This Week in Real Estate: May 23, 2016

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New construction, average time to close and cash sales top the headlines This Week in Real Estate. Below are a few highlights from the third week of May that influence our business:

* Strong Housing Market Helps Reduce Lingering Foreclosure Inventory. A little less than 20,000 residential properties in the foreclosure process lie vacant (zombies), representing 4.7% of all foreclosures, according to the Q2 2016 U.S. Residential Property Vacancy and Zombie Foreclosure Report by housing data provider RealtyTrac. Currently, 19,187 properties are undergoing zombie foreclosures, a decrease of 3.1% from last month. “Lenders have been taking advantage of the strong seller’s market to dispose of lingering foreclosure inventory over the past year, evidenced by 12 consecutive months of increasing bank repossessions ending in February and now evidenced by these numbers showing a sharp drop in vacant zombie foreclosures compared to a year ago,” RealtyTrac senior vice president Daren Blomquist said. Among states with at least 100 zombie foreclosures, these are the states with the highest zombie foreclosure rates: Oregon (11.8%), Indiana (9.5%), Kentucky (8%), Maryland (7.2%) and Washington (6.6%).
Full Story…  http://www.housingwire.com/articles/37068-strong-housing-market-helps-reduce-lingering-foreclosure-inventory?eid=322520585&bid=1409482

* Time to Close a Loan Settles at 44 Days For The Second Month. For the second month in a row, the time to close all loans remained steady at 44 days in April, as lenders fall into a routine in the post-TRID environment, the latest Origination Insight Report from Ellie Mae found. As a refresher, this is the shortest time to close since March 2015 and is down two days from February, when the time to close fell to 46 days. Broken up, the average time to close a purchase also remained steady at 45 days in April, while the time to close a refinance increased to 44 days in April, up from 41 days in March.
Full Story…  http://www.housingwire.com/articles/37080-time-to-close-a-loan-settles-at-44-days-for-the-second-month?eid=322520585&bid=1410681

* U.S. Home Construction Rebounds in April. Construction on new houses rebounded in April after a sharp did in the prior month, but a slowdown in building permits suggest work on new properties could taper off from last year’s double-digit pace. Housing starts climbed 6.6% last month to an annual pace of 1.17 million, the Commerce Department said Tuesday. In March, starts were revised to a 1.1 million rate. Housing has been one of the economy’s strongest sectors of growth over the past few years, but sales and construction are not growing as fast in early 2016 as they did in 2015. Permits for new construction, a sign of future demand, might offer another clue. They rose slightly to an annual rate of 1.12 million in April, but they are running 5.3% below year-ago levels. In April, new construction sped up in the Midwest and South and declined in the Northeast and West, the government said.
Full Story…  http://www.marketwatch.com/story/us-housing-starts-climb-66-in-april-2016-05-17

* Cash Sales on Pace to Fall to 8-Year Low. The share of homes bought in cash is on pace to hit an eight-year low after the first two months of the year saw the smallest portion of homes purchased in cash in the same time period since 2008, a new report from CoreLogic shows. According to CoreLogic’s Report, for the first two months of 2016, the cash sales share averaged 35.6%, the lowest start to any year since 2008. For perspective, the cash sales share peaked in January 2011 when cash transactions accounted for 46.6% of total home sales nationally. According to CoreLogic’s report, prior to the housing crisis, the cash sales share of total home sales averaged approximately 25%. In its report, CoreLogic states that if the cash sales share continues to fall at the same rate it did in February 2016, the share should fall back to the pre-crisis average by mid-2018. 24% of total sales were cash sales in Washington through the first 2 months of 2016, while 31% of total sales were cash sales in Oregon during the same time period.
Full Story…  http://www.housingwire.com/articles/37075-corelogic-cash-sales-on-pace-to-fall-to-8-year-low?eid=322520585&bid=1410546
Have a productive week!
Jason

 

Portland Metro Weekend Events: May 20-22, 2016

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PORTLAND METRO EVENTS WEEKEND PLANNER
FOR MAY 20-22, 2016

 

MT. TABOR ART WALK

SAT-SUN  Visit local artists in the Mt Tabor neighborhood. FREE.

