Portland Metro Weekend Events Planner: September 7-9, 2018

 

PORTLAND METRO WEEKEND PLANNER
SEPTEMBER 7-9, 2018

FOLK MUSIC FESTIVAL
FRI-SUN – Head to Sisters for the folk festival of the year! Listen to music covering over eleven stages right in the heart of Oregon’s mountain and river country.

AMERICAN INDIAN DAY CELEBRATION
FRI Join the Northwest Portland Area Indian Health Board to celebrate with food vendors, educational booths, entertainment and more!

SONGS OF BROADWAY
THROUGH OCT 8 – Enjoy a musical revue with songs from the favored classics like Guys & Dolls, My Fair Lady, The Sound of Music and more!

ROSE CITY COMIC CON
FRI-SUN – Comic book fans unite at the convention covering books, games, sci-fi and pop culture. Meet artists, celebrities, publishers and more!

BEER & BBQ FESTIVAL
FRI-SUN – Head to the heart of McMinnville and sample from over 50+ taps and 35+breweries paired with delectable barbecue and live music.

AIDS WALK
SAT – Bring the family for this fun-filled 2.40-mile walk to raise awareness and funds for the fight against HIV/AIDS.

HARVEST FESTIVAL
SAT – Spend a weekend in wine country, join this grape stomping competition with live music, kids activities and more!

CLAM CHOWDER FESTIVAL
SAT – Lincoln City Chowder & Brewfest features fresh caught seafood chowder, craft beer and live music.

RENAISSANCE FAIR
SAT-SUN Shrewsbury Renaissance Faire teaches the history of interactive living through faire play, a village marketplace, live music and more!

TOY FAIR
FRI-SUN – Play with hands-on exhibits from toy and entertainment brands and meet life-sized characters from pop culture brands.

SING ALONG
SUN – Join in on this sing along with popular singing groups at Pioneer Courthouse Square.

OREGON ZOO CONCERTS
THROUGH SEPT 12 – Head to the Oregon Zoo to catch the remaining shows in the Summer Concert Series.

SKELETON CREW
THROUGH SEPT 30 – Award winning play about the collapse of the 2008 Detroit auto industry, showcasing the importance of one of the city’s last auto plants and what happens to society when a legacy closes down.

VANCOUVER METRO EVENTS

SHERLOCK HOLMES COMEDY
THROUGH SEPT 22 – This classic whodunit is full of disguises and deceit, accents and fast paced adventure. Catch this show at the Magenta Theater.

FIRST FRIDAY
FRI – Don’t miss First Friday with downtown galleries in over ten locations!

DINNER ON THE COLUMBIA
SAT – Dinner in white on the Columbia features food, music and wonderful company. This event is fundraising for a ‘bigger and better’ Washougal library.

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

  • Manu
  • Perfect Blue
  • City of Lies
  • Diane
  • God Bless The Broken Road
  • Mara
  • Peppermint
  • The Favorite
  • The Nun
  • Paltan
  • Paper Boy

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: September 4, 2018

 

Jobs and interest rates have always been two key indicators in determining current real estate market conditions as well as forecasting the future market. Equally important is consumer confidence. The Conference Board released This Week in Real Estate it’s August index, which rose to its highest level since October 2000. Below are a few highlights from the last week of August that influence our business:

* Consumer Confidence Pops in August to Highest Level Since October 2000. Consumer confidence rose in August to its highest level since October 2000, building on July’s solid result. The Conference Board’s index climbed to 133.4 in August. August saw that optimism increase among consumers, the Conference Board found, with the percentage of consumers expecting business conditions will get better over the next six months increasing to 24.3 percent from 22.9 percent. “These historically high confidence levels should continue to support healthy consumer spending in the near-term,” said Lynn Franco, director of economic indicators at The Conference Board.
Full Story… https://www.cnbc.com/2018/08/28/august-consumer-confidence.html?__source=realestate%7Cnews%7C&par=realestate

