This Week in Real Estate: December 18, 2017

Positive news released This Week in Real Estate by Genworth Mortgage Insurance about sales activity from the first-time homebuyer community during the third quarter. Below are a few highlights from the second week of December that influence our business:

* First-Time Homebuyers Suddenly Flood Housing Market. First-time homebuyer demand surged to its highest level in 17 years during the third quarter of 2017, according to the First-Time Homebuyer Market Report from Genworth Mortgage Insurance, an operating segment of Genworth Financial. The report, which is drawn from a data set of 21 million first-time homebuyers over a 24-year span, showed first-time homebuyers purchased 601,000 single-family homes in the third quarter. This is up 6% from 567,000 homes during the third quarter of 2016, and the highest quarterly purchase volume since the third quarter of 2000. First-time homebuyers accounted for 40% of all single-family homes sold in the third quarter and 56% of all purchase mortgages financed, the report showed.
* Downpayments at Record Highs as Home Prices Rise. Homebuyers ponied up the highest downpayments on record to purchase homes in the third quarter of 2017. ATTOM Data Solutions’ Residential Property Loan Origination Report says that the median down payment for a single-family home or condo purchased with financing during the quarter rose to $20,000 from $18,162 in the second quarter of this year. In the third quarter of last year the median was $14,400. The most recent number is the highest in ATTOMs records which date back to 2000. The $20,000 downpayment represents 7.6 percent of the median sales price during the quarter of $263,000. The percentage amount was also a recent high, up from 7.1 percent the previous quarter and 6.1 percent in the third quarter of 2016. It was the highest downpayment percentage since the third quarter of 2013. The median downpayment exceeded $50,000 in 12 of the 99 statistical areas included in the report. The four highest amounts were all paid in California markets, with San Jose on top at $247,00 followed by San Francisco at $170,000, Los Angeles ($118,000) and Oxnard ($105,000). The fifth city on the list was Boulder, Colorado, with a median downpayment just under $100K.Full Story... http://www.mortgagenewsdaily.com/12132017_loan_metrics.asp

* Homeowners Equity Improves. The Financial Accounts of the United States for the third quarter of 2017 were published by the Board of Governors of the Federal Reserve System recently. In nominal terms, households’ owner-occupied real estate increased to $24.2 trillion in the third quarter of 2017, $1.572 billion more than the third quarter of 2016. Total home mortgage debt outstanding was $10.0 trillion on a not seasonally adjusted basis, $279 billion more than the same period of 2016. The market value of households’ real estate grew faster than underlying home mortgage debt. As a result, the value of owners’ equity in real estate, the difference between the value of owner-occupied real estate and home mortgage debt, rose $1.3 trillion in the past four quarters and reached $14.1 trillion over the third quarter of 2017. Since 2012, home price appreciation has largely contributed to the increase in the owners’ equity share of home values. The market value of households’ real estate rose by 48.6% from 2012 to the present, while mortgage debt increased 3.0%. The ratio of owners’ equity in real estate as a percentage of household real estate rose to 58.5% in the third quarter of 2017, approaching its pre-recession level.Full Story... http://eyeonhousing.org/2017/12/homeowners-equity-improves/

Have a productive week.

Jason


Portland Metro Weekend Events Planner: December 15-17, 2017

PORTLAND METRO WEEKEND EVENTS PLANNER
DECEMBER 15-17, 2017

STUMPTOWN SANTACON

SAT – Come one, come all, and join our moving costume dance party. The theme this year is “Island of Misfit Toys,” so dress up in your favorite Holiday costume and help us light up the Holidays!  

HOLIDAY SPIRITS FEST

SAT-SUN – Meet the makers of the local crafted spirits and the wonderful concoctions people can create using local spirits. Tastings are free, but you can purchase cocktails and bottles too. 

DO JUMP & 3 LEG TORSO 

SUN – A holiday celebration full of musical, acrobatic, and theatrical glory. Come be swept away by the timeless impassioned music of 3 Leg Torso, the whimsical heart stopping beauty of DO JUMP, and the ardent singing and incendiary comedic talent of “Señor” Pepe Raphael.  

WINTER SOLSTICE & CHRISTMAS SHIP VIEWING 

SAT-SUN – An annual celebration at Milwaukie Bay Park to view the Christmas Ships, warm by a bonfire, and purchase some tasty treats.  

THE CHRISTMAS REVELS

THURS-MON & December 21-23  A celebration of the Winter Solstice, is a mythic journey into the music, dance, and traditions of Finland, Sweden, Norway, Denmark, and Iceland. 

LIGHTS ON PEACOCK LANE

Through December 31  Houses are adorned with not only beautiful sparkling lights, but also nativity scenes, rotating Christmas trees and stunningly life-like replicas of Santa and Frosty. 

TOY BOX

SAT-SUN – Bring the whole family to enjoy a fun and exciting holiday aerial production!   

THE MIRACLE OF A MILLION LIGHTS

Through December 23 – The entire 2.5 acres is filled with more than a million twinkling lights that turn this historic Portland landmark into a Christmas Wonderland! Tour the richly appointed historic Victorian Belle aglow with 20+ uniquely decorated Christmas trees and elaborate decorations. View rooms filled with period antiques and vintage heirlooms with majestic themes.

HOLIDAY EXPRESS

Through SUN – Take a one-hour roundtrip ride along the Willamette River and meet Santa.  

