This Week in Real Estate: July 23, 2018

Through the first five months of 2018 the number of single-family residential permits issued realized an 8% year-over-year increase. The nationwide increase is due in large part to the increases in the Southern and Western states, 17.9% and 17.0%. According to a report by data and analytics provider Black Knight Inc. Below are a few highlights This Week in Real Estate from the third week of July that influence our business:

* Western States Lead Single-Family Residential Permits Growth. Over the first five months of 2018, the total number of single-family permits issued year-to-date (YTD) nationwide reached 363,327. On a year-over-year basis, this is an 8.0% increase over the May 2017 level of 336,410. The results from the SOC are similar, year-to-date single-family permits over the first five months of 2018 was, 363,700 which is 8.6% ahead of its level over the same period of 2017, 335,000. Year-to-date, across the country, single-family permits grew in all the regions except in the Northeast where it declined by 1.0% compared to May 2017 YTD. Western region had the highest growth in single-family while South recorded the highest multifamily permits growth during the last 12 months. The 8.0% increase in the nationwide growth rate of year-to-date single-family permits, is largely due to the aggregate increase in single-family permits across the Western states. Out of the 13 which are classified as Western states, nine states recorded single-family permit growth exceeding the national average. A total of 20 states recorded growth rates higher than the national average. Nine of these came from the Western region of the county, seven from the South, and three from the Midwest. Year-to-date, ending in May 2018, the total number of multifamily permits issued nationwide reached 187,605. This is 13.3% ahead of its level over the first five month of 2017, 165,645. The increase in nationwide growth rate is due to the increases across Southern and Western states which posted growth rates of 17.9% and 17.0% respectively.
Full Story…http://eyeonhousing.org/2018/07/western-states-lead-single-family-residential-permits-growth-northeast-lags/

* Builder Confidence Stays at Healthy Level in July. Builder confidence in the market for newly-built single-family homes remained unchanged at a solid 68 reading in July on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Builders are optimistic about housing market conditions, basing their confidence on continued solid demand for single-family homes. However, persistent increases in construction costs make it increasingly challenging to produce homes at competitive price points, especially for the entry-level market where inventory is most needed. The HMI index measuring current sales conditions remained unchanged at 74. Meanwhile, the component gauging expectations in the next six months dropped two points to 73 and the metric charting buyer traffic rose two points to 52. Looking at the three-month moving averages for regional HMI scores, the Northeast rose one point to 57 while the Midwest remained unchanged at 65. The West and South each fell one point to 75 and 70, respectively.
Full Story…http://eyeonhousing.org/2018/07/builder-confidence-stays-at-healthy-level-in-july/

* Most Areas See Growth in Single-Family Starts. NAHB analysis of the Survey of Construction (SOC) shows that, nationally, there were 847,830 new single-family units started in 2017, 9% higher than the units started in 2016. Among all of the nine Census divisions, new single-family units started in the South Atlantic, West South Central and Mountain Divisions exceeded 100k in 2017. These three divisions represent 21 states, approximately 41% of the 50 states and Washington, D.C., but the number of new single-family housing starts in these three divisions accounted for about 60% of the total new single-family housing starts in 2017. In addition, there were 95,689 new single-family units started in the Pacific Division and 77,053 units started in the East North Central Division in 2017. The Pacific Division accounted for 11% of the total new single-family housing starts, while the East North Central Division accounted for 9%. The other four divisions, including East South Central, West North Central, Middle Atlantic and New England, accounted for the remaining 20% of the total new single-family housing starts. In addition, there were 95,689 new single-family units started in the Pacific Division and 77,053 units started in the East North Central Division in 2017. The Pacific Division accounted for 11% of the total new single-family housing starts, while the East North Central Division accounted for 9%. The other four divisions, including East South Central, West North Central, Middle Atlantic and New England, accounted for the remaining 20% of the total new single-family housing starts. According to NAHB analysis of the SOC data, national new single-family housing starts reached 63% of the pre-recession normal (the average of housing starts between 2000 and 2003) in 2017.
Full Story…http://eyeonhousing.org/2018/07/most-areas-see-growth-in-single-family-starts/

Have a productive week.

Jason

 


Portland Metro Weekend Planner: July 20-22, 2018

 

PORTLAND METRO WEEKEND PLANNER
JULY 20-22, 2018

ROBIN HOOD FESTIVAL

FRI-SAT –  Spend a day in Sherwood Forest with a parade, 62nd annual Archery Tournament between Oregon and Nottingham England. Don’t miss the knighting ceremony and music by the Sherwood Renaissance Singers.

DOG SHOW

FRI-SUN – Portland Kennel Club dog show featuring specialty breeds at the Expo Center!

TEA FEST PDX

FRI-SUN Cheers to tea tastings, vendor booths, classes, Japanese tea ceremony and all things British tea Traditions.

VEGAN FESTIVAL

SAT – All things vegan featuring beer and food from all over the U.S. DJ’s and vegan friendly clothing, skincare, etc.

BEAVERTON NIGHT MARKET

SAT – Bring the family and enjoy an evening with activities, diverse foods and interaction with community members.

COUNTRY MUSIC FEST

FRI-SAT – Listen to up-and-coming artists in the country music scene at Wild Hare Countryfest. Camping available to make it a weekend in Canby.