INTIMATE ILLUSIONS MAGIC SHOW

SAT-SUN  Embassy Suites Downtown: Bringing in a fresh set of illusions, you are certain to see something you’ve never seen before. Cocktail attire requested, for ages 12 and over.

PIONEER FAMILY FESTIVAL
FRI-SUN  Enjoy carnival rides, a teddy bear parade, skating, paint ball range, rock wall, music, great food, and much more!

INTERNATIONAL YOUTH SILENT FILM FESTIVAL

MON-WED  Opens with screenings of the top films entered in this year’s Pacific Northwest Regional competition.

RUM RUN

SAT  Big Al’s, Beaverton. This festive 5k/10k race will transport you to the islands with a tiki torch lined finish, Caribbean music, and of course the “Rum Garden” after party!

DANCE SHOW

SAT-SUN  Join us for an evening of new work. We’re excited to present our sixth annual X-POSED! show, exhibiting original choreography featuring raw productions and experimental works in process, pushing the envelope through unconventional movement with an inquisitive approach to the creative process.

VARIETY SHOW

Through June 18th  Celebrate the 22nd anniversary of The Tony Starlight Show, a combination of song parody, musical impressions & various tributes to about iconic artists and pop culture phenomena.

PORTLAND SATURDAY MARKET

SAT-SUN Through DEC  The nation’s largest weekly open-air arts and crafts market. Stroll down row upon row of unique creations made by the people who sell them. Old Town.

INDEPENDENT FILM FESTIVAL

Through May 26th  Portland Art Museum. The Film Center’s Northwest Tracking program showcases the work of independent filmmakers living and working in the Northwest whose work reflects the vibrant cinematic culture of the region.

DUELING PIANO SHOW

Every FRI & SAT  Since 2010, The Barrel Room lays claim to the longest running dueling piano show in Portland.

URBAN SCAVENGER HUNT

ALL MONTH  Smart phone clues lead you on a fun & engaging walking tour of the city. Clues start you in the heart of downtown at Pioneer Courthouse Square and will take you on a scavenger hunt through the Arts District, on a streetcar ride and among the famous food carts.

GUIDED NATURE HIKES

EVERY DAY  Park guides lead nature hikes to explore the forest, stream ecosystems and natural history of the natural area. Tryon Creek State Park & more

PORTLAND ESCAPE ROOMS

ALL MONTH THURS-SUN  Cedar Hills/Beaverton Locations: Real-life room escape games are a type of physical adventure game in which people are locked in a room with other participants and have to use elements of the room to solve a series of puzzles, find clues, and escape the room within a set time limit. Discount tickets.

HAUNTED PUB TOUR

ALL MONTH  This spine-tingling ghost tour explores Portland’s historic Old Town District, a vibrant area with beautiful 1800’s buildings, cobblestone streets and a wicked past.

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 to five players, with prizes for everyone on the winning team.

GEEKS WHO DRINK PUB QUIZ

ALL MONTH  Anyone can grab a deck of Trivial Pursuit cards and run a “trivia night.” Geeks Who Drink’s smartass quizmasters run fast-paced, interactive and beer-soaked pub quiz events all over Portland.

VANCOUVER METRO EVENTS

ERUPTION ANNIVERSARY CELEBRATION

SAT  Loowit Brewing. Celebrate the 36th anniversary of the Mount St. Helens Eruption and the 20th anniversary of the Mount St. Helens Institute. A portion of the night’s proceeds will be donated to the Mount St. Helens Institute, so come out and help us make it a great night!

DOZER DAY 2016

SAT-SUN  Clark County Event Center at the Fairgrounds. Put kids in the driver’s seat of real, heavy construction equipment, fire engines, an ambulance and much more while educating them about building sustainable communities, industry opportunities and public safety.

FARMER’S MARKET

SAT-SUN (through OCT 30)  Vancouver’s Farmer’s Market. Over 250 vendors with fresh and local produce, flowers, plants, baked goods and much more!

OPEN SATURDAY AT PEARSON AIRBASE

SAT  Free educational experience, Flight Simulator lab, vertical wind tunnel, a glider-building station, historic airplanes on-site for viewing, collections on display, and educational programs to propel students of all ages.