CHRISTMAS SHIP PARADE

Through December 21  View up to 60 boats brightly decorated for the holiday season sailing on the Columbia and Willamette rivers. For the Columbia River schedule, click here. For the Willamette River Schedule, click here.

A CHRISTMAS CAROL: THE MUSICAL 

Through December 24 – Broadway heavy hitters, Alan Menken and Lynn Ahrens, breathe fantastic new life into the classic tale of A Christmas Carol.

A CHRISTMAS CAROL

Through December 30 – A Playhouse tradition, therefore it’s unlike anything else you’ve ever seen. Join Ebenezer Scrooge and the ghostly spirits who visit on Christmas Eve and guide the grumpy miser through a redemptive and transformative journey towards friendship and love. Hopeful, musical, and above all fun.

BEAUTY AND THE BEAST

Through SUN – Step into the enchanted world of Broadway’s modern classic, Disney’s Beauty and The Beast! Based on the Academy-Award winning animated feature, the stage version includes all of the wonderful songs written by Alan Menken and the late Howard Ashman along with new songs by Mr. Menken and Tim Rice.

ZOO LIGHTS

Through January 7  Walk through dazzling displays of more than million and half lights, and experience your zoo in a whole new light. In addition to visiting elephants, penguins and other animals, you can ride the popular lighted train and enjoy dinner from a variety of food carts.

CHRISTMAS FESTIVAL OF LIGHTS

Through December 30 – Presenting the sights, sounds and sensations of the season, The Grotto’s Christmas Festival of Lights is the largest Christmas choral festival in the world. The festival features nearly 160 indoor holiday concerts performed by many of the region’s finest school, church and civic choirs. Offering a family-oriented blend of traditional celebration and serene reflection, the festival theme reflects the special season of hope that Christmas offers to many thousands of families from around the Pacific Northwest.

WINTER WONDERLAND

Through December 26 – The largest light show in the Northwest spanning the track at Portland International Raceway.   

CHRISTMAS IN THE GARDEN

Through December 31  A charming European-inspired event featuring ice skating, snowless tubing, an artisan vendor market, photos with Santa, fire pits, live music and more!

LIGHTING OF MADDOX WOODS

Through December 31  Enjoy a magical walk down a lighted, accessible path through the woods and to the viewing platform on the Willamette River.

THE TRAIN TO CHRISTMAS TOWN

Through December 28 – Based on the beloved children’s book, The Train to Christmas Town, this holiday ride recreates on board the story book tale that is sure to become a family favorite tradition! 75 minute train ride departing from Hood River.

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!

PORTLAND CIDER HOUSE’S CIDER-MOSA SATURDAY

EVERY SAT – Enjoy a liquid brunch and try a variety of delicious and fun cider-mosas.

FLASHBACK DANCE CRUISE
Through SAT – Gather your crew & rock your best retro threads from the 70’s, 80’s and 90’s!

DUELING PIANO SHOW
FRI & SAT (All Month) – The Barrel Room lays claim to the longest running dueling piano shows in Portland. The show, which at times can get a “little cheeky,” isn’t just two players banging on pianos for five hours. They boast a Vegas style, request driven, interactive show complete with bits, games, sing-a-longs, comedy and some of the best players in the U.S.

URBAN SCAVENGER HUNT
ALL MONTH  Smartphone 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.

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.

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.

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.

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.

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.

 

VANCOUVER METRO EVENTS

THE NUTCRACKER

FRI-MON  Columbia Dance brings its most joyous holiday gift with this wonder-filled production. 90 local dancers present the magical story of Clara and her Nutcracker Prince as they battle the Mouse King and embark on a thrilling journey through the Land of Snow into the Kingdom of Sweets. 

SINGING CHRISTMAS TREE

FRI & SUN  Celebrating 40 years of sharing the Christmas Story through song and praise.  

IT’S A WONDERFUL LIFE

Through SAT  Magenta’s December show is the stage adaptation of Frank Capra’s classic film that warms the hearts of families every year at Christmas time.  

CHRISTMAS TREE TRAIN

Through SAT – Find a Christmas tree in a unique way on the Chelatchie Prairie Railroad! Along the trip, capture views of the Lewis River atop our hill-side vantage point, then return to Moulton Station. At Moulton Station, enjoy warm cider and cocoa, hot coffee and cookies. Santa has a gift for each child, bring your camera to capture this moment in time.

FESTIVAL OF TREES
Through SAT – Divine Consign will display beautifully decorated trees at their downtown Vancouver location, 904 Main Street. Their event will benefit Clark County non-profit organizations.

NEW MOVIES OUT THIS WEEK
· Star Wars: The Last Jedi
· Ferdinand
· Wonder Wheel
· Beyond Skyline
· Permanent
· Spent
· Gotti
· The Ballad of Lefty Brown
· Sundowners

Click here for movie times and theaters.