PORTLAND’S 2018 HIGHLAND GAMES

SAT – Delight in the 60+ year tradition with Scottish games, bag pipers, drummers, dancers and athletes. Explore Scottish clan tents, you may be surprised to find out you are Scottish!

OREGON CROQUET CLASSIC

SAT – Wine and dine at the Stoller estate while learning how to play the game of croquet from local experts.  

WAYWARD WINDS LAVENDAR U-PICK

THROUGH JULY 31 – Enjoy the sights and aromas from one of Oregon’s oldest lavender farms and oil distilling demonstrations with their award-winning essential oils.  

OREGON FRUIT LOOP

THROUGH AUGUST – The Hood River Fruit Loop celebrates 25 years of business and sustainable agricultural diversity. The Fruit Loop is a collection of farms, orchards, vineyards, wineries and local agricultural businesses in a proximity. To celebrate the anniversary, visit 10 farms this year and get stamped for a free canvas market bag!

PORTLAND AXE THROWING

FRI – Head to the Civic Taproom to dabble in these two great parings: Oregon craft beer and hurling heavy sharp objects. Sunriver Brewing will be on tap to help you bring the mountain man/maiden out while Portland Axe Throwing specialists will be available to help you develop your swing.

OREGON ZOO SUMMER CONCERTS

THROUGH SEPTEMBER 12 – Enjoy world class performers and a night of music and nature at the Oregon Zoo.

THE SHAPE OF SPEED

THROUGH SEPTEMBER 16 – The Portland Art Museum’s latest exhibit features a ride back in time looking at the evolution of automobiles and two-wheelers from 1930. This summer will host 19 rare US and European vehicles and motorcycles.

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

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

80’S VIDEO DANCE ATTACK

EVERY FRIDAY & SATURDAY – Dig out your neon mesh shirts, crimping iron and striped legwarmers to travel back to the 1980s! Classic music videos projected on giant screens complimented with a thumping sound system and light show, this dance extravaganza is sure to get the blood pumping!

COLUMBIA RIVER GORGE TOUR

THROUGH NOVEMBER 1 – View waterfalls and the fruit loop at Mt. Hood with this full day tour that drives along the route and makes several fascinating stops along the way.

URBAN SCAVENGER HUNT

ALL MONTH – Smart Phone clues lead you on a fun & engaging walking tour of the city. Start in the heart of downtown at Pioneer Courthouse Square and go on a journey through the Arts District, on a streetcar ride and through the famous food carts.

SHANROCK’S TRIVIOLOGY

ALL MONTH – Various Portland Locations: Triviology pub quizzes are free to play, last a couple of hours, and are composed of seven short rounds, giving teams instant gratification for their efforts. Team size can range from one – five players, with prizes for everyone on the winning team.

GEEKS WHO DRINK’S PUB QUIZ

ALL MONTH – Anyone can grab a deck of Trivial Pursuit cards and run a “trivia night.” Interactive and beer-soaked pub quiz events all over Portland.

VANCOUVER METRO EVENTS

DINNER AT THE VINEYARD

SAT – Stavalaura Vineyards and Winery is inviting you to join them for a four-course meal among their beautiful vines, The food is locally sourced and music by Dawna Stafford.

OPEN AIR MARKET

SAT – The Rusty Grape Vineyard will feature an open air market with local crafters, artisans and more. If you love sangria, BBQ, and wood-fired pizza-you’re in for a treat!

PAINT YOUR PET

EVERY SUNDAY IN JULY – Email your photo in and the Vancouver Art Space will transfer it onto a canvas, ready for you to paint. 10% of the proceeds will be donated to the Humane Society of Southwest Washington.

SPIRIT TALES OF THE VANCOUVER BARRACKS

THROUGH OCT 27 – Service members, their families, and many others, walked its grounds, leaving behind many memories. Memories of loneliness, fear and tragedy, all part of the darker aspects of military life. Whether you believe in ghosts or not, you will be interested in these stories of the Vancouver Barracks’ past residents.

WILD THINGS: THE POWER OF NATURE IN OUR LIVES

THROUGH SEPT 2019 – The Museum of Vancouver and Nature Vancouver present the exhibition Wild Things: The Power of Nature in Our Lives. Dives into life stories of local plants and animals and how they relate to each other and how they connect people to nature in the city.

VANCOUVER FARMERS MARKET

THROUGH OCT 28 – Home to over 250 vendors with fresh and local produce, flowers, plants, baked goods, delicious food, pet treats, and accessories for yourself, home, or garden.

WINE AND PAINT

SAT – Discover the painter in you while conversing with friends, enjoying a glass of wine and painting a summer theme. Instruction, materials, beverages and snacks included!

