To buy or not to buy: What you need to know about the Portland housing market, and why it’s not as scary as you think

 

During the last few years, Portlanders have found themselves in the midst of a housing boom. A contributing factor for this current state is that Portland has become a destination city. In fact, 2015 marked the third consecutive year that Oregon was the nation’s top relocation destination. We simply don’t have the supply to support the demand, and as a result, there’s been very healthy price appreciation.

The run-up in the market during the past three years reflects some of the same market dynamics seen between 2003 and 2008. That leaves some to question what was learned from that period of time, when the housing bubble ballooned and then painfully burst.

However, the current market is a completely different environment than the market of a decade ago. The aggressive lending practices of the early and mid-2000s have given way to a much stricter regulatory environment. Banks simply can no longer help people buy homes well above their means. In addition, the over-supply of new homes the market realized prior to the “great recession” does not exist in today’s market.

As a second generation Realtor, exposed to the business since the early 1980s, Jason Waugh says he’s never seen a market like this one.

Waugh is the president and CEO of Berkshire Hathaway HomeServices Northwest Real Estate, and he says that, “The market is so competitive right now that you just don’t have time to ponder your options. Buyers prevailing in this market must act swiftly with aggressive terms. If given the choice most people don’t want to move as quickly as this market demands.”

However, he says that while the market data do not reflect what we would traditionally define as a balanced market, buyers can do well in this market too.

It’s surely a seller’s market, Waugh says, from the perspective that demand is high and supply is low, allowing homeowners to command higher prices. But the market can favor buyers, too, because interest rates remain at historically low levels. Through the first ten weeks of 2016 the interest rates were as low as 33 additional basis points (0.33%) lower than where they ended 2015.

One of the biggest barriers to homeownership today, especially for first time buyers, is having enough money for the down payment in an appreciating market and a much stricter lending environment, he says.

Loving couple looking at their dream house“Often times we get discouraged or believe homeownership isn’t realistic because of the asking price of a home,” says Waugh. “Given the low interest rates coupled with escalating rents the first question in the purchase process of a market like today’s is what would be my monthly mortgage payment be followed by what amount down [payment] do I need?” If you can make the down payment and are comfortable with a mortgage that locks you in with a historically low interest rate on a 30-year fixed loan, is that a better financial investment?”

To help give prospective buyers a realistic sense of their potential payments, Berkshire Hathaway HomeServices places useful mortgage calculators on each home listing on their website.

To further support potential clients through the home selling and home buying process in what is a very fast-paced market today, Waugh says he and his team of Realtors’ ultimate goal is to create a great real estate experience for everyone they serve by being a trusted advisor, being a skilled negotiator and an expert facilitator of services.

In fact, the Berkshire Hathaway HomeServices’ team will walk homeowners and buyers through the daunting and time-consuming purchasing process every step of the way, from initial contact to contract through closing.

And those services aren’t only Portland-specific.

Waugh says Berkshire Hathaway HomeServices’s footprint covers not only the Portland metro area, but also Seattle to SW Washington through the wine country of Yamhill County, to the coast and Central Oregon.

The rise in the price of homes may leave people thinking that there’s never been a worse time to buy a home, but with today’s historically low interest rates, there may never be a better time to invest in one.


This Week in Real Estate: March 28, 2016

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Happy Easter!

Anything industry related for This Week in Real Estate was insignificant given the terrorist attacks and loss of life in Belgium. Our heartfelt condolences to all those impacted. Below are a few highlights from the fourth week of March that influence our business:

* West Pushes up Sales of New Homes in February. New U.S. homebuyers in the West accounted for all of February’s increase in sales of new houses. The Commerce Department said Wednesday that new-home sales rose 2% last month to a seasonally adjusted annual rate of 512,000. All of the increase came from 38.5% surge in purchases in the West. That National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday stayed at 58 in March for the second straight month. Readings above 50 indicate more builders view sales conditions as good rather than poor. The index had been in the low 60s for eight months until February. Builders’ view of current sales conditions held steady, while a measure of traffic by prospective buyers increased.
Full Story… http://www.usatoday.com/story/money/markets/2016/03/23/west-pushes-up-sales-new-homes-february/82167524/

