This Week in Real Estate: October 9, 2017

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ATTOM Data Solutions released it’s Q3 Home Affordability Index This Week in Real Estate concluding that the index reached it’s lowest point since Q3 2008. Below are a few highlights from the first week of October that influence our business:

* Home Affordability Improves in 60% of U.S. Markets in Q3 2017 Compared to Previous Quarter. ATTOM Data Solutions released its Q3 2017 U.S. Home Affordability Index Thursday, which shows that home affordability in the third quarter improved compared to the previous quarter in 60 percent of 406 U.S. counties analyzed in the report — although affordability was still worse off than a year ago in 79 percent of those counties. The national home affordability index was 100 in the third quarter of 2017, the lowest national affordability index since Q3 2008, when the index was 86. An index of 100 means the share of average wages needed to buy a median-priced home nationwide in Q3 2017 is on par with historic averages (see full methodology below). “Falling interest rates in the third quarter provided enough of a cushion to counteract rising home prices in most U.S. markets and provide at least some temporary relief for the home affordability crunch,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “More sustainable relief for the affordability crunch, however, will need to be some combination of slowing home price appreciation and accelerating wage growth. Wage growth is outpacing home price growth in about half of all local markets so far this year, an indication that a more sustainable affordability pattern is taking shape in more local markets.”
Full Story… https://www.attomdata.com/news/affordability/q3-2017-u-s-home-affordability-index/

* Fastest Growing Cities in America. Frisco is the fastest-growing city in America. No, not THAT Frisco with the incessant fog and Golden Gate Bridge. The Dallas suburb scored No. 1 on WalletHub’s list of fastest-growing cities in America due to its rapid job and population growth. To compile the ranking, WalletHub analysts compared 515 cities of varying population sizes based on 15 key measures of both growth and decline, such as population, unemployment rate and regional GDP per capita over a period of seven years. WalletHub’s10 fastest-growing cities in America: (1) Frisco, TX, (2) Kent, WA, (3) Lehigh Acres, FL, (4) Meridian, ID, (5) Midland, TX, (6) McKinney, TX, (7) Fort Meyers, FL, (8) Bend, OR, (9) Austin, TX and (10) Pleasanton, CA.
Full Story… http://www.marketwatch.com/story/these-are-the-fastest-growing-cities-in-america-2017-10-03?dist=realestate

* Lot Size is at a New Record Low. The median lot size of a new single-family detached home sold in 2016 stands at 8,562 square feet, or just under one-fifth of an acre. This is a new record low and a small decline since 2015, when 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. 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 2016, the median lot size in New England is almost twice as large as the national median and exceeds a third of an acre. The East South Central Division is second on the list with the median lot occupying just slightly less than a third of an acre (0.3 acres). 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/2017/10/lot-size-is-at-a-new-record-low/

 

Have a productive week!

Jason


This Week in Real Estate: October 2, 2017

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This Week in Real Estate, according to the recently released Financial Accounts of the United States, published by the Federal Reserve Board of Governors, the market value of owner-occupied real estate reached $23.8 trillion in the second quarter, up $7.8 trillion since 2011. Below are a few highlights from the last week of September that influence our business:

* Homeowner’s Equity Continues to Improve. Households’ owner-occupied real estate increased to $23.8 trillion in the second quarter of 2017, $1.597 billion more than the second quarter of 2016. Total home mortgage debt outstanding stands at $9.9 trillion, $250 billion more than the same period of 2016. Since 2011, the market value of households’ real estate has rebounded. In the second quarter of 2017, it was $23.8 trillion, $7.8 trillion higher than six years ago. Mortgage debt barely changed over the past six years and has remained at $9.9 trillion. Thus, the value of owners’ equity in real estate rose by $7.8 trillion reflecting the increase in the market value of households’ real estate.
Full Story… http://eyeonhousing.org/2017/09/homeowners-equity-continues-to-improve/

* Green Home Building Continues to Gain Traction. Green construction is rapidly gaining traction among both single family and multifamily home builders, according to new research published in the Green Multifamily and Single Family Homes 2017 SmartMarket Brief. At least one third of single family and multifamily builders who were surveyed said that green building is a significant portion of their overall activity (more than 60 percent of their portfolio). By 2022, this number should increase to nearly one half in both the single family and multifamily sectors. Within this group, nearly 30 percent of multifamily builders fall into the category of “dedicated” green builders (more than 90 percent of their portfolio). On the single family side, the percentage of “dedicated” green builders is nearly 20 percent, but that share is expected to grow sizably by 2022. Increasing energy efficiency continues to be the most common method of improving the performance of a green home, followed by creating a healthy indoor living environment.
Full Story… http://www.prnewswire.com/news-releases/study-finds-green-home-building-continues-to-gain-traction-300526537.html