* NAR Sees Overheated Housing Market Starting to CoolNAR’s July Pending Home Sales Index (PHSI) came in at 106.2, down from an upwardly revised (from 106.9) 107.0 in June, a decline of 0.7 percent. The decrease put the PHSI 2.3 percent behind its level in July 2017.  It was the seventh straight month the NAR’s leading indicator for existing home sales has trailed on an annual basis. Lawrence Yun, NAR chief economist, says the housing market’s summer slowdown continued in July. “Contract signings inched backward once again last month, as declines in the South and West weighed down on overall activity,” he said. “It’s evident in recent months that many of the most overheated real estate markets – especially those out West – are starting to see a slight decline in home sales and slower price growth.” Yun added, “The reason sales are falling off last year’s pace is that multiple years of inadequate supply in markets with strong job growth have finally driven up home prices to a point where an increasing number of prospective buyers are unable to afford it.” There has been some increase in listings of available homes in some large metro areas, especially those in the West and Yun said this may help cool price growth and make homes more affordable going forward. Listings were up in several areas which have been especially “hot” including Denver, Nashville, Portland Oregon, and the California metro areas of Santa Rosa and San Jose. “Rising inventory levels – especially if new home construction finally starts picking up – should help slow price appreciation to around two-and-four percent, which will help aspiring first-time buyers, and be good for the long-term health of the nation’s housing market,” said Yun. In its July existing home sales report NAR put the year-over-year appreciation at 4.5 percent.
Full Story… http://www.mortgagenewsdaily.com/08292018_pending_home_sales.asp

* Lot Size Remains Record Low. The median lot size of a new single-family detached home sold in 2017 stands at 8,560 square feet, or just under one-fifth of an acre. This is just 2 square feet smaller but statistically not different from the 2016 median. In 2015, the median lot size fell under 8,600 square feet for the first time since Census Bureau’s Survey of Construction (SOC) started tracking the series for single-family detached homes. It remained in this record low territory ever since. While nation’s lots are getting smaller on average, the regional differences in lot sizes persist. Looking at single-family detached speculatively built (or spec) homes started in 2017, the median lot size in New England is twice as large as the national median. The Pacific division where densities are high and developed land is scarce has the smallest lots, with half of the lots being under 0.15 acres.
Full Story… http://eyeonhousing.org/2018/08/lot-size-remains-record-low/

Have a productive week.

Jason


Portland Metro Weekend Planner: August 31-September 2, 2018

 

PORTLAND METRO WEEKEND PLANNER
AUGUST 31-SEPTEMBER 2, 2018

PIONEER WAGON RIDE
THROUGH AUG 31 – Celebrate the 175th anniversary of the Oregon Trail at the Oregon Historical Society Museum with an Oregon trail experience wagon ride around Downtown Portland.

OREGON STATE FAIR
THROUGH SEPT 3 – Enjoy carnival rides, eat outrageous carnival food, and watch live entertainment from the concert lineup.

PIRATE FESTIVAL
THROUGH SEPT 3 – Tortuga Pirate Festival sets sail with a weekend of shenanigans, ships and a bonfire for adults to enjoy.

FITNESS FUR ALL
SAT – Take your pooch down to the waterfront for a dog-friendly walk to fundraise with Animal Aid, the no-kill animal rescue and welfare organization.

CONCERTS IN THE PARK
THROUGH SEPT 7 – Head to Portland parks, bring a blanket or chairs and hear music from country to classic rock and roll and rhythm & blues.   

CREATE ICE SCUPLTURES
SUN – Winter is here! Join this ice carving workshop and try your hand at carving techniques using chisels and step-by-step instruction.

TRAIL PARTY
SAT – Head to the Upper Angels Rest trail for a work party to help restore the beloved trail after the disastrous fire last year. Checkout the website to see what to bring before you go.

MAKE MACARONS
SAT – Head to Bob’s Red Mill Cooking School to learn how to make macarons with two different methods for French and Italian flair. These delicious treats are both wheat free and vegan!

CONCERTS IN THE PARK
THROUGH SEPT 7 – Summer is coming to an end, don’t miss the last of the concerts in the park series.

INDYCAR SERIES
FRI-SUN – Don’t miss the Grand Prix of Portland, see international IndyCar drivers as they race for 1st place in Sunday’s 102 lap race.

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.

OREGON ZOO CONCERTS
THROUGH SEPT 12 – Head to the Oregon Zoo to catch the remaining shows in the Summer Concert Series.

SKELETON CREW
THROUGH SEPT 30 – Award winning play about the collapse of the 2008 Detroit auto industry, showcasing the importance of one of the city’s last auto plants and what happens to society when a legacy closes down.

VANCOUVER METRO EVENTS

SCANDINAVIAN COOKING WORKSHOP
SAT – Head to the Ridgefield Community Center to learn how to cook delicious authentic Scandinavian food.

URBAN ABUNDANCE HARVEST PARTY
SAT – Help harvest the orchard and collect fresh produce to be donated to the food bank. Volunteers are welcome to take their pickings home.