NEW MOVIES OUT THIS WEEK

·         Angry Birds
·         Neighbors 2: Sorority Rising
·         The Nice Guys
·         Almost Holy
·         Back in the Day
·         Hard Sell
·         MaMa
·         Maggie’s Plan
·         Manhattan Night
·         Weiner

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

For a monthly online listing of upcoming Portland metro events, click here.


15 Design Features that Sell Homes

Top15FeaturesToSell

 

Over 2 million listings were screened (sold between 2014–2016), with keywords pulled for the home features that greatly influenced short listing times and above-average sale prices.

Here are the top 15 design features:
Heated floors
Percent of homes that sell for above expected values: 4.3%
How many days faster than expected the home sells: 28
Craftsman-style home
Percent of homes that sell for above expected values: 5.4%
How many days faster than expected the home sells: 14
Outdoor kitchen
Percent of homes that sell for above expected values: 3.7%
How many days faster than expected the home sells: 19
Tankless water heater
Percent of homes that sell for above expected values: 4%
How many days faster than expected the home sells: 43
Kitchen backsplash
Percent of homes that sell for above expected values: 4.1%
How many days faster than expected the home sells: 46
Granite countertops
Percent of homes that sell for above expected values: 4.1%
How many days faster than expected the home sells: 38
Stainless steel
Percent of homes that sell for above expected values: 4.2%
How many days faster than expected the home sells: 42
Frameless shower
Percent of homes that sell for above expected values: 4.6%
How many days faster than expected the home sells: 38
Pendant lights
Percent of homes that sell for above expected values: 4.6%
How many days faster than expected the home sells: 48
Exposed brick
Percent of homes that sell for above expected values: 4.9%
How many days faster than expected the home sells: 36
Quartz countertops
Percent of homes that sell for above expected values: 6.0%
How many days faster than expected the home sells: 50
Subway tiles
Percent of homes that sell for above expected values: 6.9%
How many days faster than expected the home sells: 63
Shaker cabinets
Percent of homes that sell for above expected values: 9.6%
How many days faster than expected the home sells: 45
Farmhouse sink
Percent of homes that sell for above expected values: 7.9%
How many days faster than expected the home sells: 58
Barn-style doors
Percent of homes that sell for above expected values: 13.4%
How many days faster than expected the home sells: 57

Top15FeaturesToSell[1]

 

 

 

 


This Week in Real Estate: May 16, 2016

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Despite the inventory challenge we face today it was reported This Week in Real Estate that home sales realized the best first quarter in 9 years. Below are a few highlights from the second week of May that influence our business:

* Existing-Home Sales Posted Best First Quarter in Nearly a Decade. In an odd conundrum, despite constant headlines on lack of inventory and outrageous home prices, existing-home sales witnessed the best first quarter in nearly a decade. “In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing-sales since 2007 (5.66 million),” said Lawrence Yun, National Association of Realtors chief economist. “The demand for buying is there, but unless the stock of new and existing-homes for sale increases significantly – especially in several markets in the West – the housing market will struggle to reach its full potential,” added Yun. According to the latest quarterly report from NAR, total existing-home sales, including single family and condo, ticked up 1.7% to a seasonally adjusted annual rate of 5.29 million in the first quarter, up from 5.20 million in the fourth quarter of 2015. This is also 4.8% higher than the 5.05 million pace during the first quarter of 2015. In the West, existing-home sales inched up 0.9% in the first quarter and are 2.1% above a year ago. The median existing single-family home price in the West increased 7.1% to $315,900 in the first quarter from the first quarter of 2015.
Full Story…  http://www.housingwire.com/articles/36988-existing-home-sales-posted-best-first-quarter-in-nearly-a-decade?eid=322520585&bid=1399787