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: December 11, 2017

CoreLogic released This Week in Real Estate that homeowners realized an 11.8% increase in home equity, totaling 870.6 billion dollars, between Q3 2017 and the same time period the prior year. Below are a few highlights from the first week of December that influence our business:

* Homeowner Equity Increased by Almost $871 Billion in Q3 2017. CoreLogic released its Q3 2017 home equity analysis Thursday which shows that U.S. homeowners with mortgages (roughly 63 percent of all homeowners) have collectively seen their equity increase 11.8 percent year over year, representing a gain of $870.6 billion since Q3 2016. Additionally, homeowners gained an average of $14,888 in home equity between Q3 2016 and Q3 2017. Western states led the increase, while no state experienced a decrease. Washington homeowners gaining an average of approximately $40,000 in home equity and California homeowners gaining an average of approximately $37,000 in home equity. On a quarter-over-quarter basis, from Q2 2017 to Q3 2017, the total number of mortgaged homes in negative equity decreased 9 percent to 2.5 million homes, or 4.9 percent of all mortgaged properties. Year over year, negative equity decreased 22 percent from 3.2 million homes, or 6.3 percent of all mortgaged properties, from Q3 2016 to Q3 2017.

* FHFA Increases Loan Limits in Nearly Every Area of U.S. for 2018. The Federal Housing Administration announced Thursday that nearly every area of the U.S. will see FHA loan limits increase in 2018. The new loan limits will take effect for FHA case numbers assigned on or after Jan. 1, 2018. FHA is required by the National Housing Act, as amended by the Housing and Economic Recovery Act of 2008, to set Single Family forward loan limits at 115% of median house prices, subject to a floor and a ceiling on the limits. FHA calculates forward mortgage limits by Metropolitan Statistical Area and county. Back in 2016, the FHA increased loan limits for just 188 counties. Then, in 2017, this number jumped to 2,948 counties that saw an increase. And now, the number of counties increased even further to 3,011 counties for 2018. In high-cost areas, the FHA’s loan limit ceiling will increase to $679,650, up from $636,150 this year. The floor will also increase from $275,665 to $294,515 in 2018. However, in 223 counties, the FHA loan limits will remain the same.Full Story... https://www.housingwire.com/articles/42038-fha-increases-loan-limits-in-nearly-every-area-of-us-for-2018


*
 Consumers Expect Strong Increases in Housing Costs. After dropping in October from what had been an all-time high the previous month, Fannie Mae’s Home Purchase Sentiment Index (HPSI) resumed its upward trek, increasing by 2.6 points in November to 87.8, Strong responses to questions in the National Housing Survey (NHS) to questions about whether it was a good time to buy a home and expectations for home prices were the primary drivers of the index gains. “In November, the HPSI rebounded to near its all-time high, returning the index to its gradual upward trend and suggesting fairly stable consumer home-buying attitudes,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “These results are consistent with our expectation that the housing market will continue its modest expansion going forward. The net share of respondents who said now is a good time to buy a home increased 7 percentage points to 29, erasing the previous month’s 6-point drop. The net remains down 1 percentage point compared to the same period last year.  The net share who view it as a good time to sell rose 4 points to 34 and is now 21 percentage points higher than last November. The net share who said home prices will go up in the next 12 months increased 6 percentage points in November.Full Story... http://www.mortgagenewsdaily.com/12082017_national_housing_survey.asp

Have a productive week.

Jason


Portland Metro Weekend Events Planner: December 8-10, 2017

PORTLAND METRO WEEKEND EVENTS PLANNER
DECEMBER 8-10, 2017

  

CRAFTY WONDERLAND HOLIDAY ART & CRAFT MARKET 

SUN  Buy amazing handmade goods from over 250 of the best and brightest handmade vendors from the NW and beyond! 

THE GREAT FIGGY PUDDING CAROLING COMPETITION

FRI – A fun and festive caroling competition that will bring a variety of voices to downtown Portland in celebration of the holiday season. 

VESPERTINE WINTER BALL

SAT  A white winter formal/costume ball that is elegant, sophisticated, and intimate, while also fostering individual creativity for those that wish to be in costume. Featuring Gothic/Industrial music, professionally catered food, photography and a series of performances that will evoke the theme of this year’s event. 

EASTBURN CIDERFEST

SAT  Fifteen different cideries will be pouring. Entry includes a Ciderfest glass along with 5 cider-tasting tickets. Please consider bringing in an unwrapped toy to donate to Toys for Tots that will help local children in need this holiday season! 

HOLIDAY HALF MARATHON & 5K

SUN  Get in the holiday spirit, Portland, and treat yourself to the most festive holiday race of the season. With carolers serenading you all along the one-of-a-kind & flat course, you will be delightfully distracted as you wind your way through the streets of North Portland. 

GOSPEL CHRISTMAS

FRI-SUN  The region’s premier gospel singers and the Oregon Symphony orchestra will have you on your feet, clapping and shouting, celebrating the true spirit of the season. Don’t miss out on this exhilarating experience!  

INTERNATIONAL HOLIDAY FESTIVAL

FRI-SAT  Join the Portland Chamber Orchestra to celebrate music and unite our diverse community.  

TOY BOX

SAT-SUN & December 1617

Bring the whole family to enjoy a fun and exciting holiday aerial production!   

PETER PAN

FRI-SUN  Eastside Theater Company’s production of Peter Pan features the treasured story of an adventurous but mischievous boy who refuses to grow up. 

THE MIRACLE OF A MILLION LIGHTS

Through December 23 – The entire 2.5 acres is filled with more than a million twinkling lights that turn this historic Portland landmark into a Christmas Wonderland! Tour the richly appointed historic Victorian Belle aglow with 20+ uniquely decorated Christmas trees and elaborate decorations. View rooms filled with period antiques and vintage heirlooms with majestic themes.

