This Week in Real Estate: August 13, 2018

While the annual rate of home price growth is still historically high at 6.3 percent, some 2.5 percentage points above long-term norms, the annual rate of appreciation declined each month from March through May, the first three-month slowdown in almost four years according to a study released This Week in Real Estate by Black Knight. Below are a few highlights from the second week of August that influence our business:

* West Leads Single-Family Residential Permits Growth, Northeast, Midwest Decline. Over the first six months of 2018, the total number of single-family permits issued year-to-date (YTD) nationwide reached 444,600. On a year-over-year basis, this is a 6.3% increase over the June 2017 level of 418,128. The results from the SOC are similar, year-to-date single-family permits over the first six months of 2018 was, 444,700 which is 6.6% ahead of its level over the same period of 2017, 417,000. Year-to-date, across the country, single-family permits grew in all the regions except in the Northeast and Midwest where it declined by 2.3% and 0.3% respectively, compared to June 2017 YTD. Western region had the highest growth in single-family (14.2%) while South recorded the highest multifamily permits growth (13.6%) during the last 12 months. The 6.3% increase in the nationwide growth rate of year-to-date single-family permits, is largely due to the aggregate increase in single-family permits across the Western states. Out of the 13 which are classified as Western states, eight states recorded single-family permit growth exceeding the national average.
Full Story… http://eyeonhousing.org/2018/08/west-leads-single-family-residential-permits-growth-northeast-midwest-declines/

* Home Price Increases are Slowing; Affordability StabilizesThe Data and Analytics division of Black Knight, Inc. released its latest Mortgage Monitor Report on Monday, based on data as of the end of June 2018. This month, Black Knight examined the slowdown in the rate of home price appreciation seen from March through May 2018, while also gauging the impact this slowdown and slightly lower interest rates have had on home affordability. “In May – typically one of the strongest months of the year for home price growth – every state in the nation saw home prices increase,” said Ben Graboske, executive vice president of Black Knight’s Data and Analytics division. “However, the average monthly gain in value of less than one percent was the lowest for any May in the last four years. In addition, the annual rate of appreciation declined each month from March through May, the first three-month slowdown in almost four years. Thirty-two states, as well as 33 of the 50 largest metropolitan areas, have experienced slowdowns in appreciation over the same period. All that said, the annual rate of home price growth is still historically high at 6.3 percent, some 2.5 percentage points above long-term norms. For more than six years, we’ve been riding a wave of home price appreciation above the 25-year average. As rates have ticked down from 4.66 percent in late May to 4.52 percent in mid-July, the monthly principal and interest payment to purchase the average home has only increased by $4 per month – significantly less compared to the $138 per month increase we saw over the first five months of 2018. Still, the $1,213 in principal and interest per month needed to buy the average home remains near a post-recession high. While that represents a nearly $500 per month increase from the bottom of the market in 2012, it’s important to keep in mind that it’s still roughly 13 percent less than was required back in 2006.”
Full Story… https://www.blackknightinc.com/black-knights-june-2018-mortgage-monitor/

* Aging Housing Stock; Problem and Opportunity. The American Community Survey (ACS) shows that more than half of today’s owner-occupied homes were built before 1980 and 38 percent before 1970.  Sixteen percent of the current stock was built between 2000 and 2009 but the 3 million units that came on line between 2010 and 2016 added only 4 percent to the owner-occupied stock. Construction since the housing crisis has not kept pace with the homes that age out or are otherwise removed from the housing stock and this means that the overall age of the U.S. housing stock is gradually aging. Na Zhao, writing in the National Association of Home Builders’ (NAHB’s) Eye on Housing blog says data from the 2016 American Community Survey (ACS) puts the median age of owner-occupied homes at 37 years compared to a median age of 31 years in 2005. The number of owner households has been rising since the third quarter of 2016 indicating a strong demand for new construction over the long run to meet and growing population while replacing those homes that disappear from the housing stock.
Full Story… http://www.mortgagenewsdaily.com/08102018_housing_inventory.asp

Have a productive week.

Jason


Portland Metro Weekend Planner: August 10-12, 2018

 

PORTLAND METRO WEEKEND PLANNER
AUGUST 10-12, 2018

NORTHWEST FOSSIL FESTIVAL
SAT – Discover all there is to know about fossils at the Northwest Fossil Fest. Kids activities, lectures and free admission to the Rice Museum of Rocks and Minerals. This year features the evolution of horses. 

POLO NOIR
SAT – Watch and celebrate the sport of Kings while sipping world-class wine from Stoller Family Estate and popular music headliner The Head and the Heart.

ELEPHANT GARLIC FESTIVAL
FRI-SUN – Garlic flavored fun with incredible food by local vendors, drinks by locals Rogue Brew pub and eatery, as well as an amazing lineup for live music all weekend.

MINI AIR SHOW
SAT – The Airshow of the 21st century and beyond! Watch Drones, Aerobatic planes, Helicopters and Warbirds perform at the RC air show. Don’t miss this kid friendly event featuring the kids’ candy drop!  

OREGON BREWERY FUN RUN SERIES
SAT Run for beer with Laurelwood Brewing Co. Walk, jog or run 3.1 miles and indulge in beer afterwards. Live music, food vendors and free giveaways!

BIKE PEDAL
SUN – Join this scenic bike ride over 3 or 30 miles, whichever you choose with incredible views from Portland Bridges. A 7.5 mile walking path is available as well if you choose to forgo your set of wheels.

ALBERTA STREET FAIR
SATShop local from artists and craft vendors to local food and beverages.

CAR & MOTORCYCLE SHOW
SAT  Over 300 vehicles to view from cars, trucks to motorcycles and military vehicles. This is a free “Salute to Veterans” show with live music and food vendors at the Washington County Fairgrounds.