* Cash Sales for 2015 Lowest Since 2008. ElA look back into 2015 shows that cash sales during the year hit their lowest point since 2008, according to a report by CoreLogic. National cash sales totaled 33.4% of December’s home sales, and a 33.9% of total annual sales, according to the report. Cash sales were down 3.3% year-over-year in December, and 2.8% monthly. The larger-than-normal decrease in December shows the elevated share reported for November, which was attributed to the new federal mortgage rules, was temporary. Before the housing crisis, cash sales averaged 25% of total sales. Cash sales peaked in 2011 when they hit 46.6%. If cash sales continue to fall at the same rate they did in December 2015, the rate would be back to pre-crisis levels by the middle of 2017.
Full Story… http://www.housingwire.com/articles/36598-cash-sales-for-2015-lowest-since-2008?eid=322520585&bid=1350166

* Mortgage Delinquencies Lowest Since 2007. The mortgage delinquency rate hit its lowest level since April 2007 as it fully recovers from January’s 6.6%, according to the latest report from Black Knight Financial Services. According to Black Knight’s “First Look” at February’s data, the delinquency rate went down 13% month-over-month and down nearly 16% year-over-year. Foreclosure sales saw a decrease at 14% month-to-month and a 15% increase year-over-year. For the first time in eight years, the total non-current inventory fell below 3 million, the pre-sale inventory rate went down 0.64% month-to-month and decreased to 25% year-over-year.
Full Story… http://www.housingwire.com/articles/36578-black-knight-mortgage-delinquencies-lowest-since-2007?eid=322520585&bid=1348616

Have a productive week!
Jason

 

This Week in Real Estate: March 21, 2016

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The most significant news This Week in Real Estate was that the Federal Reserve left the interest rates unchanged following their March meeting. Where the U.S. central bank at its December meeting had projected 4 rate hikes in 2016, new estimates released Wednesday reduced that number to 2. Below are a few highlights from the third week of March that influence our business:

* Residential Housing Starts Hit 5-Month High While Single-Family Home Starts Hit 9-Year High. New residential construction reached its highest in five months as there remains a huge demand for single-family homes. According to estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development, home starts rose 5.2% and increased with a seasonally adjusted annual rate of 1.18 units. An improvement from January’s estimate of 1.12 and is 30.9% above February 2015’s rate of 900,000. Construction for single-family homes increased 7.2% to an 822,000 unit pace, the highest since November 2007. While construction activity in the northeast were low at 51.3%, home starts increased 19.9% in the Midwest and 26.1% in the west regions. In the south, home starts were at 7.1%. Single-family home completions also increased, rising 6.1% to a 736,000 annualized rate, the highest peak since November 2008.
Full Story… http://www.housingwire.com/articles/36529-residential-housing-starts-hit-5-month-high?eid=322520585&bid=1341748

* Loan Closings Back to Pre-TRID Timelines. Ellie Mae’s Origination Insight Report published on Wednesday by Ellie Mae shows there was a sharp decline in the time it took to close a loan in February. Average closing timelines rose with the introduction of new Truth-in-Lending (TRID) disclosure rules for loans applied for on or after October 3. It took an average of three or four additional days to take a loan from application to closing for all loans that closed in November than it did in October and those timelines remained elevated through January. The drop in February brings most closing days back to levels that prevailed before TRID became an issue. Ellie Mae reports that the time to close all loans dropped from 50 days in January to 46 in February, the shortest timeframe since last May. The average time to close a purchase decreased from 51 days in January to 48 days in February.
Full Story… http://www.mortgagenewsdaily.com/03172016_ellie_mae_loan_metrics.asp

* NAR HOME Survey Underscores Need for More Single-Family Home Construction. Over three-quarters of surveyed households would purchase a single-family home if they were to buy in the next six months, and 79 percent of renters would choose to buy outside of an urban area, according to the second installment of the National Association of Realtors new quarterly consumer survey. The survey also found that confidence about now being a good time to buy is waning amongst renters, particularly in the West – where prices have solidly risen. The survey data reveals an overwhelming consumer preference for single-family homes in suburban areas. Most current homeowners (85%) and 75 percent of renters said they would purchase a home in a suburban area, while only 15 percent of homeowners and 21 percent of renters said they would buy in an urban area.
Full Story… http://www.realtor.org/news-releases/2016/03/nar-home-survey-underscores-need-for-more-single-family-home-construction
Have a productive week!

