less than that amount, which we’re doing now, in four, five or six years, if we don’t ramp up housing starts, we could see a shortage,” DeVol says. One risk is that so many home builders leave the field during the current downturn that there could be “capacity constraints” in the long term as the U.S. population continues to grow, says John Vogel, professor of real estate at the Tuck School of Business at Dartmouth. If the pace of home construction doesn’t pick up, “we are going to begin to see some tightness in some areas of the country that didn’t have the boom and bust occur,” DeVol says. The regions most likely to be undersupplied by mid-2012 are those where supply and demand are now in balance, says Celia Chen, senior director of housing economics at Moody’s. Chen includes states like Washington, Oregon, New Mexico and Utah in this group. (www.smartmoney.com)
SmartMoney (7/26/10); Lisa Scherzer

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Fannie Mae actually launched a website this week that is surprisingly helpful and informative. http://www.knowyouroptions.com It is a simple question and answer type flow chart that you can use when considering the emotional and critical decision of a short sale or foreclosure.

Rates are also at an incredible low. If you are considering buying this year, now is the time to call and let me help you experience moving forward!

Call me today at 503-504-0083. We are licensed in Oregon.

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