* Foreclosures, Seriously Delinquent Mortgages Fall to Lowest Level Since 2007. The number of homes in some stage of foreclosure and the number of serious delinquent mortgages are now at levels not seen since late 2007, according to a new report from CoreLogic. CoreLogic’s March 2016 National Foreclosure Report shows that the national foreclosure inventory, which is the total number of homes at some stage of the foreclosure process and completed foreclosures, was 427,000 homes. That figure represents 1.1% of all homes in the U.S., and is down from 556,000 homes, or 1.4%, in March 2015. March 2016’s foreclosure inventory is not only down from 2015, it’s the lowest that figure has been since October 2007. CoreLogic’s report also showed the foreclosure inventory declined by 23.2% and completed foreclosures declined by 14.9% when compared with March 2015.According to CoreLogic’s report, the number of mortgages that are seriously delinquent, which is defined as 90 days or more past due and includes loans in foreclosure or REO, fell by 19.1% from March 2015 to March 2016. The March 2016 serious delinquency rate is the lowest since November 2007.
Full Story…  http://www.housingwire.com/articles/36998-foreclosures-seriously-delinquent-mortgages-fall-to-lowest-level-since-2007?eid=322520585&bid=1400911

* 25 Cities With The Biggest Rent Hikes. The rental market is ripe for single-family rental investors, even on the secondary side, with the top markets on the list showing rents increasing by above 10% in the first quarter. RentRange, a provider of market data and analytics for the single-family rental industry, ranked the top 25 U.S. Metropolitan Statistical Areas by average rental rate increase for single-family homes between first quarter 2016 and the same quarter in 2015. Ranked #17 Portland-Vancouver at 12.1% and #24 Eugene-Springfield at 11.0%. “Contractual rental rates have continued to increase, vacancy rates declined (but remain above issuance levels), tenant retention rates have remained relatively stable, and delinquency rates have remained low,” the report states. But what’s more, the securitized assets themselves are appreciating as well.
Full Story…  http://www.housingwire.com/articles/37030-here-are-the-25-markets-with-the-biggest-rent-hikes-for-sfr-investors?eid=322520585&bid=1405082
Have a productive week!
Jason

 

Portland Metro Weekend Events Planner: May 13-15, 2016

CottonCandy
PORTLAND METRO EVENTS WEEKEND PLANNER
FOR MAY 13-15, 2016

 

ST. JOHNS STREET FAIR & PARADE

SAT  Kick off the summer street fair season at St. Johns Bizarre, with local music, 75 juried craft vendors, food, a beer garden, and kids’ activities. St. Johns Parade takes place at 12PM in North Portland.

PEOPLE IN THE STREET

SUN  Walk, bike, or roller-skate on 7 miles of streets when most cars are banned for East Portland Sunday Parkways. Nearby parks offer activities & music. Free.

UFO FESTIVAL

THURS-SUN  The UFO Festival honors two locals who have eyewitnessed UFOs. The festival includes a costume parade, speakers, movie, live music, and kids’ fun at McMenamins Hotel in McMinnville.

DOGGIE DASH

SAT  Tom McCall Waterfront Park: Join thousands of animal lovers to celebrate the 29th Annual OHS Doggie Dash. We’ll walk/run with our dogs on car-free streets and enjoy a pet-friendly festival featuring live music, food/drink, contests and more.

HISTORIC HOME TOUR

SAT  The Lake Oswego Historic Home Tour features four historic homes within walking distance of one another, starting at Oswego Heritage House.

BEER MILE

SUN  A one-mile race on Mississippi Avenue. Runners start and finish at Ecliptic Brewing. All participants will receive one free beer before and after the race. Stick around for an epic after party, complete with music and more!

WHISKEY TOWN USA

FRI-SUN  Downtown Portland. Many of the world’s most popular distilleries, Portland’s favorite bartenders, and talented performers participate for your enjoyment and entertainment.

VARIETY SHOW

Through June 18th  Celebrate the 22nd anniversary of The Tony Starlight Show, a combination of song parody, musical impressions & various tributes to about iconic artists and pop culture phenomena.

PORTLAND SATURDAY MARKET

SAT-SUN Through DEC  The nation’s largest weekly open-air arts and crafts market. Stroll down row upon row of unique creations made by the people who sell them. Old Town.

INDEPENDENT FILM FESTIVAL

Through May 26th  Portland Art Museum. The Film Center’s Northwest Tracking program showcases the work of independent filmmakers living and working in the Northwest whose work reflects the vibrant cinematic culture of the region.

DUELING PIANO SHOW

Every FRI & SAT  Since 2010, The Barrel Room lays claim to the longest running dueling piano show in Portland.