* Don’t Give Up, Buyers: More Newly Constructed Homes Are On The Way. Permits, the best indicator of how many newly built homes will rise over the next few months, were up in August, according to the seasonally adjusted numbers in the latest residential sales report jointly released by the U.S. Census Bureau and U.S. Department of Housing and Urban Development. Builders were issued 5.7% more permits from July to August and 8.3% more than August 2016. The bulk of those increased permits were to put up condo and apartment buildings with five or more units. Meanwhile, the number of permits for those perennially in-demand single-family homes—the typical standalone abodes that usually come with yards— dipped 1.5% from July. But they were up 7.7% over August 2016.
Full Story… https://www.realtor.com/news/real-estate-news/new-home-construction-august-2017/

Have a productive week!

Jason


Portland Metro Weekend Events Planner: September 27-October 1, 2017

PORTLAND METRO WEEKEND EVENTS PLANNER
FOR SEPTEMBER 29-OCTOBER 1, 2017

PORTLAND CREATIVE CONFERENCE
FRI – An exploration and celebration of the creative process across all creative industries. We feature keynote presentations by leading creatives who take you inside their creative process, show their work, and talk about their projects, problems, influences and inspirations. Speakers include experts from fields such as filmmaking, visual effects, virtual reality, acting, apparel design, writing, design and advertising, and comic books.

PORTLAND JUGGLING FESTIVAL
FRI-SUN – Three days of special guests, workshops, vendors, open juggling, and juggling games. Plus the Juggling & Vaudeville Extravaganza show.

PORTLAND FRESH HOPS FEST
FRI-SAT – Featuring Oregon craft beers that are made with fresh hops, picked off the vine and used within hours of harvesting. A home brew demonstration will be held on Saturday.

WIDMER OKTOBERFEST
SAT – A beer lover’s paradise with all of your favorite Widmer brews and musical guest Nathaniel Rateliff & the Night Sweats.

MCMENAMINS OKTOBERFEST 

Through October 7 – Beer, music, more beer, bratwurst and hamburgers, and more. Check out our participating locations.   

NORTHWEST QUILTING EXPO
THURS-SAT – Featuring an outstanding group of talented instructors, gorgeous quilts and exhibits, great vendors and more for our 17th annual show!

AUSSIE CHEF MEETS AMERICAN BARBEQUE
SAT – Portland’s first Aussie/American BBQ block party featuring Astoria, Oregon’s Chef Chris Holen and North Queensland, Australia’s Chef Michael Brine. This party will feature local food, local goods, local art and local beer—all with an Australian twist!

13TH DOOR HAUNTED HOUSE
Through November 4 – Enter at your own risk as you embark these dank endless hallways and unhallowed grounds, demented creatures and the spirits that have crossed over, consuming those who have entered before you.

TONY STARLIGHT SHOWROOM

SAT – 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.

PHANTOM
Through October 15 – This mesmerizing Phantom is traditional musical theatre in the finest sense. The Tony award winning authors of Nine have transformed Gaston Leroux’s The Phantom of the Opera into a sensation that enraptures audiences and critics with beautiful songs and an expertly-crafted book. It is constructed around characters more richly developed than in any other version, including the original novel.

CABARET
Through October 15 – Northwest-acclaimed Director, Ron Daum, continues Lakewood Theater Company’s 65th season with the audience-favorite production of Cabaret. Take your seat at the “perfectly marvelous” Kit Kat Klub in Kander and Ebb’s Tony-winning musical about cabaret performer Sally Bowles and American writer Cliff Bradshaw during the pre-WWII decadence of 1930s Berlin.

THURSDAY EARLY ESCAPE CONCERT SERIES
THURS – A two-hour cruise featuring a different local, live band every Thursday afternoon. Enjoy a relaxing cruise down the Willamette River to help unwind after your week. A bistro plate and a full service bar are available for additional purchase on board.

80’S VIDEO DANCE ATTACK
SAT – Grab your favorite 80’s outfit and head to Lola’s Room. Enjoy your favorite 80’s hits playing all night on their multiple giant screens.