BREWVANA’S COFFEE, BEER AND DONUT TOUR
SAT – Delight in your donut obsession, find the perfect locally brewed coffee to dip them in, and finish your tour of with a beer tasting. The tour includes transportation, the tastings, a beer journal, souvenir glass and a pretzel necklace.

BOWLING FOR RHINOS
SAT – Head to KingPins and raise funds with other bowlers to help Rhinos survive through the threat of extinction. Bowlers collect pledges and each $100 collected gives you five free raffle tickets. Bowler with the most raised gets a “behind the scenes” experience at the Oregon Zoo and will be entered to win an Indonesia or African trip!

THE SHAPE OF SPEED
THROUGH SEPT 16 – The Portland Art Museum’s latest exhibit features a ride back in time looking at the evolution of automobiles and two-wheelers from 1930. This summer will host 19 rare US and European vehicles and motorcycles.

COLUMBIA RIVER GORGE TOUR
THROUGH NOV 1 – View waterfalls and the fruit loop at Mt. Hood with this full day tour that drives along the route and makes several fascinating stops along the way.

URBAN SCAVENGER HUNT
ALL MONTH – Smart Phone clues lead you on a fun & engaging walking tour of the city. Start in the heart of downtown at Pioneer Courthouse Square and go on a journey through the Arts District, on a streetcar ride and through the famous food carts.

BEAVERTON NIGHT MARKET
ALL MONTH – Join the family friendly event with ethnic food and crafts as well as performers celebrating from around the world.

VANCOUVER METRO EVENTS

COMMON GROUND HISTORY
FRI-SAT – Walk & talk history tours discuss military history, the evolution of technology, a live opera and more!

CLARK COUNTY FAIR
THROUGH AUG 12 – Come to Ridgefield for the best in weekend entertainment with free grandstand entertainment, concerts and family fun! You can enter eating contests and gorge yourself on foods such as watermelon, cheeseburgers, hot-dogs, pies and more! 

VANCOUVER BREWFEST
FRI – Craft brew enthusiasts can sample over 60 brews available from Northwest breweries. Enjoy live music and explore art and craft vendors.

SPIRIT TALES OF THE VANCOUVER BARRACKS
THROUGH OCT 27 – Service members, their families, and many others, walked its grounds, leaving behind many memories. Memories of loneliness, fear and tragedy, all part of the darker aspects of military life. Whether you believe in ghosts or not, you will be interested in these stories of the Vancouver Barracks’ past residents.

VANCOUVER FARMERS MARKET
THROUGH OCT 28 – Home to over 250 vendors with fresh and local produce, flowers, plants, baked goods, delicious food, pet treats, and accessories for yourself, home, or garden.

WILD THINGS: THE POWER OF NATURE IN OUR LIVES
THROUGH SEPT 2019 – The Museum of Vancouver and Nature Vancouver present the exhibition Wild Things: The Power of Nature in Our Lives. Dives into life stories of local plants and animals and how they relate to each other and how they connect people to nature in the city.

MOVIES OPENING THIS WEEKEND

  • The Meg
  • Dog Days
  • Slender Man
  • Buybust
  • The Island
  • Madeline’s Madeline
  • Skate Kitchen
  • Cuban Food Stories
  • Elizabeth Harvest
  • Hope Springs Eternal
  • Royal Shakespeare
Click here for movie times and theaters.

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT

www.events12.com/portland

www.bhhsnw.com


No air conditioning? Beat the heat indoors with these 8 tips.

 

Not everybody in the Pacific Northwest has air conditioning, but there are ways to keep your home cool during the hottest days of summer. 

1) Utilize window treatments. Blinds and heavy blackout curtains keep the summer heat out while your fans work hard to keep you cool.

2) Close off unused rooms. Closing the doors will keep any cool air from entering, keeping it in the spaces you use the most.

3) Hack an A/C unit. Put a bowl of ice or an ice pack behind a fan to imitate a cool sea breeze.

4) Switch the bed up. Change your sheets to cotton and try a new buckwheat pillow. Buckwheat pillows don’t retain your body heat, keeping you cooler.

5) Go backwards. Set your ceiling fans rotating counter clockwise for optimum airflow.

6) Control your body temperature. Cave men survived without air conditioning, and you can too! Just remember, it doesn’t matter what the room temperature is, focus on controlling your body temperature. Consume cool drinks and apply a cool cloth at the back of your neck and on your wrists.

7) Outsmart your windows. Generate a cooling pressure current by opening the upper section of windows on the side of your home that falls downwind and simultaneously have the lower section of windows open on the side of your home that is upwind. You can increase the flow by placing a fan on the window pulling in air and a fan (backwards) on the downwind window pushing hot air out of the home. Hack an even cooler breeze by wetting a bedsheet and hanging it in front of the window bringing in a breeze.

8) Invest in window films. They work like blinds and reject up to 70% of the sun’s solar energy while also reducing glare.

Article courtesy ot Huffington Post.