HOLIDAY EXPRESS

Through December 17 – Take a one-hour roundtrip ride along the Willamette River and meet Santa.  

WHITE ALBUM XMAS

Through SAT  A holiday circus spectacular, a tribute to The Beatles and an annual reunion of the Cascadian Freak Family.

CHRISTMAS SHIP PARADE

Through December 21  View up to 60 boats brightly decorated for the holiday season sailing on the Columbia and Willamette rivers. For the Columbia River schedule, click here. For the Willamette River Schedule, click here.

A CHRISTMAS CAROL: THE MUSICAL 

Through December 24 – Broadway heavy hitters, Alan Menken and Lynn Ahrens, breathe fantastic new life into the classic tale of A Christmas Carol.  

A CHRISTMAS CAROL

Through December 30 – A Playhouse tradition, therefore it’s unlike anything else you’ve ever seen. Join Ebenezer Scrooge and the ghostly spirits who visit on Christmas Eve and guide the grumpy miser through a redemptive and transformative journey towards friendship and love. Hopeful, musical, and above all fun.  

BEAUTY AND THE BEAST

Through December 17 – Step into the enchanted world of Broadway’s modern classic, Disney’s Beauty and The Beast! Based on the Academy-Award winning animated feature, the stage version includes all of the wonderful songs written by Alan Menken and the late Howard Ashman along with new songs by Mr. Menken and Tim Rice.  

ZOO LIGHTS

Through January 7  Walk through dazzling displays of more than million and half lights, and experience your zoo in a whole new light. In addition to visiting elephants, penguins and other animals, you can ride the popular lighted train and enjoy dinner from a variety of food carts.

CHRISTMAS FESTIVAL OF LIGHTS

Through December 30 – Presenting the sights, sounds and sensations of the season, The Grotto’s Christmas Festival of Lights is the largest Christmas choral festival in the world. The festival features nearly 160 indoor holiday concerts performed by many of the region’s finest school, church and civic choirs. Offering a family-oriented blend of traditional celebration and serene reflection, the festival theme reflects the special season of hope that Christmas offers to many thousands of families from around the Pacific Northwest.

WINTER WONDERLAND

Through December 26 – The largest light show in the Northwest spanning the track at Portland International Raceway.   

CHRISTMAS IN THE GARDEN

Through December 31  A charming European-inspired event featuring ice skating, snowless tubing, an artisan vendor market, photos with Santa, fire pits, live music and more!

LIGHTING OF MADDOX WOODS

Through December 31  Enjoy a magical walk down a lighted, accessible path through the woods and to the viewing platform on the Willamette River.

THE TRAIN TO CHRISTMAS TOWN

Through December 28 – Based on the beloved children’s book, The Train to Christmas Town, this holiday ride recreates on board the story book tale that is sure to become a family favorite tradition! 75 minute train ride departing from Hood River.

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!

PORTLAND CIDER HOUSE’S CIDER-MOSA SATURDAY

EVERY SAT – Enjoy a liquid brunch and try a variety of delicious and fun cider-mosas.

FLASHBACK DANCE CRUISE
Through SAT – Gather your crew & rock your best retro threads from the 70’s, 80’s and 90’s!

DUELING PIANO SHOW
FRI & SAT (All Month) – The Barrel Room lays claim to the longest running dueling piano shows in Portland. The show, which at times can get a “little cheeky,” isn’t just two players banging on pianos for five hours. They boast a Vegas style, request driven, interactive show complete with bits, games, sing-a-longs, comedy and some of the best players in the U.S.

URBAN SCAVENGER HUNT
ALL MONTH  Smartphone 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.

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.

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.

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.

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.

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.

 

VANCOUVER METRO EVENTS

THE NUTCRACKER

FRI-SUN – Along with the lovely leaping ballerinas portraying snowflakes and flowers, several dance students will share their athletic expertise wrapped in silk ribbons hanging from above the stage during the show’s Arabian scene, and acrobatics will be sprinkled among several other scenes. 

CHRISTMAS AT THE FORT

SAT  View and participate in activities undertaken by residents at the fort during the holiday season. Enjoy wreath making, holiday beverages, caroling, and more! 

IT’S A WONDERFUL LIFE

Through December 16  Magenta’s December show is the stage adaptation of Frank Capra’s classic film that warms the hearts of families every year at Christmas time.  

CHRISTMAS TREE TRAIN

Through December 16 – Find a Christmas tree in a unique way on the Chelatchie Prairie Railroad! Along the trip, capture views of the Lewis River atop our hill-side vantage point, then return to Moulton Station. At Moulton Station, enjoy warm cider and cocoa, hot coffee and cookies. Santa has a gift for each child, bring your camera to capture this moment in time.

FESTIVAL OF TREES
Through December 16 – Divine Consign will display beautifully decorated trees at their downtown Vancouver location, 904 Main Street. Their event will benefit Clark County non-profit organizations.

NEW MOVIES OUT THIS WEEK
· Just Getting Started
· Unexpectedly Yours
· The Shape of Water
· Bullet Head
· Hollow in the Land
· Just Within Reach
· The Pirates of Somalia
· I, Tonya
· November Criminals

Click here for movie times and theaters.