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 BREWFEST: FRESH HOP EDITION
SAT25 fresh hop beers on tap for this special style found only once a year immediately after hop harvest. Meet the brewers and enjoy the beautiful view of the Columbia River from the Vancouver Landing.

SUPERHERO RELAY AND 10K
SAT – Grab your 3 best superheroes or take on the individual Superhero 10K and join the fun! Each of the relay runners will take on our fast 5k run course, and when you all finish you can enjoy music, German food, and local brews at Washougal’s own Oktoberfest!

GHOST WALKS

FRI-SUN through October 29 – Stories have grown up about the Vancouver Barracks, stories 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 the stories of the Vancouver Barracks’ past inhabitants.

HEISEN HOUSE: SUMMER CONCERT SERIES
Through FRI – Enjoy summer concerts among the vines every Friday night at Heisen House Vineyards.

GUIDED WALKS AT COLUMBIA SPRINGS
Through October 18 – Each guided walk consists of an easy stroll or tour with themes such as plants, animals, geology, local history, and the fish hatchery. These events are appropriate for all ages and no registration is required. Spots are available at a first come, first served basis to the first 30 visitors.

VANCOUVER FARMER’S MARKET
SAT through October 29 – You’ll discover fresh and local produce, flowers, plants, baked goods, delicious food, pet treats, and accessories for yourself, home, or garden.

COLUMBIA TECH CENTER FARMER’S MARKET
THURS – A pet-friendly place where you can chat with people who have grown or made your purchase, grab a bite to eat, watch the kids play, and enjoy a wonderful, relaxing day.

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

· Flatliners
· American Made
· Don’t Sleep
· Realive
· Chasing the Dragon
· Till Death Do Us Part
· The Sound
· A Question of Faith
· Different Flowers

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: September 25, 2017

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While America’s largest living generation, Millennials, are delaying their home-buying plans by a median seven years as a result of their student loan debt, according to a report released by the National Association of Realtors, single-family starts and single-family permits are up 9% and nearly 11% respectively year-over-year and owners of mortgaged U.S. properties realized an aggregate gain of $766 billion in additional equity between second quarter 2016 and the same quarter this year. Below are a few highlights from the third week of September that influence our business:

* Home Equity Increases, Average Gains Vary Wildly. Rising home prices continue to fuel fast growth in household equity. CoreLogic said on Thursday that owners of mortgaged properties in the U.S. (roughly 63 percent of all homes) gained an aggregate of $766 billion in additional equity between the second quarter of 2016 and the same quarter this year. This is an increase of 10.6 percent in nationwide equity over that period. The average increase for each homeowner was just under $13,000, but the distribution is far from even across the states. A few states in the west, notably Washington, Hawaii, and California, with equity gains of $40,000, $33,000 and $30,000 respectively, have offset much poorer performances elsewhere. Homeowners in Alaska saw their equity decline by an average of $1,200 and Delaware homeowners also posted a tiny loss. On the other side of the ledger, the number of underwater homes declined by 10 percent from the first quarter of 2017, to 2.8 million properties, or 5.4 percent of mortgaged homes. A year earlier 7.1 percent of mortgaged homes had been underwater, a total of 3.6 million properties. This is an annual decrease of 22 percent. Negative equity had peaked at 26 percent of mortgaged properties in the fourth quarter of 2009. “Over the last 12 months, approximately 750,000 borrowers achieved positive equity,” said Dr. Frank Nothaft, chief economist for CoreLogic. “This means that mortgage risk continues to decline and, given the continued strength in home prices, CoreLogic expects home equity to rise steadily over the next year.” “Homeowner equity reached $8 trillion in the second quarter of 2017, which is more than double the level just five years ago,” said Frank Martell, president and CEO of CoreLogic. “The rapid rise in homeowner equity not only reduces mortgage risk, but also supports consumer spending and economic growth.”
Full Story… http://www.mortgagenewsdaily.com/09212017_corelogic_negative_equity.asp

