This Week in Real Estate: April 16, 2018

While foreclosure activity continues to decrease year-over-year reaching pre-recession levels, analysis of U.S. Census Bureau data from the Pew Research Center revealed This Week in Real Estate multigenerational households hit an all-time high in 2016. Below are a few highlights from the second week of April that influence our business:

* Number of Multigenerational Households Hit All-Time High. The share of Americans living in multigenerational households, homes with two or more adult generations, hit an all-time high in 2016, according to a new analysis of U.S. Census Bureau data from the Pew Research Center. In 2016, the number of multigenerational households increased to 20% of the U.S. population, or 64 million people, an all-time high. In 2009, about 51.5 million Americans, or 17% of the population lived in multigen households, which rose to 60.6 million, or 19% of the population in 2014.
* U.S. Foreclosure Activity Decreases 19 Percent in Q1 2018 to Stay Below Pre-Recession Levels for Sixth Consecutive QuarterATTOM Data Solutions released its Q1 2018 U.S. Foreclosure Market Report on Thursday, which show a total of 189,870 U.S. properties with a foreclosure filing during the first quarter of 2018, up 4 percent from the previous quarter but still down 19 percent from a year ago and 32 percent below the pre-recession average of 278,912 per quarter from Q1 2006 – Q3 2007 – the sixth consecutive quarter where U.S. foreclosure activity has been below its pre-recession quarterly average. The report also shows a total of 74,341 U.S. properties with foreclosure filings in March 2018, up 21 percent from an all-time low in the previous month but still down 11 percent from a year ago – the 30th consecutive month with a year-over-year decrease in U.S. foreclosure activity. 
* Record Commercial/Multifamily Volume in 2017. Multifamily mortgage financing was the big winner overall in what was a record setting year for commercial and multifamily originations. The Mortgage Bankers Association (MBA) said a record $530.1 billion in loans were closed in 2017, an 8 percent gain from 2016. The largest share of lending, more than half of the volume closed, was for multifamily properties at $233.9 billion. Loans for office buildings were second followed by retail, hotel/motel, industrial, and health care properties. Ninety-six percent of the dollar volume went to first mortgage liens. “2017 was a very strong year, driven by solid property fundamentals, rising property values, low interest rates, and a ready supply of mortgage capital all contributing to extraordinarily attractive finance markets,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. “We expect another robust year in 2018, even with the slight increase in interest rates, although perhaps not quite as robust as 2017.”
Have a productive week.

Jason


This Week in Real Estate: April 2, 2018

Favorable news with respect to pending home sales activity and jobs This Week in Real Estate as the spring selling season begins in earnest. Below are a few highlights from the last week of March that influence our business:

* Pending Home Sales Rebound. After a slow start to the year, the Pending Home Sales Index increased 3.1% in February, but remains 4.1% below a year ago. The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts reported by the National Association of Realtors. The PHSI increased to 107.5 in February from a downwardly 104.3 in January. The PHSI increased by 10.3% in the Northeast and 3.0% in the South, as well as 0.7% in the Midwest and 0.4% in the West. Year-over-year, the PHSI is lower in all four regions by 1.5% in the South, 2.2% in the West, 5.1% in the Northeast and 9.5% in the Midwest. NAR suggested that the expanding economy and healthy job market continue to generate demand, despite the tight inventory, increasing prices, and rising mortgage rates. February existing home sales increased 3% in February, and although flat, February new home sales were up 2% year-over-year. Builder confidence remains on solid footing as growing demand is expected to spur continued growth in new residential construction.
* Millenials Will Spend 45% of Income on Rent Before Age 30. As rent prices continue to rise, a new study shows Millennials are paying about 45% of their total income toward rent, and pay out close to $100,000 toward rent before they turn 30. Analyzing U.S. Census Bureau data going back as far as 1974, a new study from RentCafé found that Millennials have been the hardest generation for those ages 22 to 30. And the future does not look bright for Generation Z. As it turns out, Millennials pay about $92,600 in rent by the time they turn 30. While they may earn more in income compared to previous generations, they also have to spend more on rent, the study showed. While Baby Boomers paid just 36% of their income toward rent while in their 20s, Gen Xers paid 41% and Millennials now pay 45% of their monthly income toward rent.
* U.S. Jobless Claims Drop to More Than 45-Year Low. The number of Americans filing for unemployment benefits fell to more than a 45-year low last week, suggesting the economy remains strong despite signs of a slowdown in the first quarter. Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 215,000 for the week ended March 24, the lowest level since January 1973, the Labor Department said on Thursday. Claims have now been below the 300,000 threshold, which is associated with a strong labor market, for 158 straight weeks. That is the longest such stretch since 1970, when the labor market was much smaller. The labor market is considered to be near or at full employment. The jobless rate is at a 17-year low of 4.1 percent, not too far from the Federal Reserve’s forecast of 3.8 percent by the end of this year.
Have a productive week.