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: December 4, 2017

While new home sales experiences the strongest reading in a decade according to HUD and the Census Bureau This Week in Real Estate, home builder confidence in November reached the second highest reading on record since the recession. Below are a few highlights from the final week of November that influence our business:

* New Home Sales Reach Strongest Pace in a DecadeContracts for new, single-family home sales expanded by 6.2% in October to a 685,000 seasonally adjusted annual rate, according to estimates from the joint release of HUD and the Census Bureau. The strongest reading in a decade continues new home sales on a positive growth trend. The expansion is supported by ongoing job growth and improving household formations, as well as tight existing home inventory. Despite some volatility in the month-to-month sales figures, October marks the sixth month in 2017 at an annual sales pace of more than 600,000. New home sales through October are running 8.9% higher than this time in 2016, in line with NAHB’s forecast. Regionally, there was sales growth in all regions. On a year-to-date basis, home sales are up 30% in the Northeast, up 18% in the Midwest, 6% higher in the West, and up 1% in the South compared to September 2017.
* Pending Home Sales Strengthen 3.5% in October. Pending home sales rebounded strongly in October following three straight months of diminishing activity, but still continued their recent slide of falling behind year ago levels, according to the National Association of Realtors. All major regions except for the West saw an increase in contract signings last month. NAR’s 2017 Profile of Home Buyers and Sellers – released last month – revealed that homeowners typically stayed in their home for 10 years before selling (an all-time survey high). Prior to 2009, sellers consistently lived in their home for a median of six years before selling. The PHSI in the Northeast inched forward 0.5 percent to 95.0 in October, but is still 1.9 percent below a year ago. In the Midwest the index increased 2.8 percent to 105.8 in October, but remains 0.9 percent lower than October 2016. Pending home sales in the South jumped 7.4 percent to an index of 123.6 in October and are now 2.0 percent higher than last October. The index in the West decreased 0.7 percent in October to 101.6, and is now 4.4 percent below a year ago.Full Story... https://www.nar.realtor/newsroom/pending-home-sales-strengthen-35-percent-in-october

* Home Builder Confidence Hits 8-Month High in November. A monthly reading of home builder sentiment rose two points in November to 70, according to the National Association of Home Builders. This comes after rising four points in October. Anything above fifty is considered positive sentiment. November’s reading is the highest since March of this year and the second highest on record since before the recession. The index stood at 63 in November 2016. Regionally, on a three-month moving average, builder confidence in the Northeast jumped five points to 54 and rose one point to 69 in the South. Both the West and Midwest remained unchanged at 77 and 63, respectively.

Have a productive week.

Jason


Portland Metro Weekend Events Planner: December 1-3, 2017

PORTLAND METRO WEEKEND EVENTS PLANNER
DECEMBER 1-3, 2017

  

FESTIVAL OF TREES

FRI-SAT  A timeless and ageless tradition for everyone, Providence Festival of Trees will dazzle you with elaborately decorated Christmas trees, mini-trees, wreaths and holiday displays.  

HOLIDAY ALE FESTIVAL

Through December 3 – More than 50 potent winter ales are featured at this year’s event, all of which are created specifically to bring warmth and cheer to the holiday season. Held at Pioneer Courthouse Square under a large, heated clear top tent. 

SCANFAIR

SAT-SUN  Experience the sights, sounds, tastes, and traditions of a Nordic Christmas during the holiday season! An event reminiscent of Christmas markets in Copenhagen, Helsinki, Oslo, Reykjavik, and Stockholm. Enjoy vendors, food, entertainment, games, and more.  

UNIWAY HOLIDAY HOME TOUR

SAT  Tours offer a sneak peek into stunning homes, neighborhood trolley rides, and live music…all while supporting Duniway Elementary School.  

LEWIS & CLARK CAT SHOW

SAT-SUN  See up to 225 top show cats on display, purebred kittens for sale, rescue cats up for adoption, household pet competition, tons of vendors and much more.  

WHITE ALBUM XMAS

Through December 9  A holiday circus spectacular, a tribute to The Beatles and an annual reunion of the Cascadian Freak Family.

CHRISTMAS SHIP PARADE

Through December 21  View up to 60 boats brightly decorated for the holiday season sailing on the Columbia and Willamette rivers. For the Columbia River schedule, click here. For the Willamette River Schedule, click here.

AMERICA’S LARGEST CHRISTMAS BAZAAR

FRI-SUN  Let the glory of Christmas come alive as the three hundred-voice choir creates a Christmas extravaganza for the whole family. Your favorite holiday songs, dancing Santas, and a beautiful cinematic Nativity. 

A CHRISTMAS CAROL: THE MUSICAL 

Through December 24 – Broadway heavy hitters, Alan Menken and Lynn Ahrens, breathe fantastic new life into the classic tale of A Christmas Carol.  

PORTLAND’S SINGING CHRISTMAS TREE

Through December 3  Let the glory of Christmas come alive as the three hundred-voice choir creates a Christmas extravaganza for the whole family. Your favorite holiday songs, dancing Santas, and a beautiful cinematic Nativity.

ZOO LIGHTS

Through January 7  Walk through dazzling displays of more than million and half lights, and experience your zoo in a whole new light. In addition to visiting elephants, penguins and other animals, you can ride the popular lighted train and enjoy dinner from a variety of food carts.

CHRISTMAS FESTIVAL OF LIGHTS

Through December 30 – Presenting the sights, sounds and sensations of the season, The Grotto’s Christmas Festival of Lights is the largest Christmas choral festival in the world. The festival features nearly 160 indoor holiday concerts performed by many of the region’s finest school, church and civic choirs. Offering a family-oriented blend of traditional celebration and serene reflection, the festival theme reflects the special season of hope that Christmas offers to many thousands of families from around the Pacific Northwest.