This Week in Real Estate: August 6, 2018

The volume of newly constructed homes is a key indicator of the real estate market. According to the Bureau of Labor Statistics This Week in Real Estate, the employment rate for construction workers is the strongest it has been since 2001. Below are a few highlights from the first week of August that influence our business:

* Consumer Confidence Rises Above Expectations in July. Consumer confidence gained more than expected in July, but consumers remained concerned about future economic growth. The Confidence Board’s index increased to 127.4 in July, beating an estimated 126.5 by Reuters economists. Consumers reported better feelings toward the current economic situation; however, they were not optimistic about long-term growth. “Consumers’ assessment of present-day conditions improved, suggesting that economic growth is still strong,” said Lynn Franco, director of economic indicators at The Conference Board. Steve Odland, president and CEO of The Conference Board, said the report is positive and while consumers don’t expect major changes in either direction for the index, they do expect continued growth.
Full Story… https://www.cnbc.com/2018/07/31/consumer-confidence-july.html?__source=realestate%7Cnews%7C&par=realestate

* Only One Generation of Americans Has Fully Recovered From the Housing CrashThe generation that likely had the most to lose during the crash in the housing market appears to have gained the most household wealth since 2007. During the economic downturn a decade ago, Generation X homeowners – born between 1965 and 1980 – experienced the largest decline in home equity, according to a new report by the Pew Research Center, a Washington, D.C.-based think tank. Home equity for that generation of homeowners fell 43% from $66,000 in 2007 to $37,600 in 2010. The median value of the financial assets owned by Generation X households fell 20% from 2007 to 2010. Since 2010, the median net worth of Generation X households has risen 115% and, since 2016, the net worth of a typical Gen X household had surpassed what it was in 2007 ($84,200 versus $63,400). “As of 2016, the median wealth of households headed by Boomers and the Silent Generation remains below 2007 levels, though their household wealth still exceeds that of Generation X,” wrote Richard Fry, a senior researcher at Pew.
Full Story… https://www.marketwatch.com/story/only-one-generation-of-americans-has-fully-recovered-from-the-housing-crash-2018-07-23?dist=realestate

* The Unemployment Rate Drops in July. According to the Employment Situation reported by the Bureau of Labor Statistics (BLS), in July, jobs increased by 170,000 and the unemployment rate edged down to 3.9%. The labor force participation rate remained unchanged at 62.9%. The release also indicates that the number of construction jobs rose by 19,000 in July, after the 13,000 increase in June. Job gains have averaged 214,000 a month this year, faster than the first seven months’ averages of 184,000 in 2017 and 181,000 in 2016. Residential construction employment was 2.82 million in July, broken down as 797,000 builders and 2 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction is 9,450 a month. Over the last 12 months, home builders and remodelers have added 139,300 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 841,500 positions. In July, the unemployment rate for construction workers dropped to 4.4% on a seasonally adjusted basis, from the 5.6% in June. The unemployment rate for construction workers dropped to the lowest rate since 2001, as show in the figure above.
Full Story… http://eyeonhousing.org/2018/08/the-unemployment-rate-drops-in-july/

Have a productive week.

Jason

 


Portland Metro Weekend Planner: August 3-5, 2018

 

PORTLAND METRO WEEKEND PLANNER
AUGUST 3-5,
2018

STEAM ENGINE FESTIVAL
SAT-SUN Steam-Up in Brooks! Vintage tractors, automobiles and trucks show off in a parade. Trolley and train rides will be available, so bring the kids! Watch demonstrations from blacksmiths, sawmills and machinery. Take a stroll and browse the flea market.

CANINIES UNCORKED
SAT – Join this 8th annual event benefiting the Oregon Humane Society! Bring your pooch and get a license to taste passport for any of the 15 participating Willamette Valley Wineries. Each participating winery has a special event catered to your pooch from agility courses, to doggy massage and an animal communicator.

CRAWFISH FESTIVAL
FRI-SUN – Food and drink vendors, live music and of course the Crawfish eating contest! Saturday kicks off with the Crawfish Crawl, part of the Hood to Coast Race Series.

MOVIES ON A ROOFTOP
EVERY THUR – Listen to local bands while you enjoy cocktails, beer, BBQ, and more! Movies play at dusk, bring a chair and enjoy under the stars. 

OREGON CITY RUN AND BREWFEST
FRI-SAT – The ultimate Oregon trail challenge has you facing rough decisions, just like the Oregon trail Game. The Brewfest features beverages from other states, offered along the trail.

SUPERHERO AUTISM ACTIVITY DAY
SAT – Celebrate Autism with Centria Autism Services! Take pictures with your favorite superheroes, run through obstacle courses, and more! Register to secure a spot.

FREMONT FEST
SAT – Cheer on the Parade of pets and kids on bikes along with live music, vendors and a kids zone.

MINERALS FESTIVAL
SAT-SUN Rice Northwest Museum Summer Festival, hunt for gold, play games, jewelry and fossil vendors, live music and food vendors in Hillsboro.

LENTS STREET FAIR
SUN – When was the last time you watched a chicken beauty pageant? This is a family fun, free summer celebration of the community in combination with the Lents International Farmers Market. Don’t miss live music, a beverage garden, the famous Belmont goats and more!

PORTLAND HOT SAUCE EXPO
SAT-SUN – Add a little spice to your weekend with hot foods, eating contests and cool it down with craft beer. Stick around for the Chihuahua beauty contest Sunday afternoon.

MOVIES IN THE PARK
THROUGH SEPT – Watch local artists perform, free popcorn available and movies play at dusk.

THE SHAPE OF SPEED
THROUGH SEPT 16 – The Portland Art Museum’s latest exhibit features a ride back in time looking at the evolution of automobiles and two-wheelers from 1930. This summer will host 19 rare US and European vehicles and motorcycles.

80’S VIDEO DANCE ATTACK
EVERY FRI & SAT – Dig out your neon mesh shirts, crimping iron and striped legwarmers to travel back to the 1980s! Classic music videos projected on giant screens complimented with a thumping sound system and light show, this dance extravaganza is sure to get the blood pumping!

COLUMBIA RIVER GORGE TOUR
THROUGH NOV 1 – View waterfalls and the fruit loop at Mt. Hood with this full day tour that drives along the route and makes several fascinating stops along the way.

URBAN SCAVENGER HUNT
ALL MONTH – Smart Phone clues lead you on a fun & engaging walking tour of the city. Start in the heart of downtown at Pioneer Courthouse Square and go on a journey through the Arts District, on a streetcar ride and through the famous food carts.