URBAN SCAVENGER HUNT

ALL MONTH  Smart phone clues lead you on a fun & engaging walking tour of the city. Clues start you in the heart of downtown at Pioneer Courthouse Square and will take you on a scavenger hunt through the Arts District, on a streetcar ride and among the famous food carts.

GUIDED NATURE HIKES

EVERY DAY  Park guides lead nature hikes to explore the forest, stream ecosystems and natural history of the natural area. Tryon Creek State Park & more

PORTLAND ESCAPE ROOMS

ALL MONTH THURS-SUN  Cedar Hills/Beaverton Locations: Real-life room escape games are a type of physical adventure game in which people are locked in a room with other participants and have to use elements of the room to solve a series of puzzles, find clues, and escape the room within a set time limit. Discount tickets.

HAUNTED PUB TOUR

ALL MONTH  This spine-tingling ghost tour explores Portland’s historic Old Town District, a vibrant area with beautiful 1800’s buildings, cobblestone streets and a wicked past.

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 to five players, with prizes for everyone on the winning team.

GEEKS WHO DRINK PUB QUIZ

ALL MONTH  Anyone can grab a deck of Trivial Pursuit cards and run a “trivia night.” Geeks Who Drink’s smartass quizmasters run fast-paced, interactive and beer-soaked pub quiz events all over Portland.

VANCOUVER METRO EVENTS

SW WASHINGTON WIND SYMPHONY

SUN  Union High School. Selections include the American premiere of “War of the Worlds” by Adam Gorb, “Saturn Returns” by Michael Markowski, and “Moonscape Awakening” by Joni Greene.

USA VOLLEYBALL JUNIOR BEACH TOUR

SAT  Frenchman’s Bar Park. The USA Volleyball Junior Beach Tour offers tournaments to boys and girls ages 10 to 18.

SPRING TEA & FASHION SHOW

SAT  Fort Vancouver. While enjoying spring-themed tea, you will be entertained by live music and a historic fashion show!

FARMER’S MARKET

SAT-SUN (through OCT 30)  Vancouver’s Farmer’s Market. Over 250 vendors with fresh and local produce, flowers, plants, baked goods and much more!

OPEN SATURDAY AT PEARSON AIRBASE

SAT  Free educational experience, Flight Simulator lab, vertical wind tunnel, a glider-building station, historic airplanes on-site for viewing, collections on display, and educational programs to propel students of all ages.

NEW MOVIES OUT THIS WEEK

·         Money Monster
·         The Darkness
·         A Bit of Bad Luck
·         High Rise
·         Kill Zone 2
·         Love & Friendship
·         Sunset Song
·         Divine Access
·         Last Days in the Desert

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

For a monthly online listing of upcoming Portland metro events, click here.


This Week in Real Estate: May 9, 2016

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Happy Mother’s Day to all you moms. Thank you for all you do each and every day as a mom. The significance you bring to a child and home is unparalleled.

Price appreciation in the West tops headlines This Week in Real Estate. Below are a few highlights from the first week of May that influence our business:

* West Leads Nation in Home-Price Appreciation. Home prices nationwide, including distressed sales, moved higher year-over-year by 6.7% in March 2016 compared with March 2015 and increased month-over-month by 2.1% in March compared with February 2016, according to the CoreLogic Home Price Index. The CoreLogic HPI Forecast indicates that home prices will increase by 5.3% on a year-over-year basis from March 2016 to March 2017. “Home Prices reached the bottom five years ago, and since then have appreciated almost 40%,” said Anand Nallathambi, president and CEO of CoreLogic. “The highest appreciation was in the West, where prices continue to increase at double-digit rates.” “Demand is starting to weaken in some areas, particularly in the West, where the median home price has risen an astonishing 38% in the past three years,” said Lawrence Yun, NAR chief economist.
Full Story…  http://www.corelogic.com/about-us/news/corelogic-us-home-price-report-shows-home-prices-up-6.7-percent-year-over-year-in-march-2016.aspx