WINTER WONDERLAND

Through December 26 – The largest light show in the Northwest spanning the track at Portland International Raceway.   

CHRISTMAS IN THE GARDEN

Through December 31  A charming European-inspired event featuring ice skating, snowless tubing, an artisan vendor market, photos with Santa, fire pits, live music and more!

LIGHTING OF MADDOX WOODS

Through December 31  Enjoy a magical walk down a lighted, accessible path through the woods and to the viewing platform on the Willamette River.

THE TRAIN TO CHRISTMAS TOWN

Through December 28 – Based on the beloved children’s book, The Train to Christmas Town, this holiday ride recreates on board the story book tale that is sure to become a family favorite tradition! 75 minute train ride departing from Hood River.

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!

PORTLAND CIDER HOUSE’S CIDER-MOSA SATURDAY

EVERY SAT – Enjoy a liquid brunch and try a variety of delicious and fun cider-mosas.

FLASHBACK DANCE CRUISE
Through SAT – Gather your crew & rock your best retro threads from the 70’s, 80’s and 90’s!

DUELING PIANO SHOW
FRI & SAT (All Month) – The Barrel Room lays claim to the longest running dueling piano shows in Portland. The show, which at times can get a “little cheeky,” isn’t just two players banging on pianos for five hours. They boast a Vegas style, request driven, interactive show complete with bits, games, sing-a-longs, comedy and some of the best players in the U.S.

URBAN SCAVENGER HUNT
ALL MONTH  Smartphone 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.

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.

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.

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.

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.

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.

 

VANCOUVER METRO EVENTS

CHRISTMAS AT THE PARK

FRI  Enjoy a Christmas village wonderland with several characters amidst the park bringing cheer to kids and adults.  

SANTACON

SAT  Dinner will be at Main Event Sports Grill from 7-9PM followed by Santa parties until midnight. Underwear and sock donations will be donated to The Share House. Full Santa-themed attire required. No ugly sweaters please. 

IT’S A WONDERFUL LIFE

Through December 16  Magenta’s December show is the stage adaptation of Frank Capra’s classic film that warms the hearts of families every year at Christmas time.  

CHRISTMAS TREE TRAIN

Through December 16 – Find a Christmas tree in a unique way on the Chelatchie Prairie Railroad! Along the trip, capture views of the Lewis River atop our hill-side vantage point, then return to Moulton Station. At Moulton Station, enjoy warm cider and cocoa, hot coffee and cookies. Santa has a gift for each child, bring your camera to capture this moment in time.

FESTIVAL OF TREES
Through December 16 – Divine Consign will display beautifully decorated trees at their downtown Vancouver location, 904 Main Street. Their event will benefit Clark County non-profit organizations.

NEW MOVIES OUT THIS WEEK
· Wonder Wheel
· Brotherhood of the Blades 2
· 24 Hours to Live
· Gangster Land
· Big Time
· Inoperable
· Drawing Home
· Slumber
· Permanent

Click here for movie times and theaters.

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: November 27, 2017

The National Association of Realtors released This Week in Real Estate that the pace of existing-home sales in October was the strongest it has been since June. Below are a few highlights from the third week of November that influence our business:

* Existing Home Sales Grow 2% in October. Existing-home sales increased in October to their strongest pace since earlier this summer, but continual supply shortages led to fewer closings on an annual basis for the second straight month, according to the National Association of Realtors. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2.0 percent to a seasonally adjusted annual rate of 5.48 million in October from a downwardly revised 5.37 million in September. After last month’s increase, sales are at their strongest pace since June (5.51 million), but still remain 0.9 percent below a year ago. Existing-home sales in the West grew 2.4 percent to an annual rate of 1.27 million in October, and are now 0.8 percent above a year ago. The median price in the West was $375,100, up 7.8 percent from October 2016. The median existing-home price2 for all housing types in October was $247,000, up 5.5 percent from October 2016 ($234,100). October’s price increase marks the 68th straight month of year-over-year gains.
* Freddie Mac November 2017 Outlook. “It’s unlikely the economic environment will be much more favorable for housing and mortgage markets in 2018 and 2019. We forecast that interest rates will remain low by historical standards, but gradually creep higher over the next two years. We also forecast that housing construction will gradually pick up, helping to supply more homes to inventory-starved markets. More housing supply and modestly higher rates will lead to a moderation in house price growth. Refinance activity will drop to very low levels and the mortgage market will be dominated by purchase activity,” said Freddie Mac Chief Economist Sean Becketti. Modest economic growth, robust job gains, and low interest rates make for a favorable economic environment for housing and mortgage markets. But despite the favorable environment, housing markets have stalled a bit through summer and into fall. A lack of available for-sale inventory is helping to contribute to an acceleration in home prices.Full Story... http://freddiemac.mwnewsroom.com/press-releases/freddie-mac-november-2017-outlook-otcqb-fmcc-1325624?feed=429e0be3-9aef-4a3a-9775-43f8e470d510
* Once Hot Apartment Construction Cooling as U.S. Housing Engine. Faster apartment building was instrumental in pulling the U.S. housing market out of its slump a decade ago. Now, that engine is starting to throttle back. The supply of apartments and condominiums has surged in recent years as builders responded to rising demand, fueled in part by young Americans who preferred to rent rather than purchase a home in the aftermath of the recession. A surge in prices for single-family properties, as the real-estate market recovered from its 2006 plunge, also made apartments more attractive for both builders and people unable to buy.  A Commerce Department report on Friday showed completions of multifamily units in October reached the fastest annualized rate in almost three decades. What’s more, the pipeline of apartments under construction is leveling off from a 42-year high reached at the start of 2017. And the number of multifamily units authorized but not yet started also is cooling as builders attempt to calibrate the supply.

