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


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


This Week in Real Estate: February 20, 2018

While inventory levels hover around an all-time low, builder confidence remains strong according to the National Association of Home Builders/Wells Fargo Housing Market Index released This Week in Real Estate. Consequently, the pace of single-family starts to begin the new year has the three-month moving average near a post-recession high. Below are a few highlights from the second week of February that influence our business:

 
* Total Housing Starts Near Post Recession High. Total housing starts increased in January, led by strong gains for multifamily development. Starts jumped 9.7% to a 1.33 million seasonally adjusted annual rate, according to the joint data release from the Census Bureau and HUD. The pace of single-family starts expanded in January, rising 3.7% to an 877,000 seasonally adjusted annual rate. The three-month moving average for single-family starts remained near a post-recession high rate of construction (890,000). The gains for single-family starts match ongoing healthy levels of the NAHB/Wells Fargo Housing Market Index, now registering a score of 72. Single-family permits posted a slight decline of 1.7% in January, but that decline was off a strong December permitting rate. Multifamily starts were up almost 24% to a noticeably strong seasonally adjusted annual rate of 449,000 in January. Multifamily permits also posted a gain in January, with permitting rising 27%. Multifamily data tends to be volatile in the month-to-month data. In January, there were 499,000 single-family units under construction, a gain of almost 12% from this time in 2017.
 
* Nearly Two-Thirds of U.S. Housing Markets See Home Prices Hit All-Time High. As housing inventory sank to its all-time low during the fourth quarter, home prices increased, creating all-new highs in many U.S. markets, according to the latest quarterly report from the National Association of RealtorsThe national median existing single-family home price in the fourth quarter came in at $247,800, up 5.3% from $235,400 in the fourth quarter of 2016. Single-family home prices increased in 92% of measured markets, or 162 out of 177 metropolitan statistical areas. In fact, 15% of metro areas saw double digit increases, and now 64% of markets reached a new all-time high in home prices. This is up by 18 metros from last quarter. “A majority of the country saw an upswing in buyer interest at the end of last year, which ultimately ended up putting even more strain on inventory levels and prices,” NAR Chief Economist Lawrence Yun said. “Remarkably, home prices have risen a cumulative 48% since 2011.”
* Builder Confidence Stays at Strong Level in FebruaryBuilder confidence in the market for newly-built single-family homes remained unchanged at a healthy level of 72 in February on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Demand conditions are positive, but supply-side construction hurdles need to be managed, as scarce labor and building material price increases remain top concerns. In particular, the HMI gauge of future sales expectations has reached a post-recession high, an indicator that consumer demand for housing should grow in the months ahead. With ongoing job creation, increasing owner-occupied household formation, and a tight supply of existing home inventory, the single-family housing sector should continue to strengthen at a gradual but consistent pace. Looking at the three-month moving averages for regional HMI scores, the Midwest rose two points to 72, the South increased one point to 74, the West remained unchanged at 81, and Northeast fell two points to 56.

Have a productive week.

Jason


This Week in Real Estate: February 12, 2018

This Week in Real Estate, Fannie Mae released the results of it’s January Home Purchase Sentiment Index, which recorded an all-time survey high. Below are a few highlights from the first week of February that influence our business:

* LMI Indicates Continued Improvement Across the Country. According to the NAHB/First American Leading Markets Index (LMI), 82%, 277 metropolitan statistical areas, recorded growth in their LMI Score over the fourth quarter of 2017 compared to a year ago. The index uses single-family housing permits, employment, and home prices to measure proximity to a normal economic and housing market. The index is calculated for 337 local markets, metropolitan statistical areas (MSAs), as well as the entire country. A value of 1.0 means the three components have achieved a level of recovery that combined averages 1.0. Of the 337 metro areas tracked by the LMI, 195 of them have an LMI Score that exceeds 1.0. House prices continue to be a key driver of the LMI results. Of the 337 markets tracked by the LMI, house prices in 333 areas have normalized or are above 1.0. The LMI Score for the country as a whole reached 1.04. However, at 1.58, only the house price component is above 1.0. Meanwhile, the employment component sits at 0.98 and single-family permits are currently at 0.56. One interpretation of these metrics is that the slower recovery in housing supply coupled with strong demand is contributing to house price appreciation.
* Americans Gain Confidence in Housing as Home Prices Rise. Americans continue to gain confidence in the housing market, not just despite, but even because of rising home prices, according to the latest Home Purchase Sentiment Index from Fannie Mae. Over the past year, home prices have continued to rise, threatening affordability, and housing inventory is falling dangerously low. However, despite these setbacks, Americans continue to hold a positive view of the housing economy. Fannie Mae’s HPSI rose 3.7 points in January to 89.5, reversing the decrease seen the month before and an all-time survey high. This rise is due to increases in five of the six HPSI components. “HPSI rebounded from last month’s dip to a new survey high in January, in large part due to the spike in consumers’ net expectations that home prices will increase over the next year,” said Doug Duncan, Fannie Mae senior vice president and chief economist.
* Housing Affordability Remains Flat in 2017. Data for all four quarters of 2017 show housing affordability remaining essentially flat throughout the year, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI). In all, 59.6 percent of new and existing homes sold between the beginning of October and end of December were affordable to families earning the U.S. median income of $68,000. This is just slightly up from the 58.3 percent of homes sold that were affordable to median-income earners in the third quarter, and effectively the same rate as in the fourth quarter of 2016, when the HOI stood at 59.9 percent. The national median home price fell to $255,000 in the fourth quarter of 2017 from $260,000 in the previous quarter. Meanwhile, average mortgage rates inched down four basis points in the fourth quarter to 4.06 from 4.1 in the third quarter. Youngstown-Warren-Boardman, Ohio-Pa. and Syracuse, NY tied as the nation’s most affordable major housing market. In both metros, 88.3 percent of all new and existing homes sold in the fourth quarter were affordable to families earning the area’s median income of $54,600 and $68,000, respectively. San Francisco, which had been the nation’s least affordable housing market for 19 straight quarters before being displaced by Los Angeles in the third quarter of 2017, once again assumed the mantle as the least affordable market. There, just 6.3 percent of the homes sold in the last quarter of 2017 were affordable to families earning the area’s median income of $113,100.