* Distressed Property Sales Continue to Drop. Distressed sales accounted for 11.1% of total market sales in February 2016, down 2.9% annually and 0.4% from January, according to CoreLogic’s most recent report. Within those distressed sales, Real Estate Owned sales accounted for 7.8% and short sales accounted for 3.3% of total home sales for February. These REO sales decreased by 2.9% annually to their lowest level since 2007. Short Sales, on the other hand, hover between 3% and 4%. At their peak in January 2009, distressed sales totaled 32.4% of total market sales with REO’s making up 27.9%.
Full Story…  http://www.housingwire.com/articles/36973-distressed-sales-continue-to-drop?eid=322520585&bid=1397426

* 5 Charts That Reveal The Future of Residential Construction. Despite the lack of surging growth in homebuilding, economists are optimistic about the industry’s future. Len Kiefer, deputy chief economist at Freddie Mac, said he expects 2016 to be housing’s “best year in a decade.” The single-family market is expected to see the strongest growth this year, as Robert Dietz, National Association of Home Builders chief economist, predicts 2016 will be the first year since the crash that single-family construction will outpace multifamily. His forecast includes a 14% rise in the sector this year and a 19% surge in 2017. “We see growth accelerating in 2017 as more workers and more lots are added,” Dietz said. Despite the positive predictions for the industry, economists emphasized the obstacles that continue to hinder new construction. Dietz referred to the three major issues as the “3Ls:” labor, lots and lending.
Full Story…  http://www.constructiondive.com/news/5-charts-that-reveal-the-future-of-residential-construction/418307/

Have a productive week!
Jason

 

1st Quarter Chairman’s Report 2016

We are happy to announce the 1st Quarter Chairman’s Report for 2016 is now available to read online. Discover where the real estate market is headed and review 1st Quarter Market Stats for the Portland Metro and SW Washington. Special thanks to our Chairman, Bert Waugh, Jr.


Portland Metro Weekend Events Planner, May 5-8, 2016

Mothers day card with rustic roses on wooden board
PORTLAND METRO EVENTS WEEKEND PLANNER
FOR MAY 5-8, 2016

 

Mother’s Day Events:

SAT  HIPPIE CHICK QUARTER & HALF MARATHON  Hillsboro Stadium
SAT-SUN  PLANT SHOW & SALE  Crystal Springs Rhododendron Garden
SUN  BRUNCH AT THE ZOO  Oregon Zoo
SUN  RUN MAMA RUN 10K, 5K & KIDS RUN  Mt Tabor Park 
SUN  5K WALK  NW Portland
SUN  PORTLAND SPIRIT CRUISE  Portland/Cascade Locks
SUN  CAMAS PLANT & GARDEN SALE  Gorgeous plants, trees, and flowers galore and locally made garden art will fill our downtown! Free kids zone, petting zoo, education spotlights, free planting area, live music & tasty food.

CINCO DE MAYO

THURS-SUN  Tom McCall Waterfront Park: Largest multicultural festival in the state of Oregon, live entertainment, authentic food, rides, family fun & much more.

INDEPENDENT FILM FESTIVAL

Through May 26th  Portland Art Museum. The Film Center’s Northwest Tracking program showcases the work of independent filmmakers living and working in the Northwest whose work reflects the vibrant cinematic culture of the region.

DUELING PIANO SHOW

Every FRI & SAT  Since 2010, The Barrel Room lays claim to the longest running dueling piano show in Portland.

URBAN SCAVENGER HUNT

ALL MONTH  Smart phone clues lead you on a fun & engaging walking tour of the city. Clues start you in the heart of downtown at Pioneer Courthouse Square and will take you on a scavenger hunt through the Arts District, on a streetcar ride and among the famous food carts.

GUIDED NATURE HIKES

EVERY DAY  Park guides lead nature hikes to explore the forest, stream ecosystems and natural history of the natural area. Tryon Creek State Park & more

PORTLAND ESCAPE ROOMS

ALL MONTH THURS-SUN  Cedar Hills/Beaverton Locations: Real-life room escape games are a type of physical adventure game in which people are locked in a room with other participants and have to use elements of the room to solve a series of puzzles, find clues, and escape the room within a set time limit. Discount tickets.

HAUNTED PUB TOUR

ALL MONTH  This spine-tingling ghost tour explores Portland’s historic Old Town District, a vibrant area with beautiful 1800’s buildings, cobblestone streets and a wicked past.

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 to five players, with prizes for everyone on the winning team.