Jason

 

This Week in Real Estate: March 14, 2016

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A much better than expected February jobs report fuels consumer confidence This Week in Real Estate. Below are a few highlights from the second week of March that influence our business:

* Mortgage Rates Looking Favorable for Spring Home Buying Season. Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) this week, showing mortgage rates moving higher for the second week in a row, while also only posting the second increase this year making mortgage rates very attractive for the upcoming spring home buying season. “The 10-year Treasury yield ended the survey week exactly where it started, however the solid February employment report boosted the yield noticeably on Friday and Monday. Our mortgage rate survey captured the impact of this temporary increase in yield, and the 30-year mortgage rate rose 4 basis points to 3.68. This marks the second increase this year. Nonetheless, the mortgage rate remains 33 basis points lower than its end-of-2015 level,” said Sean Becketti, Chief Economist at Freddie Mac.
Full Story… http://freddiemac.mwnewsroom.com/press-releases/mortgage-rates-looking-favorable-for-spring-home-b-otcqb-fmcc-1248416?feed=429e0be3-9aef-4a3a-9775-43f8e470d510

* 1 Million Borrowers Regained Equity Last Year. Approximately 1 million borrowers regained equity in 2015, boosting the total number of mortgaged residential properties with equity at the end of the fourth quarter 2015 to 46.3 million, or 91.5% of all mortgaged properties, a new report from CoreLogic said. Borrower equity increased year-over-year by $682 billion in Q4 2015. “In Q4 of last year home equity increased $680 billion or 11.5%, the 13th consecutive quarter of double digit growth,” said Frank Nothaft, Chief Economist at CoreLogic.
Full Story… http://www.corelogic.com/about-us/news/corelogic-reports-1-million-us-borrowers-regained-equity-in-2015.aspx

* Completed Foreclosures Drop 16.2%. Foreclosure inventory declined by 21.7%, and completed foreclosures declined by 16.2% compared with January 2015, CoreLogic’s latest January 2016 National Foreclosure Report showed. The number of completed foreclosures nationwide decreased year-over-year from 46,000 in January 2015 to 38,0000 in January 2016. The number of completed foreclosures in January 2016 was down 67.6% from the peak in September 2010 of 117,743. “In January, the national foreclosure rate was 1.2%, down to one-third the peak from exactly five years earlier in January 2011, a remarkable improvement,” CoreLogic Chief Economist Frank Nothaft said. “The month’s supply of foreclosure fell to 12 months, which is modestly above the nine-month rate seen 10 years earlier and indicates the market’s ability to clear the stock of foreclosures is close to normal.”
Full Story… http://www.housingwire.com/articles/36469-corelogic-completed-foreclosures-drop-162?eid=322520585&bid=1333280

* Unemployment Scrapes Lowest Level Since 2008. In great news for the U.S. economy, 242,000 jobs were added in February, with the unemployment rate flat at 4.9 percent, according to recently released Bureau of Labor statistics. This was well above market expectations of 190,000 new jobs, and the lowest unemployment level since May 2008. “February’s employment situation report should strengthen consumer confidence,” says realtor.com Chief Economist Jonathan Smoke. “Additionally, the strong pace of job creation should lead to continued positive household formation. Combined with substantial pent-up demand for home purchases, we remain confident we will see the strongest spring buying season in a decade.”
Full Story… http://rismedia.com/2016-03-06/unemployment-scrapes-lowest-level-since-2008/?utm_source=newsletter&utm_medium=email&utm_campaign=eNews

Have a productive week!

Jason

 

This Week in Real Estate: March 7, 2016

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Appraisal volume and consumer spending is on the rise This Week in Real Estate, which bodes well for a strong spring selling season. Below are a few highlights from the first week of March that influence our business:

* Winter’s Top 5 Hottest Single-Family Housing Markets. Where will the hottest markets be as we move into the busy spring home buying season? Ten-X, formerly Auction.com, released its report on the top single-family housing markets this winter, which ranks the nation’s 50 largest housing markets according to current and forecasted housing fundamentals. According to the list, these markets had the best combination of rising home prices, favorable affordability and strong housing demand, combined with strong economic and demographic conditions that point to future demand. “The U.S. housing market recovery continues to be supported by underlying economic fundamentals, particularly the improved labor market,” said Ten-X Chief Economist Peter Muoio. The top 5 hottest single-family housing markets: 1. Seattle, Washington, 2. Fort Lauderdale, Florida, 3. Orlando, Florida, 4. Portland, Oregon, and 5. Las Vegas, Nevada.
Full Story… http://www.housingwire.com/articles/36448-here-are-winters-top-5-hottest-single-family-housing-markets