* Single Family Starts Post Slight Gain in August. The pace of single-family starts posted a slight gain in August, albeit over downwardly revised estimates of the rate of July construction. Nonetheless, the three-month moving average for single-family starts is at a post-recession high of 849,000 as the gradual recovery in home building continues. Total starts declined almost 1% in August to a 1.180 million seasonally adjusted annual rate, according to the joint data release from the Census Bureau and HUD. The headline decline was due to multifamily production decreases. Single-family starts increased, rising slightly to an 851,000 seasonally adjusted rate in August. Single-family starts are up almost 9% year-to-date compared to 2016 as limited existing inventory and solid builder confidence make for positive market conditions. Single-family permits declined slightly in August, falling 1.5%. However, on a year-to-date basis, single-family permits are nearly 11% higher compared to this time in 2016, representing an additional 54,400 permits for a total of 564,000 thus far this year. These data are consistent with recent trends in the NAHB/Wells Fargo measure of single-family builder confidence and NAHB’s forecast of modest single-family construction growth in 2017. However, we can expect volatility ahead, as the counties affected by Hurricanes Harvey and Irma represent about 14% of national single-family production. With respect to housing’s economic impact, 56% of homes under construction in August were multifamily (610,000). As noted in the graph above, with recent production declines for apartments, the current count of multifamily units is effectively unchanged from a year ago. There were 472,000 single-family units under construction, a gain of 11% from this time in 2016.
Full Story… http://eyeonhousing.org/2017/09/single-family-starts-post-slight-gain/

* Student Debt Delaying Millennial Homeownership by 7 Years. College debt is having a compounding effect on how millennials perceive and plan for homeownership. Eighty-three percent of millennials in a recently released report by the National Association of REALTORS® (NAR) say they are delaying their home-buying plans by a median seven years as a result of their student loan debt. Twenty percent of the millennials surveyed in the study are homeowners; 80 percent are not. The typical millennial homeowner is burdened by $41,200 in student debt, and earning $38,800 annually. Homeownership is not the only casualty of student debt—millennials are also postponing career changes, children, marriage and retirement savings, the study shows. Forty-one percent of millennials have put off marriage; 61 percent have skipped a retirement savings payment; and 86 percent have stayed in an unsatisfying job, or taken on a second job or one outside of their field, as a result of student debt.
Full Story… https://www.nar.realtor/news-releases/2017/09/student-debt-delaying-millennial-homeownership-by-7-years


Portland Metro Weekend Events Planner: September 22-24, 2017

PORTLAND METRO WEEKEND EVENTS PLANNER
FOR SEPTEMBER 22-24, 2017

OKTOBERFEST

FRI-SUN Oktoberfest is even more fun when you add the thrills of the Oaks Park midway! Rides for all ages, carnival games, miniature golf, and roller skating make this the very best family around.   

MCMENAMINS OKTOBERFEST 

Through October 7 – Beer, music, more beer, bratwurst and hamburgers, and more. Check out our participating locations.   

MUSEUM DAY LIVE  

SAT – Get a free pass for two people to one of Oregon’s 16 museums.

OREGON INTERNATIONAL AIR SHOW

FRI-SUN – Fun for the whole family! Enjoy a fireworks show Friday evening, check out military vehicles and planes up close, take aircraft rides, and of course look to the sky to see amazing planes and stunts.

13th DOOR HAUNTED HOUSE

Through November 4 Enter at your own risk as you embark these dank endless hallways and unhallowed grounds, demented creatures and the spirits that have crossed over consuming those who have entered before you.

SELLWOOD-MILWAUKEE SUNDAY PARKWAYS 

SUN – Come out and join this 8-mile scenic route on September 24th and end the Sunday Parkways season with a bang! This route provides four fantastic marketplace locations: Westmoreland, Sellwood, and Water Tower Parks, along with the Milwaukie Farmers Market + Milwaukie Business District.

FALL FESTIVAL OF THE ARTS

SAT-SUN – A great weekend of juried art, music, wine, and food in Troutdale, Oregon, located at Glenn Otto Park by the beautiful Sandy River.

BEAVERTON INTERNATIONAL CELEBRATION

Through SUN – A free, fun, family-friendly event showcasing our many cultures through music, dance, interactive activities, food, art and more!

TONY STARLIGHT SHOWROOM

Through September 30 – 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.

CABARET
Through October 15 – Northwest-acclaimed Director, Ron Daum, continues Lakewood Theater Company’s 65th season with the audience-favorite production of Cabaret. Take your seat at the “perfectly marvelous” Kit Kat Klub in Kander and Ebb’s Tony-winning musical about cabaret performer Sally Bowles and American writer Cliff Bradshaw during the pre-WWII decadence of 1930s Berlin.
  
I DO! I DO!
Through SUN – An intimate musical follows one couple through fifty years of love, quarrels and marriage. The touching story of two soul mates navigating the perils of life is set to a tuneful, charming score.

THURSDAY EARLY ESCAPE CONCERT SERIES
Thursdays through September 28 – A two-hour cruise featuring a different local, live band every Thursday afternoon. Enjoy a relaxing cruise down the Willamette River to help unwind after your week. A bistro plate and a full service bar are available for additional purchase on board.