GEEKS WHO DRINK PUB QUIZ

ALL MONTH  Anyone can grab a deck of Trivial Pursuit cards and run a “trivia night.” Geeks Who Drink’s smartass quizmasters run fast-paced, interactive and beer-soaked pub quiz events all over Portland.

VANCOUVER METRO EVENTS

FARMER’S MARKET

SAT-SUN (through OCT 30)  Vancouver’s Farmer’s Market. Over 250 vendors with fresh and local produce, flowers, plants, baked goods and much more!

OPEN SATURDAY AT PEARSON AIRBASE

SAT  Free educational experience, Flight Simulator lab, vertical wind tunnel, a glider-building station, historic airplanes on-site for viewing, collections on display, and educational programs to propel students of all ages.

NEW MOVIES OUT THIS WEEK

·         Captain America: Civil War
·         Being Charlie
·         A Bigger Splash
·         Bite
·         Dark Horse
·         Phantom of the Theatre
·         Rabin in His Own Words

 

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

For a monthly online listing of upcoming Portland metro events, click here.


This Week in Real Estate: May 2, 2016

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The FOMC chose not to increase interest rates This Week in Real Estate, yet homeownership is near historic lows. Below are a few highlights from the last week of April that influence our business:

* Pending Home Sales Jump to Highest Level in Nearly a Year. Overcoming several roadblocks in housing, pending home sales managed to increase in March for the second consecutive month, reaching their highest level in almost a year, according to the National Association of Realtors. The Pending Home Sales Index, a forward-looking indicator based on contract signings, grew 1.4% to 110.5 in March from a downwardly revised 109.0 in February. This is also 1.4% above March 2015 (109.0). With this new reading, the index has increased year-over-year for 19 consecutive months and is at its highest reading since May 2015 (111.0). Broken up regionally, “Demand is starting to weaken in some areas, particularly in the West, where the median home price has risen an astonishing 38% in the past three years,” said Lawrence Yun, NAR chief economist. “As a result, pending sales in the region have now declined in four of the last five months and are lower than one year ago for the third month in a row. Closed sales in the region in March were also below last year’s pace,” he added.
Full Story…  http://www.housingwire.com/articles/36897-pending-home-sales-jump-to-highest-level-in-nearly-a-year?eid=322520585&bid=1388864

* As Expected, Fed Holds Off Interest-Rate Hike. Just as many predicted, the Federal Open Market Committee, the group that sets the benchmark interest rate for bank lending, elected this week to hold steady and not increase federal funds rate. “A range of recent indicator, including strong job gains, points to additional strengthening of the labor market,” the FOMC said in its official statement. “The committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run,” the FOMC said.
Full Story…  http://www.housingwire.com/articles/36899-as-expected-fed-holds-off-on-interest-rate-hike?eid=322520585&bid=1388864

* Homeownership Near its Lowest in History. After gains in the second half of 2015, the homeownership rate fell to just 63.6 percent, seasonally adjusted, in the first quarter of this year, according to the U.S. Census Bureau. Homeownership hit a high of 69.4 percent in 2004, during one of the biggest housing booms in history. That was also when mortgage lending was arguably at its loosest level in history. The homeownership rate is now just one-tenth of 1 basis point higher that its all-time low in the second quarter of 2015. Economists continue to point to a recovering job market as fuel for growth in the housing market, but for young Americans, just having a job does not translate to homeownership. High levels of student loan debt, tight mortgage underwriting standards and overheating home prices are all contributing to very low homeownership rates among the nation’s youngest workers. Homeownership among those aged 25-34 today is nearly 10 percentage points lower than it was a decade ago. First-time homebuyers are still barely 30 percent of today’s buyers; traditionally, they compromise 40 percent of homebuyers.
Full Story…  http://www.mortgagenewsdaily.com/04282016_homeownership_near_its_lowest_in_history.asp
Have a productive week!
Jason

 

Portland Metro Weekend Events Planner: April 29-May 1, 2016

male potter working on potter’s wheel and shaping jug
PORTLAND METRO EVENTS WEEKEND PLANNER
FOR APRIL 29-MAY 1, 2016

 

CERAMIC SHOWCASE
FRI-SUN
  Veterans Memorial Coliseum: One-of-a-kind three-day event show­cas­ing more than 150 Pacific NW pot­ters and ceramic artists in Ore­gon and SW Wash­ing­ton. Take part in free demonstrations and find unique ceramic pieces includ­ing sculp­tures, wall art, and other items for your home, gar­den and office.