* Consumer Spending Has Biggest Increase in Eight Months. Consumers ramped up their spending in January at the fastest pace in eight months as incomes also continued to grow at a strong pace in a sign economic growth is improving after slowing at the end of last year. Incomes rose in January for the 10th-straight month and the 0.5 percent increase was the best since June. Consumer spending accounts for about two-thirds of U.S. economic activity and the increase in January bodes well for a pick-up in economic growth in the first quarter of the year.
Full Story… http://rismedia.com/2016-02-28/consumer-spending-has-biggest-increase-in-eight-months/?utm_source=newsletter&utm_medium=email&utm_campaign=eNews

* Appraisal Volume Rises as Spring Home Buying Season Starts Early. Appraisal volume jumped 8.4% for the week of February 21, marking the fifth consecutive week of increases, as the spring homebuying season draws closer, a la mode, an appraisal software company that tracks appraisal volume throughout the country. Appraisal volume is an indicator of market strength and has some advantages over mortgage applications. Fallout is less for appraisals since they are ordered later in the mortgage process after credit worthiness determined and there are few multiple-orders.
Full Story… http://www.housingwire.com/articles/36420-appraisal-volume-rises-as-spring-homebuying-season-starts-early

* Home Flipping on the Rise in 75 Percent of Markets. Home flipping shot up in 2015, with 179,778 U.S. single-family homes and condos flipped, 5.5 percent of all single-family home and condo sales during the year, according to RealtyTrac. The 5.5 percent share of U.S. home flips in 2015 was up from a 5.3 percent share in 2014, marking the first annual increase in the share of homes flipped following four consecutive years of decreases. The share of homes flipped in 2015 increased from the previous year in 83 of 110 U.S. metropolitan statistical areas nationwide analyzed for the report (75 percent). “Homes flipped in 2015 were on average purchased at a 26 percent discount below estimated market value and re-sold by the flipper at a 5 percent premium above estimated market value.”
Full Story… http://www.realtytrac.com/news/real-estate-investing/2015-year-end-and-q4-u-s-home-flipping-report/

Have a productive week!

Jason

 

This Week in Real Estate: Feb. 29, 2016

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This Week in Real Estate was fueled by better than anticipated existing home sale numbers for January. Below are a few highlights from the fourth week of February that influence our business:

* There’s Reason to Be Excited About the U.S. Housing Market. Economic data and corporate earnings reports released on Tuesday make it easy to remember why the housing market is expected to be one of the U.S. economy’s bright spots for years to come. During an interview on Bloomberg TV, Douglas Yearly, CEO of Toll Brothers, noted that he didn’t see any recessionary conditions in the U.S. but cautioned that volatility in financial markets was beginning to weigh on deals. “There’s a real disconnect right now between the housing market and the broader markets.” While the downdraft in equity prices won’t make American’s feel any richer, home price appreciation should help cushion the blow. “Home sales are at cycle highs, but the market still seems mainly to be dominated by supply constraints. This suggests that home prices generally still continue to rise at a solid pace,” said Johnny Bo Jakobsen, chief analyst at Nordea Markets.
Full Story… http://www.bloomberg.com/news/articles/2016-02-24/there-s-reason-to-be-excited-about-the-u-s-housing-market

* Existing Sales Advance. Existing home sales, as reported by NAR, increased 0.4% in January to the highest level since July, and are up 11% from last January. The first-time buyer share for 2015 averaged 30%, up from 29% in 2014 and 2013. Year-over-year, all regions increased, including 20.6% in the Northeast, 18.2% in the Midwest, 8.3% in the West and 5.7% in the South. Total housing inventory increased by 3.4% in January, but remains 2.2% lower than its level a year ago. January represented the 47th consecutive month of year-over-year median sales price increases. The Pending Home Sales Index increased slightly in December, and the sharp volatility in November and December existing sales was a function of implementing a new regulation. Builder sentiment remains strong, and the tight inventory homes bodes well for new single-family sales in 2016.
Full Story… http://eyeonhousing.org/2016/02/existing-sales-advance/

* U.S. Housing Market Continues Its Steady Comeback. Freddie Mac on Wednesday released its Multi-Indicator Market Index (MiMi), showing the U.S. housing market continuing to improve with two additional states – Florida and Arizona – entering their outer range of stable housing activity. The MiMi purchase applications indicator improved by 9% in 2015, its best showing since September 2013.The national MiMi value stands at 82.7, indicating a housing market that is on its outer range of stable housing activity. On a year-over-year basis, the national MiMi value has improved 7.65% percent. On a year-over-year basis, the most improving states were Florida (+16.59%), Oregon (+15.64%), Colorado (+14.09%), Washington (+12.58%) and Nevada (+12.54%). In December, 45 of 50 states and 86 of the top 100 metro areas were showing an improving three-month trend. The same time last year, 19 of 50 states, and 49 of the top 100 metro areas were showing an improving three-month trend.
Full Story… http://freddiemac.mwnewsroom.com/press-releases/u-s-housing-market-continues-its-steady-comeback-otcqb-fmcc-1245689?feed=429e0be3-9aef-4a3a-9775-43f8e470d510