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

  • Operation Finale
  • Kin
  • Active Measures
  • Big Brother
  • Blood Fest
  • The Little Stranger
  • Pick of the Litter
  • Reprisal
  • Slave to the Grind
  • Active Measures
  • Chasing the Win
  • Destination Wedding
  • Inventing tomorrow
  • S.M.A.R.T. Chase

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: August 27, 2018

According to a release by the National Association of Realtors This Week in Real Estate, continued price appreciation is the main contributing factor of the decline in sales from a year earlier for the fifth straight month in July. Below are a few highlights from the fourth week of August that influence our business:

* Single-Family Built-for-Rent Housing Expands. The number of single-family homes built-for-rent increased over the last four quarters. During this time period, construction starts of this type of housing totaled 42,000 homes, compared to 29,000 for the prior four quarters. There were 13,000 single-family built-for-rent starts for the second quarter of 2018. According to data from the Census Bureau’s Quarterly Starts and Completions by Purpose and Design and NAHB analysis, the market share of single-family homes built-for-rent, as measured on a one-year moving average, stood at 4.7% of single-family starts as of the second quarter of 2018. Despite the current elevated market concentration, the total number of single-family starts built-for-rent remains low in terms of the total size of the building market. The current market share remains higher than the recent historical average of 2.7% (1992-2012) but is down from the 5.8% reading registered at the start of 2013.
Full Story… http://eyeonhousing.org/2018/08/single-family-built-for-rent-housing-expands/

* Home Price Gains Continue to Dampen DemandExisting home sales posted their fourth straight loss in July and have dropped to their slowest pace since February 2016The National Association of Realtors (NAR) said sales of previously owned single-family houses, townhouses, condos, and cooperative apartments were at a seasonally adjusted annual rate of 5.34 million units last month. This is a 0.7 percent decline from the 5.38 million units reported for June and puts sales behind those of a year earlier for the fifth straight month, this time by 1.5 percent. Single-family home sales declined by 0.2 percent to a seasonally adjusted annual rate of 4.75 million from 4.76 million in June. They are now running 1.2 percent below the 4.81 million sales pace a year ago. The West saw the only gain, 4.4 percent to an annual rate of 1.19 million in July, but sales are still 4.0 percent below a year ago. The median price in the West was up 5.1 percent to $392,700.
Full Story… http://www.mortgagenewsdaily.com/08222018_existing_home_sales.asp

* Big Win for Realtors on IRS Guidance for 20% Income Deduction. The deduction was part of the big tax reform law Congress passed at the end of last year and it was a huge win for REALTORS. But it was unclear who would be eligible for the deduction. Now that proposed regulations are out, it’s clear the new deduction will be available to a wide range of real estate professionals. Under the new deduction is available for tax years beginning after Dec. 31, 2017. You’ll be able to claim it for the first time on the 2018 federal income tax return you file next year. Look for detailed NAR guidance by mid-September. It’s a complicated provision and how it works for you will depend on many factors unique to your business structure and your income.
Full Story… http://speakingofrealestate.blogs.realtor.org/2018/08/09/big-win-for-realtors-on-irs-guidance-for-20-income-deduction/

Have a productive week.

Jason


Portland Metro Weekend Planner: August 24-26, 2018

 

PORTLAND METRO WEEKEND PLANNER
AUGUST 24-26, 2018

FARM FOOD FESTIVAL
FRI-SUN – Enjoy this three-day food and wine festival with local vendors and one-of-a-kind culinary creations. Proceeds benefit the Yamhill Enrichment Society.

ITALIAN FESTIVAL
FRI-SAT Festa Italiana Portland with live music, dancing and traditional food at Pioneer Courthouse Square.

FAIRY FESTIVAL
FRI-SAT – World’s largest Faerie Festival, wear a costume and enjoy entertainment, music, a food court, crafts and literature with more than 150 vendors.

OREGON STATE FAIR
FRI-SUN Bring the family and enjoy classic fair food, browse farm animals on display and hop on carnival rides.

DAHLIA FESTIVAL
SAT – Over 400 floral arrangements of Dahlias inside and 30 acres of dahlias. Learn how to grow and arrange these beautiful flowers with demonstrations and workshops.

STREET OF DREAMS
SAT-SUN – Don’t miss the final weekend of the Street of Dreams! This year features six homes in the largest master planned community in Oregon in South Hillsboro on the golf course.

HAWTHORNE STREET FAIR
SUN – Join the Shop Local district, where your purchases matter. View over 100+ businesses involved in making the community a better place.

ARTIST EXHIBIT: MICHAEL ABRAMSON
SAT – Artist’s compilation of black and white gelatin silver prints by photographer Michael Abramson, capturing the spirit and styles of nightclubs on Chicago’s South side during the 1970’s.

BLUEGRASS PICKER’S FEST
FRI-SUN – Dance to music in the mountains and stay all weekend by camping in Rhododendron.  