Jason


Portland Metro Weekend Events Planner: March 29-April 1, 2018

PORTLAND METRO WEEKEND EVENTS PLANNER
MARCH 29-APRIL 1, 2018

 

EASTER EGG HUNTS & EVENTS

Through April 1  Check out what Easter events are going on in your area!

ADULTS ONLY EASTER EGG HUNT

SAT – Hop on the BarFly Bus and hit a variety of bars, clubs, and lounges, where you’ll pay no cover charges. Enjoy specials and the occasional munchie all the while hunting high and low for the EGGS OF MYSTERY! 

RABBIT ROMP

SAT – A celebration of spring geared toward the under-10 crowd. Rabbit Romp is free with zoo admission. Featuring candy egg hunts every 10-15 minutes between 9:30 AM–3 PM. Children ages 3 to 10 are invited to hunt for compostable “plastic” eggs, candy, and prizes. 

ALPENROSE EASTER EGG HUNT

SAT – Hundreds of chocolate eggs and special prize eggs will be hidden across the grounds. Plus, the world-famous Easter Bunny will be on-site to meet all egg-hunters and take pictures! 

BRUNCH CRUISE

SUN – Hop onboard the Portland Spirit for a two-hour Easter Brunch cruise featuring an elaborate brunch buffet, ever-changing views and excellent service and gifts for each child.

POETRY & PANCAKES

FRI – In the tradition of Live at the Apollo, the Portland area has it’s own brand of talent discovery At The Tigard Grange in Beaverton. Eat, drink and be entertained!!  

TULIP FEST

Through April 30 – Enjoy all things that make spring in the Northwest. Stroll through 40 acres of stunning beauty, experience expansive views of vineyards, distant mountains, and a few mud puddles. Fresh flowers, food, and fun for the entire family, including well behaved dogs on leashes!

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

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

80’s VIDEO DANCE ATTACK

Every 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
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

 

VANCOUVER FARMER’S MARKET

Through October 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.

OPEN SATURDAY AT PEARSON AIRBASE

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

NEW MOVIES OUT THIS WEEK
· Acrimony
· God’s Not Dead: A Light in Darkness
· Ready Player One
· Baaghi 2
· Best Friends
· All I Wish
· The Gardener
· Birthmarked
· Lean on Pete
· Finding Your Feet
· Gemini
· Love After Love

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: March 19, 2018

CoreLogic reported This Week in Real Estate that homeowners gained the most equity in 2017 of any year since 2013…$908.4 billion collectively. Below are a few highlights from the second week of March that influence our business:

* Builder Confidence Remains on Solid Footing. Builder confidence in the market for newly-built single-family homes edged down one point to a level of 70 in March from a downwardly revised February reading on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This is the fourth consecutive month at or above a level of 70 for the HMI, an indication of strong single-family housing market conditions. Builders’ optimism continues to be fueled by growing consumer demand for housing and confidence in the market. A strong labor market, rising incomes and a growing economy are boosting demand for homeownership even as interest rates rise. Managing construction costs and future sales prices will be a key challenge in medium-term as costs associated with both land development and home construction continue to increase. Nonetheless, with positive economic fundamentals in place, the single-family sector should continue to make gains at a gradual pace in the months ahead. Looking at the three-month moving averages for regional HMI scores, the Northeast rose one point to 57, the South decreased one point to 73, the West fell two points to 79, and the Midwest dropped four points to 68.
* Homeowners Gained an Average of $15,000 in Home Equity Last Year – or $908 Billion in Total. A sharp rise in home values last year gave homeowners a strong infusion of cash, in the form of home equity. It also helped more than half a million borrowers rise above water on their mortgages. All real estate is, of course, local, and some homeowners saw significantly bigger gains than others, especially those in the Western region of the nation. Overall, however, they gained the most equity of any year since 2013. Homeowners with a mortgage, representing about 63 percent of all properties, saw their equity increase 12 percent over the course of last year, according to CoreLogic. That comes to an average of $15,000 per homeowner and a collective gain of $908.4 billion. Those calculations are based on the largest home price growth in four years. States like California and Washington saw even higher price growth, so homeowners in those states gained an average of $44,000 and $40,000, respectively. “Because wealth gains spur additional consumer purchases, the rise in home-equity wealth during 2017 should add more than $50 billion to U.S. consumption spending over the next two to three years,” said Frank Nothaft, chief economist at CoreLogic. The rise in home equity also brought about 700,000 borrowers into a positive equity position on their mortgages, according to CoreLogic.
* Millennials Lead all Other Generations in Buying HomesMillennials held the highest share of home buying activity out of all other generations for the fifth consecutive year, according to the 2018 Home Buyer and Seller Generational Trends study from the National Association of Realtors. Just over one-third of all home purchases were made by Millennials, who held a market share of 36% over the past year, up from 34% in 2017. Gen Xers ranked second at 26%, a drop from 28% in 2017, followed by the Baby Boomers with 32%, up from 30% in 2017 and the Silent Generation with 6%, down from 8% in 2017. Among the trends Realtors are seeing in the younger home-buying generation, they are more likely to live closer to friends and family, rather than in select areas of the city or certain schools. They are also buying condos in the city at a very low rate, and are the most likely generation to use a real estate agent with 90% of Millennials purchasing through an agent.
Have a productive week.

Jason


This Week in Real Estate: March 12, 2018

Favorable news released This Week in Real Estate by the FDIC and NAHB with respect to the easing of credit and a growing AD&C loan base resulting in the expansion of residential construction activity. Below are a few highlights from the first week of March that influence our business:

* U.S. Home Flipping Increases to 11-Year High in 2017 With More Than 200,000 Homes Flipped. ATTOM Data Solutions released its Q4 and 2017 U.S. Home Flipping Report on Thursday, which shows that 207,088 U.S. single family homes and condos were flipped in 2017, up 1 percent from 204,167 home flips in 2016 to the highest level since 2006 – an 11-year high. The 207,088 homes flipped in 2017 represented 5.9 percent of all single family home and condo sales during the year, up from 5.7 percent of all sales in 2016 to the highest level since 2013. “The surge in home flipping in the last three years is built on a more fundamentally sound foundation than the flipping frenzy that we witnessed a little more than a decade ago,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Flippers are behaving more rationally, as evidenced by average gross flipping returns of 50 percent over the last three years compared to average gross flipping returns of just 31 percent between 2004 and 2006 — the last time we saw more than 200,000 home flips in consecutive years. And while financing for flippers has become more readily available in recent years, 65 percent of flippers still used cash to buy homes flipped in 2017, nearly the reverse of 2004 to 2006, when 63 percent of flippers were leveraging financing to buy.” The total dollar volume of financed home flip purchases was $16.1 billion for homes flipped in 2017, up 27 percent from $12.7 billion in 2016 to the highest level since 2007 — a 10-year high. Completed home flips in 2017 yielded an average gross profit of $68,143 (difference between median purchase price and median flipped sale price), up 5 percent from an average gross flipping profit of $64,900 in 2016 to a new all-time high for as far back as data is available (2000). Homes flipped in 2017 took an average of 182 days to complete the flip, tied with 2016 for the highest average days to flip since 2006 — an 11-year high.
* AD&C Loan Growth Points Toward More Building. The volume of residential construction loans increased by 1.6% during the fourth quarter of 2017, marking 19 consecutive quarters of growth. Furthermore, stabilization for the year-over-year growth rate is an indicator of continued, modest growth for single-family construction. Tight availability of acquisition, development and construction (AD&C) loans has been a limiting factor for home building growth, but easing credit conditions and a growing loan base have helped expand residential construction activity in a thin inventory environment. According to data from the FDIC and NAHB analysis, the outstanding stock of 1-4 unit residential construction loans made by FDIC-insured institutions rose by $1.2 billion during the fourth quarter of 2017, raising the total stock of outstanding loans to $74.4 billion. On a year-over-year basis, the stock of residential construction loans is up 7%. Past quarters of slow growth have reduced the year-over-year growth rate, but it has has stabilized during the third and fourth quarters near the recent expansion rate for single-family construction starts. Since the first quarter of 2013, the stock of outstanding home building construction loans has grown by 83%, an increase of $33.6 billion. However, lending remains much reduced from years past. The current stock of existing residential AD&C loans now stands 64% lower than the peak level of residential construction lending of $203.8 billion reached during the first quarter of 2008.
* Job Growth Surges with Strongest Growth Since Last Summer. Job growth continued its surge in February, this time growing at its strongest rate since July last year, according to the latest release from the U.S. Bureau of Labor Statistics. Total non-farm payroll employment increased by 313,000 in February, according to the report. This is drastically higher than ADP and Moody’s Analytics’ predicted increase of 235,000 jobs and up from the general estimated increase of 205,000 jobs. It is also an increase from January’s growth, which came in at 200,000 jobs. This marks the 89th consecutive month of job growth, and the largest monthly gain since July 2016, according to realtor.com Chief Economist Danielle Hale. “There will be more Fed hikes in 2018, but impact on mortgage rates are uncertain,” Lending Tree Chief Economist Tendayi Kapfidze said. “Labor market growth continues to support the Feds rate hike cycle. However, the Fed hiked three times in 2017 and mortgage rates fell by 33 basis points.” “The February jobs report was as good as it gets, with the establishment survey showing the largest monthly job gain since July 2016, solid upward revisions for the prior two months, a rebound in the average workweek, and most of all, no runaway wage acceleration,” Fannie Mae Chief Economist Doug Duncan said.

Have a productive week.

Jason


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This Week in Real Estate: March 5, 2018

While the Pending Home Sales Index (PHSI) fell in January to its lowest level since October 2014 according to a release from the National Association of Realtors This Week in Real Estate, the amount of homeowner equity has reached a new peak. Below are a few highlights from the last week of February that influence our business:

* CoreLogic: Evaluating the Housing Market Since the Great Recession. This report details the remarkable 11-year economic cycle surrounding the last U.S. housing market downturn, examining the boom and bust years between 2006 and 2011 and the ensuing recovery, with data through December 2017. Residential home prices began to peak in some parts of the country as early as 2005. Home prices collapsed in 2007, when Wall Street began to back out of residential mortgage-backed securities. After falling 33 percent during the recession, prices in most markets have returned to peak levels, growing 51 percent nationally since bottoming out in March 2011. The average home price is now 1 percent higher than it was at the peak in 2006. “Homeowners in the United States experienced a run-up in prices from the early 2000s to 2006, and then saw the trend reverse with steady declines through 2011,” said Dr. Frank Nothaft, chief economist for CoreLogic. “After reaching bottom in 2011, our national price index is up more than 50 percent. West Coast states, such as California, Washington and Oregon are seeing some of largest trough-to-current growth rates in home prices. Greater demand and lower supply ­– as well as booming job markets – have given some of the hardest-hit housing markets a boost in home prices.
* Pending Home Sales Start 2018 Lower. The Pending Home Sales Index decreased 4.7% in January to the lowest level since October 2014. The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts reported by the National Association of Realtors. The PHSI fell to 104.6 in January from a downwardly revised 109.8 in December. The PHSI decreased in all four regions, ranging from 1.2% in the West to 9.0% in the Northeast. Year-over-year, the PHSI also decreased in all four regions, ranging from 1.1% in the South to 12.1% in the Northeast. NAR reported that listings were 9.5% below the level a year ago. NAR suggested that in addition to new residential construction, relief from the extreme shortage of supply could come from institutional investors dumping single-family homes back into the market and more homeowners deciding to sell. Existing home sales fell 3.2% in January, and new home sales declined 7.8% last month. However, builder confidence remained at a strong level in February. Job growth, increasing homeownership rates and limited inventory will spur continued growth in new residential construction.
* Homeowner Equity Surpasses Previous Peak. As house prices climb, the amount of American homeowner equity continues to grow. As of third quarter 2017, the Federal Reserve estimates owners’ equity — that is, aggregate home value less outstanding mortgage debt — is $14.1 trillion. Home equity has surpassed the previous peak of $13.4 trillion from first quarter 2006 during the past year, recovering from the great price correction that more than halved home equity positions. Home equity holdings were 40 percent higher than the aggregate value of household and non-profit checking and savings accounts in the third quarter, emphasizing its importance on the household balance sheet.

Have a productive week.

Jason


Portland Metro Weekend Events Planner: March 2-4, 2018

PORTLAND METRO WEEKEND EVENTS PLANNER
MARCH 2-4, 2018

FREE ART DAY

THURS  Enjoy our more than 112,000 square feet of galleries reflecting the history of art from ancient times to the present, free the first Thursday of every month.

SE AREA ART WALK

SAT-SUN  A free, self-guided walking tour. Visit the studios, home workspaces, galleries, host homes and businesses within the walkable/bikeable/busable boundaries of SE 9th Ave, SE 41st, SE Powell and SE Hawthorne Blvd.

CHOWDER CHALLENGE

SAT  A blind tasting of a dozen samples of clam chowders by area restaurants and brewpubs. Attendees receive a tray with a dozen numbered two-ounce samples of chowder, then vote for their favorite; the chowder receiving the most votes is named the People’s Choice Winner. 

BLACK OUT BEER FEST

FRI  Featuring two dozen rotating dark beers – including dark lagers, porters, stouts, coffee beers and black IPAs – from Lompoc and more than 20 guest breweries from around the Northwest.  

ANTIQUE & COLLECTIBLES SHOW

FRI-SUN  Hundreds of booths filled with just about anything you need for your collection. Pop collectibles, vintage clothing, glassware, silverware, antique radios, movie memorabilia, collectible toys, porcelain dolls, Star Wars collectibles, and much more!

FIRKIN FEST

SAT  Featuring Firkin beers from 20+ of Oregon’s top breweries. Firkin beers are unpasteurized, unfiltered, naturally carbonated in the cask and served at cellar temperature. Artisan cheeses, chocolates, meats, and snacks will be served alongside the beer.  

COOKIE & WINE PAIRING

FRI-SUN  Pairing 5 wines with 4 delicious cookies

CHINESE NEW YEAR

Through SUN  The most colorful and joyous of all Chinese festivals during Lan Su’s two-week celebration featuring lion dances, cultural performances, martial arts, calligraphy, family-friendly craft activities and much more!

A-WOL DANCE COLLECTIVE

Through SUN  Combining aerial arts and dance to weave a fantastical tale suspended between reverie and reality. Floating sleepers, trickster marionettes and lost travelers inhabit an alternate realm where furniture takes wing and dolls scheme in the shadows.

FOLK CITY: THE MUSICAL

Through SUN  Following the story of six young people who are drawn to Greenwich Village in the early 1960s and find a home at a little restaurant-turned cabaret, Gerdes Folk City, which eventually becomes the historic and iconic epicenter of popular music. 