80’S VIDEO DANCE ATTACK
SAT – Grab your favorite 80’s outfit and head to Lola’s Room. Enjoy your favorite 80’s hits playing all night on their multiple giant screens.

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

GHOST WALKS

FRI-SUN through October 29 – Stories have grown up about the Vancouver Barracks, stories 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 the stories of the Vancouver Barracks’ past inhabitants.

BRIDGE TOWN SWING

FRI-SUN – Join top swing instructors and DJ’s from across the US, free beginners classes, leveled workshops and more.  

HEISEN HOUSE: SUMMER CONCERT SERIES
Through September 29 – Enjoy summer concerts among the vines every Friday night at Heisen House Vineyards.

GUIDED WALKS AT COLUMBIA SPRINGS
Through October 18 – Each guided walk consists of an easy stroll or tour with themes such as plants, animals, geology, local history, and the fish hatchery. These events are appropriate for all ages and no registration is required. Spots are available at a first come, first served basis to the first 30 visitors.

VANCOUVER FARMER’S MARKET
SAT through October 29 – You’ll discover fresh and local produce, flowers, plants, baked goods, delicious food, pet treats, and accessories for yourself, home, or garden.

COLUMBIA TECH CENTER FARMER’S MARKET
THURS – A pet-friendly place where you can chat with people who have grown or made your purchase, grab a bite to eat, watch the kids play, and enjoy a wonderful, relaxing day.

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

· Lego Ninjago Movie
· Big Bear
· Brad’s Status
· Kingsman: The Golden Circle
· Stronger
· Happy Hunting
· Shot
· Ribbons
· The Houses October Built 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.


This Week in Real Estate: September 18, 2017

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As the summer selling season comes to a close, Fannie Mae released it’s Home Purchase Sentiment Index This Week in Real Estate. The findings show August was just below the all-time high set earlier this year, largely fueled by consumers attitude towards now being a good time to sell. Below are a few highlights from the second week of September that influence our business:

* Overall Housing Confidence Up. The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased 1.2 points in August to 88.0, just below the all-time high set in June. The rise can be attributed primarily to increases in two of the six HPSI components: the good time to sell component and the mortgage rates expectations component. The net share who reported that now is a good time to sell a home rose 8 percentage points in August and is now up 21 percentage points compared to the same period last year. Meanwhile, the net share who said it’s a good time to buy fell 5 percentage points in July and is down 16 percentage points year-over-year. Respondents continue to cite high home prices as the most important reason behind the bad time to buy and good time to sell indicators. “In the early stages of the economic expansion, home selling sentiment trailed home buying sentiment by a significant margin. The reverse is true today,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The net good time to sell share is now double the net good time to buy share, with record high percentages of consumers citing home prices as the primary reason for both perceptions. Such a sizable gap between selling and buying sentiment, if it persists, could weigh on the housing market through the rest of the year.”
Full Story… http://www.fanniemae.com/portal/research-insights/surveys/national-housing-survey.html

* Home Value Index Growth Slows in August. Appraisals continued to lag homeowner expectations in August, although the difference between appraiser and owner opinions narrowed, according to Quicken Loans’ National Home Price Perception Index (HPPI), out Tuesday. The HPPI showed that appraised values were 1.35% lower than home owners’ expectations in August. This is compared to July when there was a 1.55% difference. Regionally, value perceptions vary widely across the country, from home values being 3% higher than home owners estimated in the West, to 3% lower than expected in the Midwest and Northeast.
Full Story… http://www.builderonline.com/money/home-value-index-growth-slows-in-august_o

* Custom and Spec Home Market Shares in 2016. NAHB’s analysis of the most recent Census Bureau’s Survey of Construction (SOC) shows that custom home building registered declining market shares across most US regions in 2016. The sharpest drop in the custom home share of new single-family starts took place in the East South Central division, from 35% to 27%. In the Mountain division, the custom home share of new single-family starts was lowest in the nation but remained stable (14%). The Pacific division was the only US division registering an increase in the custom home share (from 14% to 18%). While nationally about one in five homes started in 2016 was a custom home, the shares varied widely across the US divisions. The New England and East North Central divisions stand out for registering the highest shares of starts supervised by contractors or owners – close to 39%, the Middle Atlantic division is next at close to 32%, followed by the East South Central division at more than a quarter (27%). At the opposite end of the spectrum are the Western divisions – Mountain and Pacific – and the South Atlantic. Home building here is dominated by spec starts. These divisions registered the highest three spec home shares – 83% in the Mountain and South Atlantic, and 79% in the Pacific.
Full Story… http://eyeonhousing.org/2017/09/custom-and-spec-home-market-shares-in-2016/

 

Have a productive week!