Have a productive week.

Jason


This Week in Real Estate: November 20, 2017

Favorable news from the new construction sector This Week in Real Estate with the three month-moving average ending in October for single-family housing starts rising to a post-recession high, while builder confidence in November reached the second highest reading since July 2005. Below are a few highlights from the second week of November that influence our business:

* Housing Starts Rise in OctoberTotal housing starts increased in October, with solid readings from the single-family sector. Total starts increased 13.7% to a 1.29 million seasonally adjusted annual rate, according to the joint data release from the Census Bureau and HUD. A jump in multifamily construction also increased the headline rate. Single-family starts increased for the month, rising to an 877,000 seasonally adjusted rate in October. This monthly annualized rate matches the post-recession high pace set in February of this year. However, the three month-moving average for single-family starts is at a post-recession high (860,000). Single-family starts are up more than 8% year-to-date compared to 2016 as limited existing inventory and solid builder confidence make for positive market conditions. Single-family permits, a reasonable indicator of future construction conditions, are running 10% higher on a year-to-date basis. Part of the gain for single-family construction in October was a rebound in Florida and Texas after project delays in September. Single-family starts in the South were up 17% compared to September.
* CoreLogic: Mortgage Delinquency Rates Lowest in More Than a Decade. CoreLogic released its monthly Loan Performance Insights Report Tuesday which shows that, nationally, 4.6 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in August 2017. This represents a 0.6 percentage point year-over-year decline in the overall delinquency rate compared with August 2016 when it was 5.2 percent. As of August 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.6 percent, down from 0.9 percent in August 2016. This was the lowest foreclosure inventory rate for the month of August in 11 years since August 2006 when it was 0.5 percent. The rate for early-stage delinquencies, defined as 30-59 days past due, was 2 percent in August 2017, down slightly from 2.1 percent in August 2016. The share of mortgages that were 60-89 days past due in August 2017 was 0.7 percent, unchanged from August 2016. The serious delinquency rate (90 days or more past due) declined 0.5 percentage points year over year from 2.4 percent in August 2016 to 1.9 percent in August 2017. The 1.9 percent serious delinquency rate in June, July and August of this year marks the lowest level for any month since October 2007 when it was also 1.9 percent, and is also the lowest for the month of August since 2007 when the serious delinquency rate was 1.7 percent. Alaska was the only state to experience a year-over-year increase in its serious delinquency rate in August 2017.

* Builder Confidence Nears Post Crash High. Builder confidence increased for the second consecutive month after taking a hit in September from the late summer hurricanes.  The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) increased 2 points in November, hitting 70, the highest score since March.  It was also the second highest reading for the index which measures NAHB’s new home builder members confidence in the new home market since July 2005.  “November’s builder confidence reading is close to a post-recession high – a strong indicator that the housing market continues to grow steadily,” said NAHB Chairman Granger MacDonald. Regional HMI scores are presented as three-month moving averages.  The Northeast jumped 5 points to 54 and the South rose 1 point to 69. Both the West and Midwest remained unchanged at 77 and 63, respectively. NAHB Chief Economist Robert Dietz commented, “Demand for housing is increasing at a consistent pace, driven by job and economic growth, rising homeownership rates and limited housing inventory.  With these economic fundamentals in place, we should see continued upward movement of the single-family housing market as we close out 2017.”

 

Have a productive week.

Jason


This Week in Real Estate: November 13, 2017

Favorable news This Week in Real Estate from the U.S. Census Bureau regarding homeownership. For the second time in 2017, homeownership has increased. In other news, as inventory constraints still exist in most markets across the country, the fact that new construction spending is well ahead of last year provides some optimism that supply may start to relieve the pressure of demand. Below are a few highlights from the last week of October that influence our business:

* Homeownership Rate Improves For Second Time in 2017. The homeownership rate improved to 63.9 percent in the third quarter—the second time it has inched up this year, slightly topping 63.7 percent in the second quarter and 63.5 percent this time last year, according to the U.S. Census Bureau’s recent Quarterly Housing Vacancies and Homeownership report. Approximately 87 percent of housing was occupied in the third quarter, with 55.7 percent owner-occupied and 31.4 percent renter-occupied. Owner-occupied and renter-occupied housing accounted for 55.5 percent and 31.6 percent shares, respectively, in the second quarter of this year, and 55.5 percent and 31.8 percent shares, respectively, in the first quarter. The homeownership rate in the third quarter was again highest in the Midwest, at 69.1 percent, and the South, at 65.5 percent. The rate in the Northeast was 60.4 percent, while the rate in the West was 58.9 percent.
Full Story… http://rismedia.com/2017/10/31/homeownership-rate-improves-second-time-2017/?utm_source=newsletter&utm_medium=email&utm_campaign=eNews