* Appraisal Volume Records Fourth Week of Consecutive Increases. Appraisal volume recorded its fourth week of consecutive increases, with volume rising 1.9% for the week of February 14, according to the most recent report from a la mode, an appraisal forms software company that tracks appraisal volume throughout the country. Appraisal volume is an indicator of market strength and has some advantages over mortgage applications. Fallout is less for appraisals since they are ordered later in the mortgage process after credit worthiness determined and there are few multiple-orders.
Full Story… http://www.housingwire.com/articles/36351-appraisal-volume-records-fourth-week-of-consecutive-increases

Have a productive week!

Jason

 

This Week in Real Estate: Feb. 22, 2016

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Inventory and rates continue to dominate the headlines This Week in Real Estate. Below are a few highlights from the third week of February that influence our business:
 
* When Will Housing Inventory Shortages Finally End? Four years in active recovery, and the housing market can’t seem to get past the inventory shortage that penetrates into all crevasses of the industry. And while this won’t change this year, there may be hope for next year as builders start to play catch-up. The most recent existing-home sales report from NAR said the total housing inventory at the end of December dropped 12.3% to 1.79 million existing homes available for sale, and is now 3.8% lower than a year ago (1.86 million). Part of the lack of inventory is due to the limited supply of better-located lots suitable for the trade-up market. In general, broad lot development has lagged as many land developers left the industry during the downturn and those remaining were cautious or financially constrained in their subsequent development activities. However, this could finally start to change. Additional capital has been committed to land development, but the sector is still playing catch-up. Looking to 2016, at least a few public builders are opening or planning to open subdivisions in outlying communities and offering more affordable housing targeted to first-time buyers.
Full Story… http://www.housingwire.com/articles/36327-when-will-housing-inventory-shortages-finally-end
 
* Mortgage Rates Remain Near 10-Month Lows. Two months ago, when the Federal Reserve announced it was raising its benchmark rate, most observers expected mortgage rates to start creeping higher. Instead, for the past six weeks, the average for the 30-year fixed-rate, the most popular home loan product, has fallen 36 basis points (a basis point is 0.01 percentage point). It is now at its lowest level in 10 months. Mortgage rates are closely tied to the movement of the 10-year Treasury, and investors lately have been flooding the bond market, driving down yields, so rates on home loans have tumbled. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average held steady at 3.65 percent with an average of 0.5 point, same as it was a week ago (points are fees paid to a lender equal to 1 percent of the loan amount). It was 3.76 percent a year ago.
Full Story… https://www.washingtonpost.com/news/where-we-live/wp/2016/02/18/mortgage-rates-remain-near-10-month-lows/

* Homeowners: 4 Tax Deductions to Maximize Your IRS Refund. It’s tax season again. While you might not be jumping for joy at the thought of this, let’s at least make sure you’re doing your due diligence and gaining all the benefits you can from tax deductions that apply to you. The mortgage interest deduction might be one of the first ones to mind, but it’s definitely not the only one. Four tax deductions to maximize your IRS refund: (1) residential energy credits, (2) mortgage interest, mortgage insurance premiums and deductible points, (3) moving expenses and (4) home office.
Full Story… http://www.housingwire.com/blogs/1-rewired/post/36311-homeowners-4-tax-deductions-to-maximize-your-irs-refund?eid=322520585&bid=1314331
Have a productive week!

Jason

 

Appealing to Multigenerational Buyers

Multigenerational Buyers

A Financial & Lifestyle Solution to Rising Prices

Although your home may have housed a traditional family consisting of a mom, dad and two kids, savvy real estate agents will tell you that in order to attract more buyers, staging your house as one fit for multi-generations is the way to go.

Grandfather And Grandson Playing With Football In ParkA recent study conducted by the Pew Research Center states that a record 57 million Americans (18.1% of the U.S. population) were living in multi-generational households.

This trend is coming from all directions. Young adults are moving back home, the elderly are moving in with their middle-age children and middle-aged children are moving back with their elderly parents.