SHANROCK’S TRIVIOLOGY
ALL MONTH – Various Portland Locations: Triviology pub quizzes are free to play, last a couple of hours, and are composed of seven short rounds, giving teams instant gratification for their efforts. Team size can range from one – five players, with prizes for everyone on the winning team.

VANCOUVER METRO EVENTS

COLD COFFEE FESTIVAL
SAT – Sample the best cold brews and even vote for your favorite! Featuring 30 types of cold brew.

CLARK COUNTY FAIR
THROUGH AUG 12 – Come to Ridgefield for the best in weekend entertainment with free grandstand entertainment, concerts and family fun! You can enter eating contests and gorge yourself on foods such as watermelon, cheeseburgers, hot dogs, pies and more!

URBAN ABUNDANCE HARVEST PARTY
SAT – Help harvest a local apple orchard, most of the fruit will be donated to the food bank for those in need. Volunteers are encouraged to take what they will eat and share! Harvest parties are always family friendly. Contact to receive location details.

INTRO TO CARPENTRY CLASS
SUN – Looking to hone in on your carpentry skills? Check out the ReBuilding Center for ongoing weekend classes.

SPIRIT TALES OF THE VANCOUVER BARRACKS
THROUGH OCT 27 – Service members, their families, and many others, walked its grounds, leaving behind many memories. Memories of loneliness, fear and tragedy, all part of the darker aspects of military life. Whether you believe in ghosts or not, you will be interested in these stories of the Vancouver Barracks’ past residents.

WILD THINGS: THE POWER OF NATURE IN OUR LIVES
THROUGH SEPT 2019 – The Museum of Vancouver and Nature Vancouver present the exhibition Wild Things: The Power of Nature in Our Lives. Dives into life stories of local plants and animals and how they relate to each other and how they connect people to nature in the city.

VANCOUVER FARMERS MARKET
THROUGH OCT 28 – Home to over 250 vendors with fresh and local produce, flowers, plants, baked goods, delicious food, pet treats, and accessories for yourself, home, or garden.

MOVIES OPENING THIS WEEKEND

  • Christopher Robin
  • The Darkest Minds
  • Death Of A Nation
  • The Spy Who Dumped Me
  • 40 Years in the Making: The Magic
  • The Miseducation of Cameron Post
  • Never Goin’ Back

Click here for movie times and theaters.

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT

www.events12.com/portland

www.bhhsnw.com


This Week in Real Estate: July 30, 2018

While the Census Bureau believes the national homeownership rate seems to be on a sustainable upward trend, homeowners who sold in Q2 2018 sold their home for the highest average price gain since Q3 2007. According to ATTOM Data Solutions’ Q2 2018 Home Sales Report released This Week in Real Estate, sellers in Seattle and Portland ranked third and fifth, respectively, with the highest average percentage gain. Below are a few highlights from the last full week of July that influence our business:

* Strong Owner Household Formations in the Second Quarter. According to the Census Bureau’s Housing Vacancy Survey (HVS), the U.S. homeownership rate was 64.3% in the second quarter 2018. After dropping to a cycle low of 62.9% in the second quarter 2016, the national homeownership rate seems to be on a sustainable upward trend. Compared to the peak of 69.2% in 2004, the homeownership rate is lower by five percentage points. The count of total households, however, increased to 121 million in the second quarter 2018 from 119 million at the same period in 2017. The gains were predominantly driven by owner households, while renter households only increased 146,000. The homeownership rates among all age groups under 54 increased over the last year. Household ages 45-54 registered the largest gains among all households, a 1.3 percentage points increase from a year ago. The homeownership rates of millennials, mostly first-time homebuyers, continued the upward growing trend, from 35.3% to 36.5%. It suggests that millennials are gradually returning to the for-sale housing market. However, current homeownership rates for adults ages under 35 are still 5.4 percentage points lower than before the Great Recession. Households ages 35-44 experienced a 1.2 percentage points increase on an annual basis. The number of homeowner households has been rising since the third quarter 2016, while the number of renter households has been on the downward trend. In the second quarter 2018, the number of homeowners increased by 2.2 million, while the number of renter households rose by 146,000.
Full Story… http://eyeonhousing.org/2018/07/strong-owner-household-formations-in-the-second-quarter/

* U.S. Median Home Price Appreciation Decelerates in Q2 2018 to Slowest Pace in Two YearsATTOM Data Solutions released its Q2 2018 U.S. Home Sales Report on Thursday, which shows that U.S. single family homes and condos sold for a median price of $255,000 in the second quarter, up 6.3 percent from a year ago to a new all-time high but the slowest annual appreciation since Q2 2016. “Annual home price appreciation nationwide has now slowed for five consecutive quarters following a post-election spike to double-digit appreciation in the first quarter of 2017,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Although home sellers are still in the driver’s seat of this housing market, moderating home price appreciation is good news for prospective homebuyers and signals that rising mortgage rates and other housing headwinds are cooling red-hot home price appreciation in some areas.” Annual home price appreciation in Q2 2018 decelerated from the previous quarter in 80 of the 122 metros (66 percent) analyzed for median home prices, including Los Angeles, Chicago, Dallas-Fort Worth, Houston and Philadelphia. Counter to the national trend, annual home price appreciation accelerated from the previous quarter in 42 of the 122 metros analyzed (34 percent), including New York, Washington, D.C., Boston, San Francisco and Detroit. Among 122 metropolitan statistical areas analyzed in the report, those with the biggest year-over-year increase in median prices were San Jose, California (up 25.0 percent); Flint, Michigan (up 23.7 percent); Seattle, Washington (up 14.3 percent); Boise, Idaho (up 14.3 percent); and San Francisco, California (up 14.2 percent). Homeowners who sold in Q2 2018 sold for an average of $58,000 more than their original purchase price, the highest average home seller price gain since Q3 2007. Among 147 metropolitan statistical areas analyzed for average home seller gains, those with the highest average percentage gain were San Jose, California (116.6 percent); San Francisco, California (85.0 percent); Seattle, Washington (76.5 percent); Boston, Massachusetts (64.3 percent); and Portland, Oregon (62.1 percent).
Full Story… https://www.attomdata.com/news/market-trends/home-sales-prices/q2-2018-u-s-home-sales-report/