* Metro Home Prices Maintain Fast Growth in Third Quarter; Rise 5.3%. Severely lacking inventory levels across the country pinched sales growth and kept home prices rising at a steady clip in nearly all metro areas in the third quarter, according to the latest quarterly report by the National Association of Realtors. The national median existing single–family home price in the third quarter was $254,000, which is up 5.3 percent from the third quarter of 2016 ($241,300). Single–family home prices last quarter increased in 92 percent of measured markets, with 162 out of 177 metropolitan statistical areas (MSAs) showing sales price gains in the third quarter compared with the third quarter of 2016 (the most since the second quarter of 2015, at 93 percent). In the West, existing–home sales increased 2.8 percent in the third quarter and are 1.9 percent above a year ago. The median existing single–family home price in the West increased 7.0 percent to $373,700 in the third quarter from the third quarter of 2016.
Full Story… https://www.nar.realtor/newsroom/metro-home-prices-maintain-fast-growth-in-third-quarter-rise-53-percent

* Single Family and Multifamily Construction Spending Post Gains. NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $515.4 billion in September, virtually unchanged from downwardly revised August estimates. The total private residential construction spending was 9.6% higher than a year ago. Residential spending was flat for the month but is still running well ahead of the 2016 pace, especially that single-family number. Single-family construction was up 0.2 percent month-over-month to a rate of $265.59 billion, but that contributed to the 11.9 percent annual growth. On an unadjusted basis, residential spending in September, at $46.41 billion, represented more than half of the total $83.57 billion spent on all privately funded construction. Residential spending through August came to $345.71 billion, up 11.7 percent over the same period last year. Single family construction spending for the month was estimated at an unadjusted $24.73 billion and multi-family at $5.261. Year-to-date spending in the two categories was 8.9 percent and 4.3 percent higher than during the same period in 2016.
Full Story… http://eyeonhousing.org/2017/10/cash-sales-retreat-as-a-share-of-new-home-purchases/

Have a productive week.

Jason


Portland Metro Weekend Events Planner: November 8, 2017

PORTLAND METRO WEEKEND EVENTS PLANNER
NOVEMBER 10-12, 2017

 

VETERANS DAY PARADE

SAT – Enjoy beautiful floats, marching bands, vehicles, groups and more to honor our Veterans.  

NORTHWEST FOOD & WINE FESTIVAL

SAT – Bringing the highest quality regional wines, spirits, beers, foods and prominent chefs and restaurants. Designed to present a rich and rewarding experience for wine lovers, gourmet food enthusiasts and industry experts. 

HOLIDAY FOOD & GIFT FESTIVAL

FRI-SUN – With over 300 exhibitors, this festival will provide shoppers with one-of-a-kind gifts that cannot be found anywhere else. Featuring art, crafts, jewelry, clothing, wood, music, photography, toys, Christmas décor, and much more, making this a gift buyer’s delight. 

PORTLAND METRO RV SHOW

FRI-SUN – All the best models, including motor homes, easy-to-pull trailers, 5th wheels, vans, campers, tent trailers, and toy haulers from all major manufacturers plus dozens of exhibitors and much more!  

WORDSTOCK

SAT – Featuring 100+ authors presenting 43 onstage events, pop-up readings, and 15 writing workshops. The festival includes activities for readers of all ages, an extensive book fair with 70+ vendors, local food trucks, and more. 

TONY STARLIGHT SHOWROOM

FRI – Portland’s premiere dinner and show venue and is the closest thing to a Vegas show in Portland. A truly memorable dinner and show experience, one that you will want to share with friends and family. 

ALL HANDS ON DECK
Through SUN – An all-singing, all-American 1942 Roadshow & Radio Broadcast reproduction filled with the songs, dances and laughs that America has loved for 70 years! Offering a musical message for all Americans with a full-circle patriotic salute celebrating the American way of life; reminding us of a time when our country was fully united.

FLASHBACK DANCE CRUISE
Through November 18 – Gather your crew & rock your best retro threads from the 70’s, 80’s and 90’s!

DUELING PIANO SHOW
FRI & SAT (All Month) – The Barrel Room lays claim to the longest running dueling piano shows in Portland. The show, which at times can get a “little cheeky,” isn’t just two players banging on pianos for five hours. They boast a Vegas style, request driven, interactive show complete with bits, games, sing-a-longs, comedy and some of the best players in the U.S.

URBAN SCAVENGER HUNT
ALL MONTH  Smartphone 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.

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.

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.

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.

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.

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.

 

VANCOUVER METRO EVENTS

FORT VANCOUVER VETERANS DAY PARADE

SAT – Honor our local veterans at the 10AM ceremony proceeded by the parade starting at 11AM at Fort Vancouver. 

NEIL YOUNG TRIBUTE VETERANS DAY BENEFIT SHOW

SAT – Enjoy a performance by Harvest Gold, the area’s top Neil Young tribute band, while supporting our local veterans.   

FESTIVAL OF TREES
Through December 16 – Divine Consign will display beautifully decorated trees at their downtown Vancouver location, 904 Main Street. Their event will benefit Clark County non-profit organizations.

NEW MOVIES OUT THIS WEEK

· Murder on the Orient Express
· Daddy’s Home 2
· No Greater Love
· Intent to Destroy
· Thelma
· Gold Star
· I Remember You
· Amanda & Jack Go Glamping
· Strong Black Woman Vol. 2

Click here for movie times and theaters.

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

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


©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.