Have a productive week.

Jason


This Week in Real Estate: January 29, 2018

Despite inventory pressure, which in turn has driven continued price appreciation as a result of buyer demand, the National Association of Realtors announced This Week in Real Estate that 2017 existing home sales recorded the best year in 11 years. Below are a few highlights from the fourth week of January that influence our business:

* Cash Sales Tie Post-Recession High. NAHB analysis of the most recent Quarterly Sales by Price and Financing published by the Census Bureau reveals that cash sales accounted for 11,000 new home sales in the fourth quarter of 2017. Cash purchases made up 7.9% of purchases in the fourth quarter, a mark not seen since 2014. Although cash sales make up a small portion of new home sales, they constitute a larger share of existing home sales. Roughly 20% of existing home transactions were all-cash sales in December 2017, according to estimates from the National Association of Realtors. Conventional financing contracted sharply following the Great Recession, but has expanded as the recovery has continued. In 2006, conventional financing accounted for 90% of new home purchases, falling to 59% in 2010. Conventional loans accounted for 72% of new home sales in 2017, on average, the highest annual average since 2008.

 

* Best Year For Home Sales Since 2006, Despite Headwinds. Existing home sales in 2017 increased 1.1 percent for the best year in 11 years. According to the National Association of Realtors® (NAR), the 5.51 million sales of existing single-family homes, townhomes, condos, and cooperative apartments surpassed the 5.45 million sales in 2016 to have the highest number of transactions since 6.48 million were sold in 2006. Lawrence Yun, NAR chief economist, says the housing market performed remarkably well for the U.S. economy in 2017, but wasn’t as good as it might have been.  The year brought substantial wealth gains for homeowners and historically low distressed property sales. “Existing sales concluded the year on a softer note, but they were guided higher these last 12 months by a multi-year streak of exceptional job growth, which ignited buyer demand,” he said. “At the same time, market conditions were far from perfect. New listings struggled to keep up with what was sold very quickly, and buying became less affordable in a large swath of the country. These two factors ultimately muted what should have been a stronger sales pace.” The median existing-home price for all housing types in December was $246,800, a 5.8 percent rate of appreciation for the year and was the 70th straight month of year-over-year gains. The inventory of available homes fell another 11.4 percent in December to 1.48 million and is now 10.3 percent lower than a year ago (1.65 million).  The inventory has declined year-over-year for 31 consecutive months and is currently estimated at a 3.2-month supply, the lowest level since NAR began tracking in 1999. Existing-home sales in the West declined 0.8 percent below a year ago.

 

* Purchase Mortgage Applications Hit 8-Year High. Mortgage applications continue on the tear they started during the first week of 2018. The Mortgage Bankers Association’s (MBA’s) Market Composite Index, a measure of loan application volume, increased 4.5 percent on a seasonally adjusted basis during the week ended January 19. The gain came on the heels of 8.3 percent and 4.1 percent increases in the first two weeks of the year. Both the Refinancing and Purchase Indexes saw gains.  The seasonally adjusted Purchase Index was up 6 percent from the week ended January 12, its fourth straight increase, and was the highest since April 2010.
Have a productive week.

 

Jason


This Week in Real Estate: January 22, 2018

Prior to investing in a home improvement project, would it be beneficial to know which remodeling projects net the highest return on investment (ROI)? Remodeling Magazine released This Week in Real Estate it’s Cost vs. Value Report for 2018. Below are a few highlights from the third week of January that influence our business:

* Cost vs. Value: The Home Improvement Projects With The Highest ROI in 2018. Remodeling Magazine’s newly released Cost vs. Value Report for 2018, which measures the average cost of 21 popular remodeling projects and their average resale value one year later, found that average return on investment (ROI) for home improvement projects dipped across the board, with “upscale” projects taking the biggest hit. Garage door replacement has the highest ROI at 98.3 percent (up from 85 percent year-over-year). Backyard patio jobs garner the lowest ROI, at 47.6 percent (down from 54.9 percent year-over-year). The reason for the sweeping decrease in ROI isn’t immediately obvious, but Remodeling magazine’s editor-in-chief (and manager of the report) Craig Webb notes that it’s likely related to the strength of the housing market currently. However, a silver lining from the report relates to when the data was compiled. Remodeling magazine put all the cost information together before the country was struck with several natural disasters, including massive forest fires and several hurricanes. Since then, building supplies and the price of skilled labor has increased, but that’s expected to change over the course of 2018. As a result, expect to see the ROI of most of these projects level out by the end of the year. Despite these events, some longtime trends continued through the new year. Remodeling is still far more cost-effective than replacement, but, according to real estate pros, replacing is still the way to go. This year, there’s a 20-point difference in ROI: 76.1 percent for replacement jobs, versus 56 percent for remodeling. Nationally, when it comes to renovation ROI, curb appeal still wins out.


* Builder Confidence Remains Strong as New Year Starts. Builder confidence in the market for newly-built single-family homes dropped two points to a level of 72 in January on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) after reaching an 18-year high in December 2017. Builders confidence remained strong given changes to the tax code will promote the small business sector and boost broader economic growth. Nonetheless, home builders continue to face building material price increases and shortages of labor and lots. In a recent NAHB survey, 84% of builders cited concerns regarding cost and availability of workers as a key challenge for 2018, matching the 84% who cited rising building material prices. The HMI gauge of future sales expectations has remained in the 70s, a sign that housing demand should continue to grow in 2018. As the overall economy strengthens, owner-occupied household formation increases, and the supply of existing home inventory tightens, we can expect the single-family housing market to make further gains this year. The three HMI components registered relatively minor losses in January. The index gauging current sales conditions dropped one point to 79, the component charting sales expectations in the next six months fell a single point to 78, and the index measuring buyer traffic fell four points to 54. Looking at the three-month moving averages for regional HMI scores, the West rose two points to 81, the South increased one point to 73, the Midwest inched up a single point to 70 and Northeast climbed five points to 59.


* U.S. Foreclosure Activity Drops to 12-Year Low in 2017. Attom Data Solutions released its Year-End 2017 U.S. Foreclosure Market Report on Thursday, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 676,535 U.S. properties in 2017, down 27 percent from 2016 and down 76 percent from a peak of nearly 2.9 million in 2010 to the lowest level since 2005. Those 676,535 properties with foreclosure filings in 2017 represented 0.51 percent of all U.S. housing units, down from 0.70 percent in 2016 and down from a peak of 2.23 percent in 2010 to the lowest level since 2005. “Thanks to a housing boom driven primarily by a scarcity of supply, which has helped to limit home purchases to the most highly qualified — and low-risk — borrowers, the U.S. housing market has the luxury of playing a version of foreclosure limbo in which it searches for how low foreclosures can go,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.
Have a productive week.

Jason


Portland Metro Weekend Events Planner: January 19-21, 2018

PORTLAND METRO WEEKEND EVENTS PLANNER
JANUARY 19-21, 2018

 

REEL MUSIC FESTIVAL

Through January 30 – Whether your passion is jazz, blues, folk, rock, electronic, world, classical—or anything between—we hope you find something to discover and inspire in this eclectic mix of films that celebrate great artists, sound, and image, and connect music and culture. Various locations around Portland.

FERTILE GROUND ARTS FESTIVAL

THURS through January 28  Discover compelling indoor landscapes of many hues and disciplines cultivated in Fertile Ground. This 11-day sampling illuminates the verdant and abundant acts of creation that bubble and catalyze yearlong in Portland.

PORTLAND’S MINI MUSICAL FESTIVAL

THURS through January 21  Check out six-brand new 15-minute musicals by local writers and composers. Join us for the perfect night out for every musical theater lover! Part of the 2018 Fertile Ground Festival.

ROSE CITY CLASSIC

WED-SUN  One of the biggest dog shows in America that attracts top dogs from virtually all breeds and varieties. Fun for the whole family, come early and plan to stay all day.

STRANGER THAN FICTION

Through January 28  Various short pieces performed by a multi-generational cast, combining circus arts, narrative, dance, and physical theater. (Part of the 2018 Fertile Ground Festival) 

LEWIS BLACK

FRI  One of the angriest men in the history of stand-up makes his annual pilgrimage to Portland as part of his “The Joke’s on Us” tour.  

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

ANTIQUE & COLLECTIBLES SHOW

FRI-SUN – Stroll 400 booths filled with estate jewelry, vintage clothing, period lighting, furniture, 40s kitchenware, old tools, toys, prints, old watches, BB guns, and more.

ROSE & THORN WINTER BREWFEST

SAT – Featuring 17 breweries and cider companies local to the Pacific Northwest, small bar bites available for sale, live acoustic entertainment by Fire Lily, a complimentary tasting glass included with ticket and raffle prizes to win!

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
· 12 Strong
· Forever My Girl
· Den of Thieves
· Mom and Dad
· Showdown in Manila
· The Leisure Seeker
· The Final Year

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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