Homes geared specifically to multigenerational buyers are on the cutting edge of design. They often include self-contained, apartment-like living areas with a bedroom, a full bath, a kitchenette, a separate entrance and sometimes a laundry room and garage. Although the western states, especially California, are ahead of the curve, these multigenerational floorplans are gradually making their way east.

As a result, agents are highlighting features such as finished walkout basements and bonus bedrooms. When it’s being suggested to transform your office or basement into a bedroom, you should be listening. Any home that contains bonus space is a viable candidate for a buyer who might be planning to bring an ill or out-of-work family member back into the fold. A home’s accessibility is important for people who might be living with aging parents who use wheelchairs or walkers. Creating a complete, accessible living space on one level with safety features can make a home attractive to people of all ages.

Modern white kitchen clean interior designAdding a Kitchenette

If you are thinking of adding a lock-off suite within the walls of your single-family home, you may consider adding a kitchenette or service bar with a sink, a fridge and a convection microwave oven, but not a range and oven. That’s because some municipalities classify a home as a duplex if the kitchenette has full-size cooking appliances.

A convection microwave is versatile enough for most types of cooking, not to mention dozens of countertop appliances, such as crockpots, woks and toaster ovens. A kitchenette, by design, is relatively small because it’s meant for one or two people. A range would take up space better utilized for storage cabinets.

While communal living isn’t for everyone, new multigenerational homes can help minimize friction and promote more positive experiences. Grandparents and grandchildren develop a stronger bond. Parents have more peace of mind knowing that the grandparents aren’t alone. They can even get away by themselves occasionally, since Grandpa and Grandma can look after the kids. It’s a financial solution, but it’s also a lifestyle solution.

 

This Week in Real Estate: Feb. 15, 2016

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Six weeks into 2016 and the stock market is struggling to find stability. The question This Week in Real Estate is how much further can interest rates drop? Below are a few highlights from the second week of February that influence our business:

* Mortgage Rates Drop Six Weeks Straight. The downward trend in mortgage rates continued for the sixth consecutive week amid ongoing market volatility, the latest results of Freddie Mac’s Primary Mortgage Market Survey found. “In a falling rate environment, mortgage rates often adjust more slowly than capital market rates, and the early-2016 flight-to-quality has run true to form,” said Sean Becketti, chief economist with Freddie Mac. “The 30-year mortgage rate has dropped 36 basis points since the start of the year, while the yield on the 10-year treasury has dropped 59 basis points over the same period. If treasury yields were to hold at current levels, mortgage rates might well sink a little further before stabilizing,” he said. Full Story… http://www.housingwire.com/articles/36260-freddie-mac-mortgage-rates-drop-six-weeks-straight?eid=322520585&bid=1308495

* Foreclosures Fall to Lowest Level Since 2006. In another sign that the recovery from the housing crisis is ongoing rather than stalled out, the total number of completed foreclosures in 2015 was the lowest number of completed foreclosures in any year since 2006, a new report from CoreLogic shows. The numbers hit a 8-year low just last month. The number of completed foreclosures fell more than 20% from 2014 to 2015, making it the best year since before the housing crisis began. The number of completed foreclosures in December 2015 was down 72.8% from the peak of 117,722 in September 2010. As of December 2015, the national foreclosure inventory included approximately 433,000, or 1.1%, of all homes with a mortgage compared with 568,000 homes, or 1.5%, in December 2014. The December 2015 foreclosure inventory rate is the lowest for any month since November 2007. The December 2015 serious delinquency rate (90 days or more past due) was the lowest in eight years, falling to the lowest level since November 2007. Full Story… http://www.housingwire.com/articles/36238-corelogic-foreclosures-fall-to-lowest-level-since-2006?eid=322520585&bid=1306038

* Home-Price Growth Sped Up Last Year. Home-price growth accelerated late last year, according to a report released Wednesday by the National Association of Realtors. The national median existing single-family home price grew nearly 7% in the fourth quarter, compared with the same time last year. Prices increased year-over-year in 81% of markets measured by NAR. But 30 metro areas saw double-digit increases. Western and sunbelt markets continued to see some of the biggest gains. Full Story… http://blogs.wsj.com/economics/2016/02/10/home-price-growth-sped-up-last-year-realtors-say/

Have a productive week!

Jason

 

4th Quarter Chairman’s Report 2015

We are happy to announce the 4th Quarter Chairman’s Report for 2015 is now available to read online. Discover where the real estate market is headed and review 4th Quarter Market Stats for the Portland Metro and SW Washington. Special thanks to our Chairman, Bert Waugh, Jr.