I had an appointment this morning at a listing just after Market Action was published so only covered inventory in this morning’s post. Pending sales are up over 2008 but closed sales are down. That says that more transactions are failing in escrow. A reminder that an accepted offer does not equal a “SOLD” sticker. … Continue reading More RMLS Market Action 11/09
RMLS Market Action for May 2011 is out with mixed news. The average sales price in Portland is down from April 1.8% to $262,400. During the same period the median price increased .1% to $220,000. The average sales price has dropped 7.3% over the last year. Inventory levels continue to decline. New listings have dropped… Continue reading RMLS Market Action May 2011
This is a bit of a departure from my usual format as I normally don’t paste articles in their entirety but since this was emailed to me and all the sources are cited, here it is. Two different views of the risk to Portland real estate because of subprime issues. I searched Oregonlive.com for both… Continue reading Subprime in Oregon
I stuck my head into the office of Columbia Mortgage’s Shawn Headlee this afternoon. Mainly thinking of myself and that maybe a refinance might be worth investigating. It would be if we were not in a jumbo mortgage situation. He says that rates on jumbo mortgages (over $417,000) haven’t shifted much so no dice for… Continue reading How Low Will Interest Rates Go?
When the mortgage market collapsed fixed rate jumbo loans disappeared. Adjustable Rate Mortgages (ARMs) have been available but at very high rates. When looking at the Market Tracker graphs on PDXBuyers.com it doesn’t take long to see that the market typically financed by the jumbo loan market has been hit harder than the conforming market. … Continue reading Jumbo Loans Returning to Portland Real Estate
NPR’s This American Life program was titled “Return to the Giant Money Pool this weekend.” It is a 58 minute podcast that can be streamed for free through this week. Then it will be available in the archives. I got to listen to about a quarter of the show live yesterday and will go back… Continue reading This American Life Talks the Mortgage Meltdown
The research stems from the question, “how much should I offer a bank owned property?” The result from running some searches: In Beaverton and Tigard since 1/1/2009 bank owned single family properties priced between $200k-$400k have sold for an average of 97% of asking price (70 of them). In Portland, the same criteria yields 137… Continue reading Friday Portland Area Housing Market Facts
The chart above is from the June RMLS Market Action. It shows the historical affordability of the Portland housing market. The National Association of Home Builders publishes the NAHB/Wells Fargo Housing Opportunity Index (HOI).
The new Property Investment Profiles (PIP) and Market Tracker reports are available for September. These reports are emailed monthly. The Property Investment Profile report is property specific. We set them up to report on comparable properties. In the case of larger condo towers, we usually set them up to be building specific. This report is… Continue reading Property Investment Profile (PIP) and Market Tracker
A couple of weeks ago I took a look at whether RMLS Market Action could help us predict what the trailing Case Shiller report might look like? The answer was no, at least not as reported. It was pointed out that the methodologies are different. RMLS Market Action does not include Clark County. Case Shiller… Continue reading Case Shiller and RMLS Provide Different Views of Portland Real Estate