* Foreign Buyers Lessen Their Investments in U.S. Real Estate. Ongoing housing shortages and rising home prices are prompting international buyers to pause in their recent home buying sprees in the United States. International sales in the U.S. totaled $121 billion from April 2017 to March 2018, a 20 percent decline from a year ago, the National Association of REALTORS® reports. Foreign buyers and recent immigrants accounted for 8 percent of existing home sales, a decrease from 10 percent during the 12-month period that ended March 2017, according to NAR’s 2018 Profile of International Transactions in U.S. Residential Real Estate.  “After a surge in 2017, we saw a decrease in foreign activity in the housing market in the latest year, bringing us closer to the levels seen in 2016,” says Lawrence Yun, NAR’s chief economist. “Inventory shortages continue to drive up prices, and sustained job creation and historically low interest rates mean that foreign buyers are now competing with domestic residents for the same, limited supply of homes.” Foreign buyers usually purchase properties that are pricier than the average existing home. The median price for a foreign buyer was $292,400 compared to a median price of $249,300 for all existing homes. Chinese buyers tend to purchase the most expensive properties in the U.S. at a median price of $439,100. Five countries comprised nearly half—49 percent—of the dollar volume of purchases by foreign buyers: China, Canada, India, Mexico, and the United Kingdom. China—for the sixth consecutive year—continued to have the largest dollar volume of purchases. Still, Chinese buyers’ involvement in the market decreased; they purchased an estimated $30.4 billion in residential property in the U.S., a drop of 4 percent from last year.
Full Story… https://magazine.realtor/daily-news/2018/07/26/foreign-buyers-lessen-their-investments-in-us-real-estate

Have a productive week.

Jason

 


Portland Metro Weekend Planner: July 27-29, 2018

PORTLAND METRO WEEKEND PLANNER
JULY 27-29
, 2018

CINDERELLA OPERA
FRI-SUN –  Classic Cinderella Story with a twist, sung in Italian with Projected English Text.

PHANTOM OF THE OPERA
FRI-SUN – View this Broadway experience, this production is bigger and better than ever before.

WASHINGTON COUNTY FAIR
THROUGH SUN – Enjoy live music from bands like ZZ Top, racing pigs, food vendors, carnival rides and more!

MOVIES ON A ROOFTOP
EVERY THURSDAY – Listen to local bands while you enjoy cocktails, beer, BBQ, and more! Movies play at dusk, bring a chair and enjoy under the stars. 

RAGGAE MUSIC FESTIVAL
FRI-SAT – Northwest World Reggae Festival, bring the family and enjoy a weekend of music, food and fun!

MERMAID PARADE
SAT – View this parade, swim with mermaids at Poets beach and enjoy a 21+ masquerade ball in the evening. Celebrates the community’s connection to our rivers and the history in our Ports.

CRAFT MARKET
SAT – Browse indie crafts, food vendors, live music and more during the 5th annual Craft Market. Shop emerging and established handmade goods while browsing workshops and food vendors.

STEAM ENGINE FESTIVAL
THROUGH AUG 5 Parades of vintage autos, train and trolley rides available, demonstrations and a flea market.

OREGON BREWERS FESTIVAL
THROUGH SUN One of the nation’s longest running craft beer festivals, known as Beervana. Over 80 independent craft beers are available to sample and enjoy.

MONTAVILLA STREET FAIR
SUN Neighborhood event with over 120 vendors, 3 live music stages and a children’s fun area!

OREGON ZOO SUMMER CONCERTS
THROUGH SEPTEMBER 12 – Enjoy world class performers and a night of music and nature at the Oregon Zoo.

THE SHAPE OF SPEED
THROUGH SEPTEMBER 16 – The Portland Art Museum’s latest exhibit features a ride back in time looking at the evolution of automobiles and two-wheelers from 1930. This summer will host 19 rare US and European vehicles and motorcycles.

FORCES OF NATURE: HISTORIC PORTLAND FLOODS, FIRES, ICE & SNOW
THROUGH JULY 8 – Portland is known for its mild climate and beautiful natural surroundings, but the city has felt nature’s fury during its 170-year history. From a downtown submerged in water, to a waterfront in flames, to a city immobilized by ice and snow, explore how Portland residents have survived and recovered from natural disasters.

80’S VIDEO DANCE ATTACK
EVERY FRIDAY & SATURDAY – Dig out your neon mesh shirts, crimping iron and striped legwarmers to travel back to the 1980s! Classic music videos projected on giant screens complimented with a thumping sound system and light show, this dance extravaganza is sure to get the blood pumping!

COLUMBIA RIVER GORGE TOUR
THROUGH NOVEMBER 1 – View waterfalls and the fruit loop at Mt. Hood with this full day tour that drives along the route and makes several fascinating stops along the way.

URBAN SCAVENGER HUNT
ALL MONTH – Smart Phone clues lead you on a fun & engaging walking tour of the city. Start in the heart of downtown at Pioneer Courthouse Square and go on a journey through the Arts District, on a streetcar ride and through the famous food carts.