CASCADE FESTIVAL OF AFRICAN FILMS

Through SAT – Films showing Africa through the eyes of Africans, rather than a vision of Africa packaged for Western viewers. The films celebrate Africa’s achievements, expose its failures, and reveal possibilities for a hopeful future.

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

 

WASHINGTON STATE HORSE EXPO

FRISUN – Saddle up for the largest show of its kind in the Pacific Northwest! Offering equine enthusiasts the chance to take part in exhibits, stage shows, rider fashions and vendor booths.

FIRST FRIDAYS EVENING MARKET

FRI – Uniting creativity and great art with food and inspiration. Stop by to shop local, network, and meet local business owners. An adventurous retail evening awaits!

FIRST FRIDAYS

FRI – Participating merchants and restaurants stay open late with special programming, live music, and pop-ups. Also, downtown art galleries lead the First Friday Art Walk featuring rotating exhibits from local artists.

CAMAS FIRST FRIDAYS

FRI – Held in charming, historic Downtown Camas and hosted by the DCA and the downtown merchants, Camas First Fridays are monthly themed passport events featuring games, art, dining, and after hours shopping.

OPEN SATURDAY AT PEARSON AIRBASE

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

NEW MOVIES OUT THIS WEEK
· Red Sparrow
· Death Wish
· Blink
· Goldstone
· Alpha
· Submission
· Souvenir
· Dance Academy: The Comeback
· Don’t Talk to Irene
· Oh Lucy!
· Gnome Alone
· The Faculty: Urban Legend

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: February 26, 2018

As available inventory continues to be the subject of most “chatter” throughout the industry, favorable news This Week in Real Estate with respect to the growth of single-family permits in 45 states and the District of Columbia last year. In addition, the demand from first-time homebuyers does exist, as evidenced by the Genworth Mortgage Insurance report, that concluded first-time buyers participation in single-family home purchases in 2017 was the largest share since 2000. Below are a few highlights from the third week of February that influence our business:

* Permits Grow Across Most States in 2017. Over the twelve months ending in December 2017, the total number of single-family permits issued nationwide reached 817,319. This is 9.6% ahead of its level over the first twelve months of 2016, 745,525. The results from the SOC are similar, single-family permits over the first twelve months of 2017, 817,700 are 8.9% ahead of their level over the same period of 2016, 750,800. Between December 2016 to December 2017, 45 states and the District of Columbia saw growth in single-family permits issued. Twenty states recorded a growth above 9.6% but five states had a decline in growth, including Oregon. Hawaii had the highest growth rate during this time at 23.6% while single-family permits in North Dakota declined by 9.8%. Washington state experienced 4% growth.
* First-Time Homebuyers Make Biggest Share of Deals in 17 Years. First-time buyers rushed into the market last year, making 38 percent of all U.S. single-family home purchases, the biggest share since 2000, data released Thursday by Genworth Mortgage Insurance shows. The 2.07 million new or existing homes bought by first-timers was 7 percent more than in 2016, according to the insurer. Millennials, who were putting off purchases because of student-debt burdens and a preference for renting, are becoming a force in the market as the oldest of the group get married and have children, said Tian Liu, chief economist of the insurer. Census Bureau data back that up. The homeownership rate for Americans under age 35 rose in the fourth quarter to 36 percent. It hasn’t been higher since the first quarter of 2014.
* Most House Hunters Have Been Searching For 3 Months or More. Most Americans – 61% – who intend to buy a home in the next 12 months have been searching for a whopping three months.Or more. That finding comes from a recent survey conducted by the National Association of Home Builders, and includes people who are searching for both new and previously-owned homes. What’s making the house-hunt take so long? Some 42% of respondents told NAHB they “can’t find a home at a price I can afford,” while 36% “can’t find a home with the features I want” and 34% “can’t find a home in the neighborhood I want.” And even if would-be buyers can overcome all those obstacles, nearly 30% said they “continue to get outbid whenever I make an offer.” On Wednesday, the National Association of Realtors said that home purchase contracts signed in January had been on the market for only 42 days.                                                                                    Full Story... https://www.marketwatch.com/story/two-thirds-of-house-hunters-have-been-searching-for-3-months-or-more-2018-02-22

http://eyeonhousing.org/2018/02/builder-confidence-stays-at-strong-level-in-february/

Have a productive week.