MOVIES OPENING THIS WEEKEND

  • Mama Mia: Here We Go Again
  • McQueen
  • Occupation
  • Pin Cushion
  • The Equalizer 2
  • Far From The Tree
  • Heels
  • Broken Star
Click here for movie times and theaters.
CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT

www.events12.com/portland

 


This Week in Real Estate: July 16, 2018

According to a report by data and analytics provider Black Knight Inc. This Week in Real Estate, tappable equity now totals $5.8 trillion nationwide, the highest volume ever recorded. Tappable equity is the share of equity that a borrower can borrow before reaching a maximum combined loan-to-value ratio of 80 percent. Below are a few highlights from the second week of July that influence our business:

* Tappable Equity Skyrockets, But HELOC Loans Decline. The tappable equity held by homeowners increased by $820 billion dollars over the 12 months that ended in March, $380 billion in the first quarter of 2018 alone. Those numbers equate to 16.5 percent growth year-over-year, and 7 percent for the quarter. Equity growth is generally highest in the first and second quarters of the year, but the first quarter growth this year was up 30 percent from the same quarter in 2017. It was the highest single-quarter increase recorded by Black Knight since it began keeping records in 2005. Tappable equity is the share of equity that a homeowner can borrow before reaching a maximum combined loan-to-value (CLTV) ratio of 80 percent.  That equity now totals $5.8 trillion nationwide, the highest volume ever recorded and 16 percent higher than at the mid-2006 peak. The majority – nearly 80 percent – of the tappable equity nationwide is held by borrowers with mortgage rates under the current prevailing rates of around 4.5 percent and 60 percent have rates under 4 percent. The average mortgage holder gained $14,700 in tappable equity over the past year and has $113,900 in total available equity to borrow against.
Full Story… http://www.mortgagenewsdaily.com/07112018_black_knight_mortgage_monitor.asp

* 362,275 U.S. Properties with Foreclosure Filings in First Six Months of 2018, Down 15% From a Year AgoAttom Data Solutions released Thursday its Midyear 2018 U.S. Foreclosure Market Report, which shows a total of 362,275 U.S. properties with foreclosure filings – default notices, scheduled auctions or bank repossessions – in the first six months of 2018, down 15 percent from the same period a year ago and down 78 percent from a peak of 1,654,634 in the first six months of 2010. Counter to the national trend, 26 of the 219 metropolitan statistical areas analyzed in the report (12 percent) posted a year-over-year increase in foreclosure activity in the first six months of 2018. A total of 188,843 U.S. properties had a foreclosure filing in Q2 2018, down 1 percent from the previous quarter and down 14 percent from a year ago. The second quarter of 2018 was the seventh consecutive quarter in which U.S. foreclosure activity was below the pre-recession average of 278,912 properties with foreclosure filings per quarter in 2006 and 2007.
Full Story… https://www.attomdata.com/news/market-trends/foreclosures/midyear-2018-u-s-foreclosure-market-report/

* Time Needed to Build a Single-Family Home in 2017. The 2017 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 7.5 months, which usually includes almost a month from authorization to start and another 6.5 months to finish the construction. The average completion time in 2017 was the same as it was in 2016, but it was longer than the time needed in 2015 (7 months). The time from authorization to completion varies across the nation and depends on the geographic location, metropolitan status, and whether the house is built for sale or custom-built. According to the 2017 SOC, it takes anywhere from less than a month to 77 months to build a single-family home from obtaining a permit to completion. Among all the single-family houses completed in 2017, houses built for sale took the shortest time, 6.9 months from obtaining building permits to completion, while houses built by owners required the longest time, 12.3 months. Homes built by hired contractors normally needed around 9 months. A large proportion of single-family homes built for sale and custom homes built by contractors on owners’ land began construction within the same month after obtaining building authorizations. However, custom homes built by owners serving as general contractors had a one-month lag between obtaining permits and construction start in 2017. The average time from authorization to completion also varies across divisions. The division with the longest time was New England (10.4 months), followed by the Middle Atlantic (10.3 months), East South Central (9.4 months), East North Central (8.2 months) and Pacific (8.5 months) in 2017. The average waiting period from permit to construction start varies from the shortest time of 17 days in the Mountain division to the longest one of 39 days in Pacific.
Full Story… http://eyeonhousing.org/2018/07/time-needed-to-build-a-single-family-home-in-2017/

Have a productive week.

Jason


Summer Home Staging Tips

 

Show off your home to potential buyers by embracing the longer hours and warmer weather, both indoors and outdoors. Make these simple tweaks to your home and stand out above the rest on the market this summer.

Outdoors:

Add curb appeal 

Give your house number a new stance. Painting your address on pots or planters can be a great way to show off your home in a modern way. If your tired concrete slab is showing age and is a little too worn for wear, try replacing with a sleek modern look in slate tile.

Lights, camera, outdoors!    

Highlight your backyard with unconventional outdoor lighting tricks to enhance the enjoyment. Utilize the ambiance and warmth of a fireside glow. Hardware and outdoor stores now sell up-lighting which can be placed under large potted plants to showcase your favorite blooms. Switch out standard small sconces with impactful colorful lamps. Tiny ‘fairy lights’ in mason jars are a good way to add subtle artsy ambiance to any backyard dining spot.

Play up water features

Backyard doesn’t boast a pool? Show how buyers can beat the summer heat by upgrading your outdoor oasis with a cooling/misting system under any porch, pergola or umbrella. Help visitors imagine relaxing in their new backyard with a good book, or soaking up the rays by creating a lounging area. You can even surround this outdoor hangout space with surround sound faux stone speakers for a natural look that rocks all night long.

Indoors:

Discourage dingy light

Bring light indoors by removing heavy winter drapes and if needed, use drawn back lightweight and light-colored curtains. Switch out throw pillows (both inside and out) for lighter and brighter colors.

Declutter

It is exceedingly important to declutter if your children are home on summer break. Make sure to utilize hidden storage to the fullest potential to keep clutter from view. Box up family pictures and mementos on the fireplace, it deserves a new summer look too. If wood burning, switch out logs in the fireplace with tall candles at various heights and add a large floral arrangement or colorful wreath above the hearth to bring a touch of the outdoors, in.