SHANROCK’S TRIVIOLOGY
ALL MONTH – Various Portland Locations: Triviology pub quizzes are free to play, last a couple of hours, and are composed of seven short rounds, giving teams instant gratification for their efforts. Team size can range from one – five players, with prizes for everyone on the winning team.

GEEKS WHO DRINK’S PUB QUIZ
ALL MONTH – Anyone can grab a deck of Trivial Pursuit cards and run a “trivia night.” Interactive and beer-soaked pub quiz events all over Portland.

VANCOUVER METRO EVENTS

HAWAIIAN FESTIVAL
THUR-SAT – Dancing, workshops, hula dancing and free admission day Saturday. Bring the family for hula and craft workshops, canoeing, Wa’a traditions and lei making techniques.

HEISEN HOUSE LAVENDER FESTIVAL
SAT – The Historic Heisen House celebrates the 9th annual lavender festival with family friendly activities. Have fun with arts and crafts, local shopping and wine tasting for adults.

VANCOUVER CARIBBEAN DAYS FESTIVAL
SAT-SUN – Celebrate Caribbean music, food and culture. Main activities include a street parade, food fair, live music and more!

SPIRIT TALES OF THE VANCOUVER BARRACKS
THROUGH OCT 27 – Service members, their families, and many others, walked its grounds, leaving behind many memories. Memories of loneliness, fear and tragedy, all part of the darker aspects of military life. Whether you believe in ghosts or not, you will be interested in these stories of the Vancouver Barracks’ past residents.

RICHMOND MARITIME FESTIVAL
SAT-SUN – Celebrate on the water with the free maritime festival at Britannia Shipyard in Stevenson Village and view several historic boats on display, dating back to 1903.

WILD THINGS: THE POWER OF NATURE IN OUR LIVES
THROUGH SEPT 2019 – The Museum of Vancouver and Nature Vancouver present the exhibition Wild Things: The Power of Nature in Our Lives. Dives into life stories of local plants and animals and how they relate to each other and how they connect people to nature in the city.

VANCOUVER FARMERS MARKET
THROUGH OCT 28 – Home to over 250 vendors with fresh and local produce, flowers, plants, baked goods, delicious food, pet treats, and accessories for yourself, home, or garden.

MOVIES OPENING THIS WEEKEND

  • Mission Impossible: Fallout
  • Teen Titans Go! To the Movies
  • Blindspotting
  • Detective Dee: The Four Heavenly Kings
  • Hot Summer Nights
  • Puzzle
  • Scotty and the Secret History of Hollywood
  • The Captain
Click here for movie times and theaters.
CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT

www.events12.com/portland


This Week in Real Estate: July 23, 2018

Through the first five months of 2018 the number of single-family residential permits issued realized an 8% year-over-year increase. The nationwide increase is due in large part to the increases in the Southern and Western states, 17.9% and 17.0%. According to a report by data and analytics provider Black Knight Inc. Below are a few highlights This Week in Real Estate from the third week of July that influence our business:

* Western States Lead Single-Family Residential Permits Growth. Over the first five months of 2018, the total number of single-family permits issued year-to-date (YTD) nationwide reached 363,327. On a year-over-year basis, this is an 8.0% increase over the May 2017 level of 336,410. The results from the SOC are similar, year-to-date single-family permits over the first five months of 2018 was, 363,700 which is 8.6% ahead of its level over the same period of 2017, 335,000. Year-to-date, across the country, single-family permits grew in all the regions except in the Northeast where it declined by 1.0% compared to May 2017 YTD. Western region had the highest growth in single-family while South recorded the highest multifamily permits growth during the last 12 months. The 8.0% increase in the nationwide growth rate of year-to-date single-family permits, is largely due to the aggregate increase in single-family permits across the Western states. Out of the 13 which are classified as Western states, nine states recorded single-family permit growth exceeding the national average. A total of 20 states recorded growth rates higher than the national average. Nine of these came from the Western region of the county, seven from the South, and three from the Midwest. Year-to-date, ending in May 2018, the total number of multifamily permits issued nationwide reached 187,605. This is 13.3% ahead of its level over the first five month of 2017, 165,645. The increase in nationwide growth rate is due to the increases across Southern and Western states which posted growth rates of 17.9% and 17.0% respectively.
Full Story…http://eyeonhousing.org/2018/07/western-states-lead-single-family-residential-permits-growth-northeast-lags/

* Builder Confidence Stays at Healthy Level in July. Builder confidence in the market for newly-built single-family homes remained unchanged at a solid 68 reading in July on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Builders are optimistic about housing market conditions, basing their confidence on continued solid demand for single-family homes. However, persistent increases in construction costs make it increasingly challenging to produce homes at competitive price points, especially for the entry-level market where inventory is most needed. The HMI index measuring current sales conditions remained unchanged at 74. Meanwhile, the component gauging expectations in the next six months dropped two points to 73 and the metric charting buyer traffic rose two points to 52. Looking at the three-month moving averages for regional HMI scores, the Northeast rose one point to 57 while the Midwest remained unchanged at 65. The West and South each fell one point to 75 and 70, respectively.
Full Story…http://eyeonhousing.org/2018/07/builder-confidence-stays-at-healthy-level-in-july/

* Most Areas See Growth in Single-Family Starts. NAHB analysis of the Survey of Construction (SOC) shows that, nationally, there were 847,830 new single-family units started in 2017, 9% higher than the units started in 2016. Among all of the nine Census divisions, new single-family units started in the South Atlantic, West South Central and Mountain Divisions exceeded 100k in 2017. These three divisions represent 21 states, approximately 41% of the 50 states and Washington, D.C., but the number of new single-family housing starts in these three divisions accounted for about 60% of the total new single-family housing starts in 2017. In addition, there were 95,689 new single-family units started in the Pacific Division and 77,053 units started in the East North Central Division in 2017. The Pacific Division accounted for 11% of the total new single-family housing starts, while the East North Central Division accounted for 9%. The other four divisions, including East South Central, West North Central, Middle Atlantic and New England, accounted for the remaining 20% of the total new single-family housing starts. In addition, there were 95,689 new single-family units started in the Pacific Division and 77,053 units started in the East North Central Division in 2017. The Pacific Division accounted for 11% of the total new single-family housing starts, while the East North Central Division accounted for 9%. The other four divisions, including East South Central, West North Central, Middle Atlantic and New England, accounted for the remaining 20% of the total new single-family housing starts. According to NAHB analysis of the SOC data, national new single-family housing starts reached 63% of the pre-recession normal (the average of housing starts between 2000 and 2003) in 2017.
Full Story…http://eyeonhousing.org/2018/07/most-areas-see-growth-in-single-family-starts/

Have a productive week.