Jason


Rainy Season Landscaping: Attract Buyers to Outdoor Spaces

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The approaching rainy season doesn’t have to mean diverting buyers’ attention solely to indoor features. Highlight the vibrant greenery of the Pacific Northwest to showcase your yard’s Winter usability.

Landscape features to consider

Covered patio. To create an entertainment area that’s protected from the rain, add a patio cover to your deck. Awnings may also work, but they are more likely to be damaged in storms. Once you have a covered area, add a patio heater to draw even more guests outdoors.

Rain gardens. Adding a rain garden to your property will attract wintertime wildlife to your garden, providing you with an opportunity to see beauty even in the darkest, coldest time of the year. Furthermore, rain gardens are an environmentally conscious way to handle the heavy winter rainfall endemic to the Pacific Northwest.
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Selecting plants that shine in the rain

Oregon and Washington gardeners can create a beautiful wintertime landscape by selecting plants that will attract the eye even on cloudy days.

Here are a few suggestions:
Astilbes. These are perennial shrubs that produce feather-like flowers in the summer. As fall and winter come on, these flowers dry into intricate stalks, which add vertical interest to any winter landscape. Astilbes flourish in the clay soils that are common in the Portland area. Furthermore, they love waterlogged soil, so they thrive alongside ponds or rain gardens.

Ferns. Ferns often stay green all winter long in the Pacific Northwest. For instance, sword ferns’ arching fronds can provide a beautiful green feast for the eyes throughout the coldest months. Licorice fern is another cheerful choice for winter landscape design, as they break their dormancy in the early winter, sprouting out fresh new growth just after the New Year. Planting a few ferns along your front walk will draw visitors to your door.

Ornamental grasses. Ornamental grasses are like the exclamation points of the winter garden—their fuzzy seed heads bob and sway in winter storms. Grasses add texture and height to an otherwise bland design.

Bamboo. Bamboo is actually a grass that loses its leaves in the spring. In other words, bamboo will bring lush greenery to your garden throughout the winter. However, landscape designer service experts recommend planting bamboo cautiously, as this is one plant that can spread very quickly. If you want to plant traditional bamboo canes directly into the earth, you’ll need to install three-foot-deep barriers to prevent underground roots called rhizomes from spreading. (This is not true for clumping bamboo species, which are less aggressive.) Alternatively, you can plant bamboo in containers. This is a great approach to adding privacy to your winter landscape—designer ceramic pots with good drainage can be massed to create a “wall” of bamboo.

Don’t let buyers track in the mud

Finally, outline high-traffic zones where you (and potential buyers) are likely to tromp. Place pavers or stones in these areas so as to reduce the amount of mud that’s tracked into your home.


Portland Metro Weekend Event Planner: September 15-17, 2017

PORTLAND METRO WEEKEND EVENTS PLANNER
FOR SEPTEMBER 15-17, 2017

FALL ROSE SHOW

SAT Visit the Lloyd Center Mall for one of the largest and longest-running rose shows.  

FEAST PORTLAND

THURS-SUN – Featuring trendsetting chefs from all over the country and the world, intimate hands-on classes, and collaborative dinners and panels. Feast offers some of the most compelling experiences and original programming in the modern food festival conversation.

BEAVERTON INTERNATIONAL CELEBRATION

FRI through September 24 – A free, fun, family-friendly event showcasing our many cultures through music, dance, interactive activities, food, art and more!

CRUISE TO HISTORIC DOWNTOWN OREGON CITY  

SAT – View hundreds of classic cars, trucks, motorcycles and hot rods. Free event with music, raffle prizes and much more.  

POLISH FESTIVAL

SAT-SUN – Enjoy non-stop stage performances, including a few dance groups and music bands, polka contest, street dance, delicious Polish food and imported Polish beer.

WCR SAFARI SOIREE

SAT Dinner, dancing, amazing auction items & your chance to help abused and neglected wildcats get the love and care they deserve!

MOUNT ANGEL OKTOBERFEST

THURS-SUN  Fun for the whole family! Celebrate the harvest German style with live music, singing, dancing, arts, crafts and a weekend car show.