Don’t be a summer Scrooge 

If you have it, don’t skimp on air-conditioning come open house day. Although you may not be in the home during a showing, it’s important to keep the air at a comfortable level. Fill the sink with ice cubes and fill it with summer refreshments that encourage potential buyers to linger in the home longer.

Sources: HGTV.com and thebalance.com.


Portland Metro Weekend Events Planner: July 13-15, 2018

 

PORTLAND METRO WEEKEND PLANNER
JULY 13-15, 2018

THE BIG FLOAT

SAT – Grab a life jacket and float downstream to the ultimate beach party celebration with floating stages hosting live music, food carts and more. This year features two 100-foot long slip ‘n slides!

AMERICA’S LARGEST ANTIQUE & COLLECTIBLE SHOW

SATSUN – Shop more than 1400 vendors for vintage and collectible items ranging from the 1880’s thru 1970’s at the Portland Expo Center.

MISSISSIPPI STREET FAIR

FRISUN – Roam Mississippi Ave with over 200 local vendors and craft booths, entertainment covering five stages a kid’s area as well as food and drink vendors.

THE PORTLAND PICKLES

SAT – Take me out to the ballgame, with the Portland Pickles! Picklefest is this Saturday, enjoy live music, a complimentary pint and evening game against the Kelowna Falcons.

OREGON CITY FESTIVAL

SAT – Join the 9th annual First City Celebration with live music, a children’s area, food carts, art fair and much more!

FRENCH FESTIVAL

SAT – Enjoy the best of French cuisine, wine, music and more at the annual Bastille Day Festival.

DOGGY TRIVIA PAWTY

SAT – Bring your pooch and friends for this doggie themed trivia game benefiting Family Dogs New Life Shelter, ages 21+ only.

CONCOURS d’ELEGANCE CAR SHOW

THROUGH DECEMBER 1 – Join Forest Grove’s Car Show with over 300 classic, race, antique and collector cars while listening to a live band and enjoying cuisine from food and drink vendors.

WAYWARD WINDS LAVENDER U-PICK

THROUGH JULY 31 – Enjoy the sights and aromas from one of Oregon’s oldest lavender farms.

OREGON FRUIT LOOP

THROUGH AUGUST – The Hood River Fruit Loop celebrates 25 years of business and sustainable agricultural diversity. The Fruit Loop is a collection of farms, orchards, vineyards, wineries and local agricultural businesses in a proximity. To celebrate the anniversary, visit 10 farms this year and get stamped for a free canvas market bag!

OREGON MUSIC FESTIVAL

THROUGH JULY 14 – The most significant classical music event to hit the Oregon concert stage in the last decade.

FIELD & VINE’S FARM DINNER

THROUGH DECEMBER 1 – Enjoy the stunning wines of Oregon over a six-to-seven course dinner expertly prepared by Field & Vine chefs using ingredients sourced straight from the host and surrounding farms.

OREGON ZOO SUMMER CONCERTS

THROUGH SEPTEMBER 12 – Enjoy world class performers while enjoying a great day at the zoo.

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

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

80’S VIDEO DANCE ATTACK

EVERY FRIDAY & SATURDAY – Dig out your neon mesh shirts, crimping iron and striped legwarmers to travel back to the 1980s! Classic music videos projected on giant screens complimented with a thumping sound system and light show, this dance extravaganza is sure to get the blood pumping!

COLUMBIA RIVER GORGE TOUR

THROUGH NOVEMBER 1 – View waterfalls and the fruit loop at the base of Oregon’s scenic Mt. Hood with this full day tour that drives you along the route and makes several fascinating stops along the way for pictures and memories.

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.

PORTLAND ESCAPE ROOMS

ALL MONTH THURSDAYSUNDAY – 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 must use elements of the room to solve a series of puzzles, find clues, and escape the room within a set time limit.

URBAN SCAVENGER HUNT

ALL MONTH – Smart Phone clues lead you on a fun & engaging walking tour of the city. Start in the heart of downtown at Pioneer Courthouse Square and go on a journey through the Arts District, on a streetcar ride and through the famous food carts.

SHANROCK’S TRIVIOLOGY

ALL MONTH – Various Portland Locations: Triviology pub quizzes are free to play, last a couple of hours, and are composed of seven short rounds, giving teams instant gratification for their efforts. Team size can range from one – five players, with prizes for everyone on the winning team.

GEEKS WHO DRINK’S PUB QUIZ

ALL MONTH – Anyone can grab a deck of Trivial Pursuit cards and run a “trivia night.” Interactive and beer-soaked pub quiz events all over Portland.

VANCOUVER METRO EVENTS

AGE 50+ TRAVEL EXPO 

FRI – The Vancouver Parks and Recreation Department is putting on a free travel expo for those who are ages 50+ and wanting to become more active and adventurous.

SUMMER ART AND WINE FAIR

SAT – Celebrate the finer things in life with the English Estate Winery for their 11th annual Art and Wine Fair featuring local artists and local winemakers with more than 40 vendors.

PAINT YOUR PET

EVERY SUNDAY IN JULY – Email your photo in and the Vancouver Art Space will transfer it onto a canvas, ready for you to paint. 10% of the proceeds will be donated to the Humane Society of Southwest Washington.