Jason

 


Portland Metro Weekend Planner: July 20-22, 2018

 

PORTLAND METRO WEEKEND PLANNER
JULY 20-22, 2018

ROBIN HOOD FESTIVAL

FRI-SAT –  Spend a day in Sherwood Forest with a parade, 62nd annual Archery Tournament between Oregon and Nottingham England. Don’t miss the knighting ceremony and music by the Sherwood Renaissance Singers.

DOG SHOW

FRI-SUN – Portland Kennel Club dog show featuring specialty breeds at the Expo Center!

TEA FEST PDX

FRI-SUN Cheers to tea tastings, vendor booths, classes, Japanese tea ceremony and all things British tea Traditions.

VEGAN FESTIVAL

SAT – All things vegan featuring beer and food from all over the U.S. DJ’s and vegan friendly clothing, skincare, etc.

BEAVERTON NIGHT MARKET

SAT – Bring the family and enjoy an evening with activities, diverse foods and interaction with community members.

COUNTRY MUSIC FEST

FRI-SAT – Listen to up-and-coming artists in the country music scene at Wild Hare Countryfest. Camping available to make it a weekend in Canby.

PORTLAND’S 2018 HIGHLAND GAMES

SAT – Delight in the 60+ year tradition with Scottish games, bag pipers, drummers, dancers and athletes. Explore Scottish clan tents, you may be surprised to find out you are Scottish!

OREGON CROQUET CLASSIC

SAT – Wine and dine at the Stoller estate while learning how to play the game of croquet from local experts.  

WAYWARD WINDS LAVENDAR U-PICK

THROUGH JULY 31 – Enjoy the sights and aromas from one of Oregon’s oldest lavender farms and oil distilling demonstrations with their award-winning essential oils.  

OREGON FRUIT LOOP

THROUGH AUGUST – The Hood River Fruit Loop celebrates 25 years of business and sustainable agricultural diversity. The Fruit Loop is a collection of farms, orchards, vineyards, wineries and local agricultural businesses in a proximity. To celebrate the anniversary, visit 10 farms this year and get stamped for a free canvas market bag!

PORTLAND AXE THROWING

FRI – Head to the Civic Taproom to dabble in these two great parings: Oregon craft beer and hurling heavy sharp objects. Sunriver Brewing will be on tap to help you bring the mountain man/maiden out while Portland Axe Throwing specialists will be available to help you develop your swing.

OREGON ZOO SUMMER CONCERTS

THROUGH SEPTEMBER 12 – Enjoy world class performers and a night of music and nature at the Oregon Zoo.

THE SHAPE OF SPEED

THROUGH SEPTEMBER 16 – The Portland Art Museum’s latest exhibit features a ride back in time looking at the evolution of automobiles and two-wheelers from 1930. This summer will host 19 rare US and European vehicles and motorcycles.

FORCES OF NATURE: HISTORIC PORTLAND FLOODS, FIRES, ICE & SNOW

THROUGH JULY 8 – Portland is known for its mild climate and beautiful natural surroundings, but the city has felt nature’s fury during its 170-year history. From a downtown submerged in water, to a waterfront in flames, to a city immobilized by ice and snow, explore how Portland residents have survived and recovered from natural disasters.

80’S VIDEO DANCE ATTACK

EVERY FRIDAY & SATURDAY – Dig out your neon mesh shirts, crimping iron and striped legwarmers to travel back to the 1980s! Classic music videos projected on giant screens complimented with a thumping sound system and light show, this dance extravaganza is sure to get the blood pumping!

COLUMBIA RIVER GORGE TOUR

THROUGH NOVEMBER 1 – View waterfalls and the fruit loop at Mt. Hood with this full day tour that drives along the route and makes several fascinating stops along the way.

URBAN SCAVENGER HUNT

ALL MONTH – Smart Phone clues lead you on a fun & engaging walking tour of the city. Start in the heart of downtown at Pioneer Courthouse Square and go on a journey through the Arts District, on a streetcar ride and through the famous food carts.

SHANROCK’S TRIVIOLOGY

ALL MONTH – Various Portland Locations: Triviology pub quizzes are free to play, last a couple of hours, and are composed of seven short rounds, giving teams instant gratification for their efforts. Team size can range from one – five players, with prizes for everyone on the winning team.

GEEKS WHO DRINK’S PUB QUIZ

ALL MONTH – Anyone can grab a deck of Trivial Pursuit cards and run a “trivia night.” Interactive and beer-soaked pub quiz events all over Portland.

VANCOUVER METRO EVENTS

DINNER AT THE VINEYARD

SAT – Stavalaura Vineyards and Winery is inviting you to join them for a four-course meal among their beautiful vines, The food is locally sourced and music by Dawna Stafford.

OPEN AIR MARKET

SAT – The Rusty Grape Vineyard will feature an open air market with local crafters, artisans and more. If you love sangria, BBQ, and wood-fired pizza-you’re in for a treat!