TONY STARLIGHT SHOWROOM

Through September 30 – 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.

CABARET
Through October 15 – Northwest-acclaimed Director, Ron Daum, continues Lakewood Theater Company’s 65th season with the audience-favorite production of Cabaret. Take your seat at the “perfectly marvelous” Kit Kat Klub in Kander and Ebb’s Tony-winning musical about cabaret performer Sally Bowles and American writer Cliff Bradshaw during the pre-WWII decadence of 1930s Berlin.
ART IN REAL TIME
Through September 17 – View contemporary art projects that bring artists and audiences together, creating a vibrant community through live performances, music, screenings, workshops, talks, and visual art installations. 
 
I DO! I DO!
Through September 24 – An intimate musical follows one couple through fifty years of love, quarrels and marriage. The touching story of two soul mates navigating the perils of life is set to a tuneful, charming score.

THURSDAY EARLY ESCAPE CONCERT SERIES
Thursdays through September 28 – A two-hour cruise featuring a different local, live band every Thursday afternoon. Enjoy a relaxing cruise down the Willamette River to help unwind after your week. A bistro plate and a full service bar are available for additional purchase on board.

80’S VIDEO DANCE ATTACK
SAT – Grab your favorite 80’s outfit and head to Lola’s Room. Enjoy your favorite 80’s hits playing all night on their multiple giant screens.

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

STEAM SEPTEMBER WEEKEND

SAT-SUN – 13-mile round trip traveling through the beautiful logging and farming country of North Clark County, stopping at Moulton Station to visit Yacolt Falls.

HEISEN HOUSE: SUMMER CONCERT SERIES
Through September 29 – Enjoy summer concerts among the vines every Friday night at Heisen House Vineyards.

GUIDED WALKS AT COLUMBIA SPRINGS
Through October 18 – Each guided walk consists of an easy stroll or tour with themes such as plants, animals, geology, local history, and the fish hatchery. These events are appropriate for all ages and no registration is required. Spots are available at a first come, first served basis to the first 30 visitors.

VANCOUVER FARMER’S MARKET
SAT through October 29 – You’ll discover fresh and local produce, flowers, plants, baked goods, delicious food, pet treats, and accessories for yourself, home, or garden.

COLUMBIA TECH CENTER FARMER’S MARKET
THURS – A pet-friendly place where you can chat with people who have grown or made your purchase, grab a bite to eat, watch the kids play, and enjoy a wonderful, relaxing day.

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

· American Assassin
· Brad’s Status
· Mother!
· In Search of Fellini
· The Force
· Justice
· The Wilde Wedding
· The Heart of Man
· Vengeance: A Love Story
· Because of Garcia
· Red Trees

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: September 11, 2017

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The National Association of Home Builders (NAHB) released their 2016 Survey of Construction results This Week in Real Estate, concluding that all nine divisions of the country are off their recession-era lows, but no division has recovered. Below are a few highlights from the first week of September that influence our business:

* New Single-Family Housing Starts By Divisions in 2016 – Long Road Back to Normal. NAHB analysis of the Survey of Construction (SOC) shows that, nationally, there were 779,082 new single-family units started in 2016, 10% higher than 2015. According to NAHB analysis of the SOC data, national new single-family housing starts reached 58% of the pre-recession normal (the average of housing starts between 2000 and 2003) in 2016. Relative to the average annual number of housing starts between 2000 and 2003, the nine divisions ranged between 43% and 86% of that level in 2016. The West South Central Division, at 86%, is closest to recovering and the West North Central Division is furthest away, at 43%. All nine divisions are off their recession-era lows relative to the average activity between 2000 and 2003, but no division has recovered.

* Ellie Mae: Closing Times Jump Significantly From West to East Coast. The average time to close varies significantly from the East to West Coast, according to the Ellie Mae Millennial Tracker. The average time for Millennials, those born from the 1980s to the mid-1950s, to close a loan sits at 60 days in New York, up significantly from the 37 days in California. Across the country, the average time to close was 44 days in July. The average time to close conventional loans remained steady at 43 days as the average time to close an FHA loan increased one day to 44 days in July. The time it took Millennials to close a VA loan dropped from 46 days to 42 days, and the time it took to close an FHA loan saw the most change as it jumped from 45 days to 50 days in July. The average time Millennials took to close a purchase loan held steady at 42 days from June to July while the average time to close a refinance decreased two days to 46 days in that same period. The Millennial Tracker also showed FICO scores increased slightly to 724 in July, up from 723 in June but down one point from July last year. The average FICO score for purchases came in at 748 for conventional loans, 688 for FHA and 742 for a VA loan.