SPIRIT TALES OF THE VANCOUVER BARRACKS

THROUGH OCT 27 – Service members, their families, and many others, walked its grounds, leaving behind many memories. Memories of loneliness, fear and tragedy, all part of the darker aspects of military life. Whether you believe in ghosts or not, you will be interested in these stories of the Vancouver Barracks’ past residents.

VANCOUVER FARMERS MARKET

THROUGH OCT 28 – Home to over 250 vendors with fresh and local produce, flowers, plants, baked goods, delicious food, pet treats, and accessories for yourself, home, or garden.

WILD THINGS: THE POWER OF NATURE IN OUR LIVES

THROUGH SEPT 2019 – The Museum of Vancouver and Nature Vancouver present the exhibition Wild Things: The Power of Nature in Our Lives. Dives into life stories of local plants and animals and how they relate to each other and how they connect people to nature in the city.

MOVIES OPENING THIS WEEKEND

  • Hotel Transylvania 3: Summer Vacation
  • Skyscraper
  • Dark Money
  • Don’t Worry He Won’t Go Far On Foot
  • Eighth Grade
  • Gauguin: Voyage to Tahiti
  • Shock and Awe
  • Soorma
Click here for movie times and theaters.

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT

www.events12.com/portland

 


This Week in Real Estate: July 9, 2018

According to a release from CoreLogic This Week in Real Estate, home prices realized the biggest annual jump in four years in May. Below are a few highlights from the first week of July that influence our business:

* Home Prices Make The Biggest Jump in Four Years. Home prices jumped 7.1 percent annually in May, according to a new report from CoreLogic. That’s the biggest jump in four years. Annual price gains had been shrinking slightly, as mortgage rates rose, but apparently higher rates are not hurting demand. They are, however, exacerbating the already critical supply shortage. “During the first quarter, we found that about 50 percent of all existing homeowners had a mortgage rate of 3.75 percent or less,” said Frank Nothaft, chief economist for CoreLogic. “May’s mortgage rates averaged a seven-year high of 4.6 percent, with an increasing number of homeowners keeping the low-rate loans they currently have, rather than sell and buy another home that would carry a higher interest rate.” The median price of an existing home sold in May was $264,800, according to the National Association of Realtors. Of course, all real estate is local, and certain markets are hotter than others. Seattle, Denver, and San Francisco continue to see some of the biggest price gains, as they also have the leanest supply. The supply of homes for sale has been dropping on an annual basis for the past 36 months, according to the National Association of Realtors. Full Story… https://www.cnbc.com/2018/07/02/housing-is-getting-more-expensive-as-home-sellers-retreat.html

* American City Growth Rate Catching Up to SuburbiaFor the first time in decades, U.S. cities are catching up to the population growth of suburban America, according to the latest report from the Urban Land Institute. ULI discovered that between 2010-2015, denser urban locations grew significantly faster than residential neighborhoods, suggesting that new urban residents are demonstrating a preference for mixed-use environments. Urban residents now account for more than 29 million Americans, which is 17% of the total population in just 1% of the land area in the 50 largest metropolitan statistical areas, according to ULI. The report also attributes urban population growth to rental apartment development. In the years between 2010 and 2017, the rate of rental apartment inventory in urban places grew 32%, while inventory in the suburbs only grew 16%. Employment is also an indication of population growth, notably between 2005 and 2015, suburban areas accounted for 30% of existing jobs and 36% of new job growth. Economic centers, which are established urban employment cores, in downtown areas increased at a faster rate than the number of jobs in any other type of neighborhood during this time. Although urban population growth is catching up to suburbia, affordability is still hindering the growth of the urban market. The average monthly rent of a multifamily apartment in an urban area is $1,650, which exceeds the $1,275 suburban residents typically pay. Full Story… https://www.housingwire.com/articles/43846-american-city-growth-rate-catching-up-to-suburbia

* Cost Across Time. Even with the projection that interest rates will climb to 5.1% by this time next year, we are still well below historic numbers. The average interest rate and mortgage payment in the 1970s was 8.86% and $1,986, compared to the 1980s 12.7% and $2,707, the 1990s 8.12% and $1,855, the 2000s 6.29% and $1,546 and today 4.55% and $1,274. The impact your interest rate makes on your monthly mortgage cost is significant. Full Story… https://www.keepingcurrentmatters.com/2018/07/06/cost-across-time-infographic-4/

Have a productive week.

Jason

 


Portland Metro Weekend Events Planner: July 6-8, 2018

PORTLAND METRO WEEKEND PLANNER
JULY 6-8, 2018

HELVETIA LAVENDER FESTIVAL

FRISUN – Stroll through flower gardens and fields of lavender, enjoy tea and scones in the pavilion, have lunch while listening to live music, and enjoy over 20 festival booths.

WATERFRONT BLUES FESTIVAL

FRISUN – Celebrate with live performances from blues, soul, funk, and Mississippi rhythm & blues. Browse vendors, enjoy riverboat cruises and more.

ST. PAUL RODEO

FRISAT – Watch the 83rd annual St. Paul Rodeo with Cowboys, Cowgirls and trick riders! Each night ends with a full firework display.

SWEDISH FILMS AT THE PORTLAND ART MUSEUM

FRIJULY 22 – View 17 films by famous Swedish director for the exhibit Ingmar Bergman: A Centenary Celebration.