PAINT YOUR PET

EVERY SUNDAY IN JULY – Email your photo in and the Vancouver Art Space will transfer it onto a canvas, ready for you to paint. 10% of the proceeds will be donated to the Humane Society of Southwest Washington.

SPIRIT TALES OF THE VANCOUVER BARRACKS

THROUGH OCT 27 – Service members, their families, and many others, walked its grounds, leaving behind many memories. Memories of loneliness, fear and tragedy, all part of the darker aspects of military life. Whether you believe in ghosts or not, you will be interested in these stories of the Vancouver Barracks’ past residents.

WILD THINGS: THE POWER OF NATURE IN OUR LIVES

THROUGH SEPT 2019 – The Museum of Vancouver and Nature Vancouver present the exhibition Wild Things: The Power of Nature in Our Lives. Dives into life stories of local plants and animals and how they relate to each other and how they connect people to nature in the city.

VANCOUVER FARMERS MARKET

THROUGH OCT 28 – Home to over 250 vendors with fresh and local produce, flowers, plants, baked goods, delicious food, pet treats, and accessories for yourself, home, or garden.

WINE AND PAINT

SAT – Discover the painter in you while conversing with friends, enjoying a glass of wine and painting a summer theme. Instruction, materials, beverages and snacks included!

MOVIES OPENING THIS WEEKEND

  • Mama Mia: Here We Go Again
  • McQueen
  • Occupation
  • Pin Cushion
  • The Equalizer 2
  • Far From The Tree
  • Heels
  • Broken Star
Click here for movie times and theaters.
CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT

www.events12.com/portland

 


This Week in Real Estate: July 16, 2018

According to a report by data and analytics provider Black Knight Inc. This Week in Real Estate, tappable equity now totals $5.8 trillion nationwide, the highest volume ever recorded. Tappable equity is the share of equity that a borrower can borrow before reaching a maximum combined loan-to-value ratio of 80 percent. Below are a few highlights from the second week of July that influence our business:

* Tappable Equity Skyrockets, But HELOC Loans Decline. The tappable equity held by homeowners increased by $820 billion dollars over the 12 months that ended in March, $380 billion in the first quarter of 2018 alone. Those numbers equate to 16.5 percent growth year-over-year, and 7 percent for the quarter. Equity growth is generally highest in the first and second quarters of the year, but the first quarter growth this year was up 30 percent from the same quarter in 2017. It was the highest single-quarter increase recorded by Black Knight since it began keeping records in 2005. Tappable equity is the share of equity that a homeowner can borrow before reaching a maximum combined loan-to-value (CLTV) ratio of 80 percent.  That equity now totals $5.8 trillion nationwide, the highest volume ever recorded and 16 percent higher than at the mid-2006 peak. The majority – nearly 80 percent – of the tappable equity nationwide is held by borrowers with mortgage rates under the current prevailing rates of around 4.5 percent and 60 percent have rates under 4 percent. The average mortgage holder gained $14,700 in tappable equity over the past year and has $113,900 in total available equity to borrow against.
Full Story… http://www.mortgagenewsdaily.com/07112018_black_knight_mortgage_monitor.asp

* 362,275 U.S. Properties with Foreclosure Filings in First Six Months of 2018, Down 15% From a Year AgoAttom Data Solutions released Thursday its Midyear 2018 U.S. Foreclosure Market Report, which shows a total of 362,275 U.S. properties with foreclosure filings – default notices, scheduled auctions or bank repossessions – in the first six months of 2018, down 15 percent from the same period a year ago and down 78 percent from a peak of 1,654,634 in the first six months of 2010. Counter to the national trend, 26 of the 219 metropolitan statistical areas analyzed in the report (12 percent) posted a year-over-year increase in foreclosure activity in the first six months of 2018. A total of 188,843 U.S. properties had a foreclosure filing in Q2 2018, down 1 percent from the previous quarter and down 14 percent from a year ago. The second quarter of 2018 was the seventh consecutive quarter in which U.S. foreclosure activity was below the pre-recession average of 278,912 properties with foreclosure filings per quarter in 2006 and 2007.
Full Story… https://www.attomdata.com/news/market-trends/foreclosures/midyear-2018-u-s-foreclosure-market-report/

* Time Needed to Build a Single-Family Home in 2017. The 2017 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 7.5 months, which usually includes almost a month from authorization to start and another 6.5 months to finish the construction. The average completion time in 2017 was the same as it was in 2016, but it was longer than the time needed in 2015 (7 months). The time from authorization to completion varies across the nation and depends on the geographic location, metropolitan status, and whether the house is built for sale or custom-built. According to the 2017 SOC, it takes anywhere from less than a month to 77 months to build a single-family home from obtaining a permit to completion. Among all the single-family houses completed in 2017, houses built for sale took the shortest time, 6.9 months from obtaining building permits to completion, while houses built by owners required the longest time, 12.3 months. Homes built by hired contractors normally needed around 9 months. A large proportion of single-family homes built for sale and custom homes built by contractors on owners’ land began construction within the same month after obtaining building authorizations. However, custom homes built by owners serving as general contractors had a one-month lag between obtaining permits and construction start in 2017. The average time from authorization to completion also varies across divisions. The division with the longest time was New England (10.4 months), followed by the Middle Atlantic (10.3 months), East South Central (9.4 months), East North Central (8.2 months) and Pacific (8.5 months) in 2017. The average waiting period from permit to construction start varies from the shortest time of 17 days in the Mountain division to the longest one of 39 days in Pacific.
Full Story… http://eyeonhousing.org/2018/07/time-needed-to-build-a-single-family-home-in-2017/

Have a productive week.

Jason


©2016 BHH Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc. Equal Housing Opportunity.