JADE INTERNATIONAL NIGHT MARKET
SAT – Celebrate the 4th annual market where multicultural Portland communities come together in the Jade district. Support small businesses and watch cultural performances!

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.

TOUR & TRIVIA
THROUGH SEPT 15 – Save the city of Portland from a supervirus by exploring downtown and discovering local sites. Each site is an outbreak and it’s up to you to save it!

VANCOUVER METRO EVENTS

VANCOUVER WINE & JAZZ FESTIVAL
FRI-SUN – Shop, eat, drink and dance at Esther Short Park in Vancouver. This year’s music theme featuring “The Power of Women.”

ENDLESS SUMMER CRUISE-IN
SAT – Browse the 34th annual car show with proceeds benefiting the Northwest Battle Buddies.

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

  • A.X.L.
  • The HappyTime Murders
  • Beautifully Broken
  • Blue Iguana  
  • An L.A. Minute
  • Papillion
  • Searching
  • Support The Girls

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: August 20, 2018

While the national median single-home price in the second quarter reached a new peak, single family starts is 6.2% higher than same time last year according to the joint release This Week in Real Estate by the Census Bureau and HUD. Permits are up 7.5% compared to same time last year while the number of homes for which permits have been authorized but construction has not started is up 25% compared to last year. Below are a few highlights from the third week of August that influence our business:

* Flat Conditions for Housing Starts. Total housing starts posted a slight increase in July as markets face headwinds in the form of rising construction costs and growing affordability concerns. Total housing starts increased 0.9% in July to a seasonally adjusted annual rate of 862,000. That is 6.2% higher for 2018 on a year-to-date basis, according to the joint data release from the Census Bureau and HUD. However, builders continue to report concerns about ongoing labor access issues and elevated prices for softwood lumber, although recent weeks have seen price declines. On a year-to-date basis, single-family starts are 7.2% higher as of July relative to the first seven months of 2017, performing slightly worse than our forecast. Single-family permits, a useful indicator of future construction activity, were up slightly (1.9%) in July and have registered a 7.5% gain thus far in 2018 compared to last year. It is also worthwhile to note that there have been gains in the count of homes for which permits have been authorized but construction has not started. For single-family homes, there are currently 97,400 permitted units that have not begun construction. This is up 25% from July of 2017, when the total was 77,800. This increase is consistent with NAHB survey data indicating a pause in some planned construction activity due to the increase in building material costs during the first part of 2018.
Full Story… http://eyeonhousing.org/2018/08/flat-conditions-for-housing-starts/

* Metro Home Prices Climb to New All-Time HighAmidst staggeringly low inventory levels in much of the country during the second quarter, existing-homes sales cooled and home prices maintained their robust level of appreciation, according to the latest quarterly report by the National Association of Realtors. The national median existing single-family home price in the second quarter was $269,000, which is up 5.3 percent from the second quarter of 2017 ($255,400) and surpasses last year’s second quarter as the new peak. The median sales price during this year’s first quarter increased 5.7 percent from the first quarter of 2017. Single-family home prices last quarter increased in 90 percent of measured markets, with 161 out of 178 metropolitan statistical areas (MSAs) showing sales price gains in the second quarter compared to a year ago. Twenty-four metro areas (13 percent) experienced double-digit increases, down from 30 percent in this year’s first quarter. In the West, existing-home sales in the second quarter decreased 4.1 percent and are 3.6 percent below a year ago. The median existing single-family home price in the West increased 8.3 percent to $403,300 in the second quarter from the second quarter of 2017.
Full Story… https://www.nar.realtor/newsroom/metro-home-prices-climb-to-new-all-time-high-rise-53-percent-in-second-quarter

* New Single-Family Home Size Continues Downward Trend. Continuing a multiyear trend, new single-family home size decreased during the second quarter of 2018. New home size has been falling over the last two years due to an incremental move to additional entry-level home construction. According to second quarter 2018 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area decreased to 2,344 square feet. Average (mean) square footage for new single-family homes declined to 2,555 square feet. The post-recession increase in single-family home size is consistent with the historical pattern coming out of recessions. Typical new home size falls prior to and during a recession as home buyers tighten budgets, and then sizes rise as high-end homebuyers, who face fewer credit constraints, return to the housing market in relatively greater proportions. This pattern was exacerbated during the current business cycle due to market weakness among first-time homebuyers and supply-side constraints in the building market. But the recent declines in size indicate that this part of the cycle has ended, and size will trend lower as builders add more entry-level homes into inventory.
Full Story… http://eyeonhousing.org/2018/08/new-single-family-home-size-continues-downward-trend/

Have a productive week.

Jason


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


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


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