AVENUE OF ROSES PARADE
SAT  SE 82nd, Eastport Plaza: Come and enjoy the 10th Annual 82nd Avenue of Roses Parade, Classic Car Cruise-In, Community Fair, Rides and the Celebrations that go with all of it!

GORGE WINE EXPERIENCE
FRI-SUN  20 dining, tasting, touring, and talking events in Hood River and beyond.

COMEDY IMPROV

FRI  Fast-paced ComedySportz acts out humorous situations based on audience suggestions. Discount tickets.

TULIP FESTIVAL 

Through SUN  Wooden Shoe Tulip Farm. Stroll through 40 acres of stunning beauty, experience expansive views of vineyards, distant mountains, and a few mud puddles. Fresh flowers, food, and fun for the entire family, including well-behaved dogs on leashes!

INDEPENDENT FILM FESTIVAL

Through May 26th  Portland Art Museum. The Film Center’s Northwest Tracking program showcases the work of independent filmmakers living and working in the Northwest whose work reflects the vibrant cinematic culture of the region.

VARIETY SHOW

Through FRI  Celebrate the 22nd anniversary of The Tony Starlight Show, a combination of song parody, musical impressions & various tributes to iconic artists and pop culture phenomena.

DUELING PIANO SHOW

Every FRI & SAT in April  Since 2010, The Barrel Room lays claim to the longest running dueling piano show in Portland.

URBAN SCAVENGER HUNT

ALL MONTH  Smart phone clues lead you on a fun & engaging walking tour of the city. Clues start you in the heart of downtown at Pioneer Courthouse Square and will take you on a scavenger hunt through the Arts District, on a streetcar ride and among the famous food carts.

GUIDED NATURE HIKES

EVERY DAY  Park guides lead nature hikes to explore the forest, stream ecosystems and natural history of the natural area. Tryon Creek State Park & more

PORTLAND ESCAPE ROOMS

ALL MONTH THURS-SUN  Cedar Hills/Beaverton Locations: Real-life room escape games are a type of physical adventure game in which people are locked in a room with other participants and have to use elements of the room to solve a series of puzzles, find clues, and escape the room within a set time limit. Discount tickets.

HAUNTED PUB TOUR

ALL MONTH  This spine-tingling ghost tour explores Portland’s historic Old Town District, a vibrant area with beautiful 1800’s buildings, cobblestone streets and a wicked past.

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 to five players, with prizes for everyone on the winning team.

GEEKS WHO DRINK PUB QUIZ

ALL MONTH  Anyone can grab a deck of Trivial Pursuit cards and run a “trivia night.” Geeks Who Drink’s smartass quizmasters run fast-paced, interactive and beer-soaked pub quiz events all over Portland.

VANCOUVER METRO EVENTS

COUNTRY LIFE FAIR
SAT-SUN
Pomeroy Living History Farm. Activities for kids and adults, purchase plants and other wares, view demonstrations, feed and pet farm animals & much more!

SW WASHINGTON BLUEGRASS JAMBOREE

SAT  English Estate Winery. Old time bluegrass jamboree benefit for the local chapter of Guitars 4 Vets. Take part in an Old Fashion Pot Luck and bring a dish to share.

FARMER’S MARKET

SAT-SUN (through OCT 30)  Vancouver’s Farmer’s Market. Over 250 vendors with fresh and local produce, flowers, plants, baked goods and much more!

OPEN SATURDAY AT PEARSON AIRBASE

SAT  Free educational experience, Flight Simulator lab, vertical wind tunnel, a glider-building station, historic airplanes on-site for viewing, collections on display, and educational programs to propel students of all ages.

NEW MOVIES OUT THIS WEEK

·         Mother’s Day
·         Rachet & Clank
·         A Beautiful Planet Imax
·         Term Life
·         Keanu
·         The Man Who Knew Infinity
·         Pali Road
·         The Family Fang

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

For a monthly online listing of upcoming Portland metro events, click here.