STEAMPUNK CONVENTION

FRISUN – Join panel discussions, workshops, costume contest and evening entertainment. Friday features a burlesque show and a Saturday cabaret show.

STEVE MARTIN & MARTIN SHORT

SUN – See famous comedians Steve Martin and Martin Short at McMinemins Edgefield for An Evening You Will Forget for the Rest of Your Life.

FAIRY HOUSE WORKSHOP

FRISAT – Enchant others with your newfound fairy house making skills from Frigg’s Mercantile. Children create with glue, twigs, flowers, and more.

OREGON MUSIC FESTIVAL

THROUGH JULY 14 – The most significant classical music event to hit the Oregon concert stage in the last decade.

CRAFT BEER FESTIVAL

 FRISUN  – Portland’s Craft Beer Festival, featuring over 60 breweries, cideries and wineries.

FIELD & VINE’S FARM DINNER

THROUGH DECEMBER 1 – Enjoy the stunning wines of Oregon over a six-to-seven course dinner expertly prepared by Field & Vine chefs using ingredients sourced straight from the host and surrounding farms.

OREGON ZOO SUMMER CONCERTS

THROUGH SEPTEMBER 12 – Enjoy world class performers while enjoying a great day at the zoo.

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

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

FLASH BACK DANCE CRUISE

EVERY SATURDAY – Gather your crew & rock your best retro threads from the 70’s, 80’s and 90’s!

80’S VIDEO DANCE ATTACK

EVERY FRIDAY & SATURDAY – 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!

DUELING PIANO SHOW

EVERY FRIDAY & SATURDAY – 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, we boast a Vegas style, Request Driven, Audience Interactive Show complete with Bits, Games, Sing-A-Longs, Comedy and some of the best players in the U.S.

PORTLAND CIDER HOUSE’S CIDER-MOSA SATURDAY

EVERY SATURDAY – Enjoy a liquid brunch and try a variety of delicious and fun cider-mosas.

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.

PORTLAND ESCAPE ROOMS

ALL MONTH THURSDAY  SUNDAY – 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. Discount tickets.

URBAN SCAVENGER HUNT

ALL MONTH – Smart Phone clues lead you on a fun & engaging walking tour of the city. Start in the heart of downtown at Pioneer Courthouse Square and go on a journey through the Arts District, on a streetcar ride and through the famous food carts.

SHANROCK’S TRIVIOLOGY

ALL MONTH – Various Portland Locations: Triviology pub quizzes are free to play, last a couple of hours, and are composed of seven short rounds, giving teams instant gratification for their efforts. Team size can range from one – five players, with prizes for everyone on the winning team.

GEEKS WHO DRINK’S PUB QUIZ

ALL MONTH – Anyone can grab a deck of Trivial Pursuit cards and run a “trivia night.” Interactive and beer-soaked pub quiz events all over Portland.

VANCOUVER METRO EVENTS

PAINT YOUR PET

EVERY SUNDAY IN JULY – Email your photo in and the Vancouver Art Space will transfer it onto a canvas, ready for you to paint. 10% of the proceeds will be donated to the Humane Society of Southwest Washington.

SPIRIT TALES OF THE VANCOUVER BARRACKS

THROUGH OCT 27 – Service members, their families, and many others, walked its grounds, leaving behind many memories. Memories of loneliness, fear and tragedy, all part of the darker aspects of military life. Whether you believe in ghosts or not, you will be interested in these stories of the Vancouver Barracks’ past residents.

WILD THINGS: THE POWER OF NATURE IN OUR LIVES

THROUGH SEPT 2019 – The Museum of Vancouver and Nature Vancouver present the exhibition Wild Things: The Power of Nature in Our Lives. Dives into life stories of local plants and animals and how they relate to each other and how they connect people to nature in the city.

VANCOUVER FARMERS MARKET

THROUGH OCT 28 – Home to over 250 vendors with fresh and local produce, flowers, plants, baked goods, delicious food, pet treats, and accessories for yourself, home, or garden.

MOVIES OPENING THIS WEEKEND

  • Ant-Man and the Wasp
  • Ocean’s 8
  • The First Purge
  • Hereditary
  • No Postage Necessary
  • Sorry to Bother You
  • Under the Tree
  • Whitney
Click here for movie times and theaters.

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT


This Week in Real Estate: July 2, 2018

While thirty-one states experienced year-over-year growth in single-family permits through the first four months of the year as reported This Week in Real Estate, 15 states recorded growth rates higher than the national average and nine of these are from the Western region of the country. Below are a few highlights from the last week of June that influence our business:

* Western States Lead Single-Family Residential Permits Growth. Over the first four months of 2018, total number of single-family permits issued nationwide reached 279,302. On a year-over-year basis, this is an 8.4% increase over the April 2017 level of 257,719. The results from the SOC are similar, single-family permits over the first four months of 2018 was, 278,500 which is 8.6% ahead of its level over the same period of 2017, 256,500. Between April 2017 and April 2018, 31 states saw growth in single-family permits issued while 19 states and the District of Columbia registered a decline. Colorado recorded the highest growth rate during this time at 34.2% while single-family permits in the District of Columbia declined by 69.0%, but from a small base, from 145 in 2017 to 45 in 2018. The 8.4% increase in nationwide growth rate in single-family permits, is largely due to the aggregate increase in single-family permits across the Western states. Out of the 13 which are classified as Western states, nine states recorded single-family permit growth exceeding the national average. A total of 15 states recorded growth rates higher than the national average and nine of these came from the Western region of the country.