 
* More People Paying Mortgages on Time. Fewer borrowers are late making their house payments, according to a real-estate data firm, which credits strong employment numbers and tougher lending standards for the decline in delinquencies. Nationally, 3.2% of jumbo mortgages were 30 days or more past due in May, a 1.1 percentage-point decline from May 2016, California-based data firm CoreLogic found. The serious delinquency rate, defined as 90 days or more past due, was just 2.1%—the lowest rate in nearly a decade.

https://www.housingwire.com/articles/40988-charts-ten-x-we-are-definitely-not-in-a-housing-bubble?eid=322520585&bid=1837374

Have a productive week!

Jason


This Week in Real Estate: August 28, 2017

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As the summer selling season quickly approaches its end, we are setting the stage for the fall cycle with favorable news. With continued home price appreciation, consumer confidence rises to the highest level since the beginning of the year and the 30-year mortgage rate reaches a new 2017 low. Below are a few highlights from the fourth week of August that influence our business:

* Consumer Confidence Rises to Highest Level Since January. Consumers became more confident during the first half of August than at any point since January, according to the Survey of Consumers conducted by the University of Michigan. The Index of Consumer Sentiment jumped 4.5% from last month’s 93.4 to 97.6 at the beginning of August. This is also up 8.7% from 89.8 in August 2016.
“Consumer confidence rose in the first half of August to its highest level since January due to a more positive outlook for the overall economy as well as more favorable personal financial prospects,” Survey of Consumers Chief Economist Richard Curtin said. “The two component indices moved in opposite directions, with the Current Conditions Index falling slightly from its decade peak, and the Expectations Index posting a more substantial rebound,” Curtin said. “As with the overall Sentiment Index, the component indices nearly regained the peak levels recorded earlier in 2017.”
Full Story… https://www.housingwire.com/articles/41042-consumer-confidence-rises-to-highest-level-since-january?eid=322520585&bid=1843653

* Home Prices Jump 6.2% in Second Quarter; Eclipse 2016 High. The national median existing single-family home price in the second quarter was $255,600, which is up 6.2 percent from the second quarter of 2016 ($240,700) and surpasses the third quarter of last year ($241,300) as the new peak quarterly median sales price. The median price during the first quarter increased 6.9 percent from the first quarter of 2016. Single-family home prices last quarter increased in 87 percent of measured markets, with 154 out of 178 metropolitan statistical areas(MSAs) showing sales price gains in the second quarter compared with the second quarter of 2016. Twenty-three areas (13 percent) recorded lower median prices from a year earlier. Total existing-home sales, including single family and condos, slipped 0.9 percent to a seasonally adjusted annual rate of 5.57 million in the second quarter from 5.62 million in the first quarter, but are still 1.6 percent higher than the 5.48 million pace during the second quarter of 2016. In the West, existing-home sales decreased 3.7 percent in the second quarter but are 3.1 percent above a year ago. The median existing single-family home price in the West increased 7.5 percent to $372,400 in the second quarter from the second quarter of 2016.
Full Story… https://www.nar.realtor/news-releases/2017/08/home-prices-jump-62-percent-in-second-quarter-eclipse-2016-high

* 30-Year Mortgage Rate Hits 2017 Low. Mortgage rates decreased for the fourth consecutive week and the 30-year mortgage hit a new low for 2017, according to Freddie Mac’s Primary Mortgage Market Survey. “The 30-year mortgage rate also declined for the fourth consecutive week, dropping three basis points to a new year-to- date low of 3.86%,” Freddie Mac Chief Economist Sean Becketti said. The 30-year fixed-rate mortgage dropped to 3.86% for the week ending August 24, 2017. This is down from last week’s 3.89% but up from 3.43% last year. The 15-year FRM held steady at 3.16%, an increase from last year’s 2.74%. The five-year Treasury-indexed hybrid adjustable-rate mortgage increased slightly, hitting 3.17%. This is up from 3.16% last week but down from 2.75% last year. “The 10-year Treasury yield fell six basis points this week amid concerns over lagging inflation,” Becketti said.
Full Story… http://www.freddiemac.com/pmms/

https://www.housingwire.com/articles/40988-charts-ten-x-we-are-definitely-not-in-a-housing-bubble?eid=322520585&bid=1837374

 

Have a productive week!

Jason