Jason


Portland Metro Weekend Event Planner: February 23-25, 2018

PORTLAND METRO WEEKEND EVENTS PLANNER
FEBRUARY 23-25, 2018

PDX JAZZ FESTIVAL

Through SAT  A rich and robust Jazz experience with upwards of 100 paid and ticketed events, there are ambitious programs that will warm the heart and swing your soul.

PORTLAND SPRING HOME & GARDEN SHOW

THURS-SUN  Giving homeowners the opportunity to learn about the latest home and garden products and services from more than 300 local companies.

BREWSTILLERY FESTIVAL

SAT  20 breweries & 20 distilleries teaming up to create the perfect pairings.  

RAPTOR ROAD TRIP

SAT  Explore Sauvie Island in search of magnificent eagles, hawks and falcons. Naturalists and hawk experts host activities at four sites around the island. Enjoy guided bird viewing, meet live raptors and see hawk identification displays. 

RUN FOR BEER

SAT  Participants walk, jog, or run approximately 3.1 miles, then drink beer! Everyone is invited to enjoy the day’s entertainment: live music, great food, giveaways and activities with partners and sponsors. Everyone receives a craft brew, and collectors pint glass or seasonal swag item.

CHINESE NEW YEAR

Through March 4  The most colorful and joyous of all Chinese festivals during Lan Su’s two-week celebration featuring lion dances, cultural performances, martial arts, calligraphy, family-friendly craft activities and much more!

A-WOL DANCE COLLECTIVE

Through March 4  Combining aerial arts and dance to weave a fantastical tale suspended between reverie and reality. Floating sleepers, trickster marionettes and lost travelers inhabit an alternate realm where furniture takes wing and dolls scheme in the shadows.

PORTLAND INTERNATIONAL FILM FESTIVAL

Through March 1  An exhibition of nearly 90 feature films and 40+ short films, PIFF audiences across the City of Portland travel the globe in theater seats through our celebration of the world’s filmmakers and cinephiles.

FOLK CITY: THE MUSICAL

Through March 4  Following the story of six young people who are drawn to Greenwich Village in the early 1960s and find a home at a little restaurant-turned cabaret, Gerdes Folk City, which eventually becomes the historic and iconic epicenter of popular music. 

CASCADE FESTIVAL OF AFRICAN FILMS

Through March 3 – Films showing Africa through the eyes of Africans, rather than a vision of Africa packaged for Western viewers. The films celebrate Africa’s achievements, expose its failures, and reveal possibilities for a hopeful future.

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

WASHINGTON BEER OPEN HOUSE

SAT  Visit some of our state’s many innovative, esteemed, and downright friendly craft brewers. Participating brewers have some tasty treats in store for you, ranging from rare barrel tastings and new seasonal releases, to savory food pairings and other unique surprises.

VANCOUVER LAKE HALF MARATHON

SUN  The course is very flat and begins on Reiger Road in front of the park. Finishers medals will be presented to all half marathon finishers.

JEEVES INTERVENES

Through SAT – 1920s high-society London is once again thrown into chaos by hapless playboy Bertie Wooster, this time in cahoots with his old school chum Eustace Bassington-Bassington. The two hatch a brilliant plan to dupe their meddling relatives in order to save Bertie from an undesired marriage and Eustace from an unwanted job in India. But will the ever-faithful manservant Jeeves be able to rescue these bumbling fools from themselves?

OPEN SATURDAY AT PEARSON AIRBASE

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

NEW MOVIES OUT THIS WEEK
· Game Night
· Annihilation
· Every Day
· Beast of Burden
· Curvature
· 7 Guardians of the Tomb
· The Lodgers
· The Cured
· Half Magic
· The Chamber
· Death House
· Agenda: Payback

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.


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