Full Story… http://eyeonhousing.org/2018/06/western-states-lead-single-family-residential-permits-growth/

* Case-Shiller: Higher Home Prices and a Reality CheckHome prices continued their climb with the S&P CoreLogic Case-Shiller National Index up 6.4 percent. Cities west of the Rocky Mountains continue to lead price increases with Seattle, Las Vegas and San Francisco ranking 1-2-3 based on price movements in the trailing 12 months. The favorable economy and moderate mortgage rates both support recent gains in housing. One factor pushing prices up is the continued low supply of homes for sale. The months-supply is currently 4.3 months, up from levels below 4 months earlier in the year, but still low.” However, his comments sought to put the continuing rate of appreciation in perspective. David Blitzer said, “Looking back to the peak of the boom in 2006, 10 of the 20 cities tracked by the indices are higher than their peaks; the other ten are below their high points. The National Index is also above its previous all-time high, the 20-city index slightly up versus its peak, and the 10-city is a bit below. However, if one adjusts the price movements for inflation since 2006, a very different picture emerges. Only three cities – Dallas, Denver and Seattle – are ahead in real, or inflation-adjusted, terms. The National Index is 14 percent below its boom-time peak and Las Vegas, the city with the longest road to a new high, is 47 percent below its peak when inflation is factored in.”

Full Story… http://www.mortgagenewsdaily.com/06262018_case_shiller_indices.asp

* Fannie Mae: Both Renters and Homebuyers Feel Pessimistic About Affordable Housing Availability. Renters and owners are more likely to be concerned about housing affordability when they have to find a new place to live compared to the affordability of where they already live, according to a report from Fannie Mae. Basically, people feel more comfortable paying what they pay now and are concerned that their payment (whether it’s rent or a mortgage) will be less affordable than what they currently have. This may explain why people are moving less frequently and, by extension, explain some of the shortage of homes on the market. According to a new survey from Fannie Mae, just 8% of owners with a mortgage said their mortgage was not affordable, whereas as a whopping 45% of owners overall feel that it is difficult to find affordable housing in their area.

Full Story… https://www.housingwire.com/articles/43801-fannie-mae-both-renters-and-homebuyers-feel-pessimistic-about-affordable-housing-availability

Have a productive week.

Jason

 

 


Portland Metro Weekend Events Planner: June 29-July 1

PORTLAND METRO WEEKEND EVENTS PLANNER
JUNE 29- JULY 1, 2018

 

ESTACADA UNCORKED: SMALL TOWN WINE TASTING

SAT – Featuring local farm to table food, wine, hard cider, mead Soju apple wine, microbrews and hand-crafted products. A children’s area will be available and child entry is free.

CIDER FESTIVAL

FRI & SAT – Celebrate all things Cider with over 150 ciders featured at the 8th annual Portland’s Cider fest. Sip both local and international variety while enjoying food and live music in the Pearl.

SHERWOOD WINE FESTIVAL & ARTISANS FAIR

FRI & SAT – Sip, sniff and savor local wines from 18 featured wineries and breweries. Food carts and live music will be in attendance. Saturday adds a free area for all ages with art vendors and another music stage. The Sherwood Wine Foundation’s mission is to benefit education and entrepreneurship in our community by celebrating, supporting and bringing exposure to Willamette Valley wineries and vintners.

NATIVE FESTIVAL: PACIFIC ‘OHANA FOUNDATION

FRI-SUN – Kalama Heritage Festival blends the celebrations in cultures of Hawaiian and Native Americans with music, food dancing and other vendors. Tickets available for Saturday Luau dinner and show.

SWEDISH FILMS AT THE PORTLAND ART MUSEUM

FRI-JULY 22 – View 17 films by famous Swedish director for the exhibit Ingmar Bergman: A Centenary Celebration.

WASHINGTON COUNTY K-9 TRIALS

SAT – Bring your family and watch the local police dogs in action. Food and beverages will be available for purchase at Hare Field in Hillsboro.

INTERNATIONAL FESTIVAL: WORLD BEAT FESTIVAL

FRI-SUN – Oregon’s largest multicultural event, has ethnic foods, crafts, demonstrations, performances, parades, children’s activities, as well as a beer & wine garden. Dragon boat races are held in Salem. Donations are gladly accepted.

OREGON MUSIC FESTIVAL

THROUGH JULY 14 – The most significant classical music event to hit the Oregon concert stage in the last decade.

FIELD & VINE’S FARM DINNER

THROUGH DECEMBER 1 – Enjoy the stunning wines of Oregon over a six-to-seven course dinner expertly prepared by Field & Vine chefs using ingredients sourced straight from the host and surrounding farms.

OREGON ZOO SUMMER CONCERTS

THROUGH SEPTEMBER 12 – Enjoy world class performers while enjoying a great day at the zoo.

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

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

FLASH BACK DANCE CRUISE

EVERY SATURDAY – Gather your crew & rock your best retro threads from the 70’s, 80’s and 90’s!

80’S VIDEO DANCE ATTACK

EVERY FRIDAY & SATURDAY – 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!

DUELING PIANO SHOW

EVERY FRIDAY & SATURDAY – 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, we boast a Vegas style, Request Driven, Audience Interactive Show complete with Bits, Games, Sing-A-Longs, Comedy and some of the best players in the U.S.

PORTLAND CIDER HOUSE’S CIDER-MOSA SATURDAY

EVERY SATURDAY – Enjoy a liquid brunch and try a variety of delicious and fun cider-mosas.

COMEDYSPORTZ

FRI-SAT – A fun, fast-paced comedy show that’s great for the whole family, great for business entertainment and great for groups of all types.

HUNTED 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.

PORTLAND ESCAPE ROOMS

ALL MONTH THURSDAY SUNDAY – 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. Discount tickets.

URBAN SCAVENGER HUNT

ALL MONTH -Smart Phone clues lead you on a fun & engaging walking tour of the city.  Start you in the heart of downtown at Pioneer Courthouse Square and will take you on a journey 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 – five players, with prizes for everyone on the winning team.

GEEKS WHO DRINK’S PUB QUIZ

ALL MONTH – Anyone can grab a deck of Trivial Pursuit cards and run a “trivia night.” Interactive and beer-soaked pub quiz events all over Portland.

VANCOUVER METRO EVENTS

AMERICAN CANCER SOCIETY FUNDRAISER: STRING ART

THURS – Join the American Cancer Society as they raise funds using string art projects.

SPIRIT TALES OF THE VANCOUVER BARRACKS

THROUGH OCT 27 – Service members, their families, and many others, walked its grounds, leaving behind many memories. Memories of loneliness, fear and tragedy, all part of the darker aspects of military life. Whether you believe in ghosts or not, you will be interested in these stories of the Vancouver Barracks’ past residents.

Vancouver Farmers Market

THROUGH OCT 28 – Home to over 250 vendors with fresh and local produce, flowers, plants, baked goods, delicious food, pet treats, and accessories for yourself, home, or garden.

MOVIES OPENING THIS WEEKEND

  • Uncle Drew
  • The Cake Maker
  • Sanju
  • Leave No Trace

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: June 25, 2018

According to reports released by the Census Bureau, HUD and Ellie Mae, single-family starts are up 9.8% through the first five months of 2018 compared to the same time period in 2017 and purchase loans now represent the largest share of loans since the recessionBelow are a few highlights from the third week of June that influence our business:


* Housing Starts Reach Post-Recession High in May as Permits Soften.Total housing starts increased in May with gains in both the single-family and multifamily sectors. Starts increased 5% month-over-month to a 1.35 million seasonally adjusted annual rate, according to the joint data release from the Census Bureau and HUD. This pace is a post-recession high. The rate of single-family starts was 3.9% higher in May, reaching a 936,000 annual rate. Recent growth trends for single-family starts match ongoing healthy levels of the NAHB/Wells Fargo Housing Market Index, now registering a score of 68. However, builders continue to report concerns about ongoing labor access issues and dramatic price increases for softwood lumber. Recent price increases for lumber are adding about $9,000 in price per newly-built single-family home. On a year-to-date basis, single-family starts are 9.8% higher as of May relative to the first five months of 2017, performing better than our forecast. However, single-family permits, a useful indicator of future construction activity, declined 2.2% in May. With respect to housing’s economic impact, 54% of homes under construction in May were multifamily (612,000). The current count of apartments under construction is roughly unchanged over the last year. In May, there were 515,000 single-family units under construction, a gain of more than 12% from this time in 2017.


* Mortgage Application Volume Second Highest of the YearMortgage interest rates waffled, moving in different directions depending on the product last week, but the volume of mortgage applications increased rather decisively.  The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, surged by 5.1 percent during the week ended June 15. It was the largest increase in total mortgage volume since the week ended January 5, 2018. On an unadjusted basis the volume was up 3 percent. Applications for both refinancing and home purchases increased compared to the week ended June 8. The Refinance Index gained 6 percent and the refinancing share of applications grew from 35.6 percent to 36.8 percent.  The seasonally adjusted Purchase Index increased by 4.0 percent from one week earlier and the unadjusted Purchase Index by 1.0 percent.  The latter was up 3.0 percent from the same week one year ago.


* Ellie Mae: Purchase Loan Share at Post-Recession Highs. Loans for home purchasing continue to dominate mortgage originations and Ellie Mae says they may now represent the largest share of loans since the recession.  The company’s May Origination Insight Report put the purchasing share at 70 percent, the largest percentage at least since they started tracking the figure in 2011.  Purchase loans made up had 66 percent of closed conventional loans, 75 percent of VA loans, and 80 percent of those backed by FHA. The 30-year interest rate for loans closed during the month was also the highest in Ellie Mae’s history, up 5 basis points from April to 4.84 percent. The distribution of loans across loan types was unchanged for conventional and FHA loans at 66 percent and 28 percent respectively while VA loans upped its  share from 9 to 10 percent.  The percentage of originations that were adjustable rate mortgages (ARMs) stayed at 6.6 percent for the second month, the highest since June 2014. Closing time for all loans held steady across the board at 41 days for the third month.  Refinance loans took an average of 37 days and purchase loans 43 days. Overall FICO scores increased slightly for the fourth consecutive month to 724. LTV remained at 79 and front and back DTI’s averaged 26/39.

Have a productive week!

Jason

©2016 BHH Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc. Equal Housing Opportunity.