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FHA Worth a look once again
June 19th, 2008 11:45 AM
Washington Post article shows the FHA's move to combat our Finacial Institutions knee jerk reactions is working. FHA Loans Emerge From the Sidelines

Posted by John Tichenor on June 19th, 2008 11:45 AMPost a Comment (0)

US Mortgage Meltdown
June 12th, 2008 11:45 AM

This has to be the best unbiased analysis and explanation of our current mortgage mess that I have seen.  Without finger pointing in any specific direction it shows how everyone had a hand in the till.

60 Minutes Mortgage Meltdown

Selected quotes from the story below:

Developers started turning asparagus fields into subdivisions, and lenders handed out free money to anyone who wanted to buy.

"What do you mean by free money?" Kroft asks Jim Grant, the editor of "Grant's Interest Rate Observer" and one the country's foremost experts on credit markets.

"I mean free money. I mean you had to apply not to get a loan, almost. Sometimes you have to apply to get a loan, you almost had to apply not to get one," Grant says.

The borrowers often had sketchy credit, were financially strapped or lacked sufficient income to qualify for a standard mortgage. After a year of artificially low payments, the interest rates on subprime loans jumped all the way to ten or 11 percent.

If you have 13 minutes to spare this is well worth the time for a better understanding of the what's and whys.


Posted by John Tichenor on June 12th, 2008 11:45 AMPost a Comment (0)

Portland's Mortgage Meltdown
June 6th, 2008 2:25 PM
What have I been saying for at least Six Months now and today I see it on www.koin6.com from one of our nations top economic forecasters.  See Dr. Lawrence Yun's report for yourself Portland Housing Economics 101.  I don't know if Dr. Yun has been reading my blogs or not, however he is making the same forecast as I am with a 5 year outlook.  Any successful investor will tell you to make your money going in.  Now is the time to make that move.  Call me, email me but don't look back in 5 years and say, "If only I had ......., Look where we would be now."  Over the course of the next several days I intend to launch several new pages keyed to specific property values keyed to different interest and economic levels.

Posted by John Tichenor on June 6th, 2008 2:25 PMPost a Comment (0)

Foreclosures & April Highlights
June 4th, 2008 1:54 PM

Released on 5/30/2008 @ 10:16 am out of Salem on ap wire.  Quoting AP wire, "Housing foreclosure rates in Oregon are still just at .5% - half the national average and the 43rd slowest rate in the country.

I little late, however I have just updated the Portland Market Analysis which reflects a real mixed bag of results.  Pretty much spin it any way you like.  Is the cup half empt or half full.


Posted by John Tichenor on June 4th, 2008 1:54 PMPost a Comment (0)

WEALTH BUILDER ALERT
May 26th, 2008 12:31 PM

WEALTH BUILDER ALERT

MT. TABOR PARK location. Are you looking for a fixer with potential? I have just viewed a property with incredible potential. Built in 1910 it needs most everything. Priced right at $325 I just pulled together a quick CMA of 18 homes in the park of similar size resulting in an average price of $444k and a high of $531k.

This is a prime example of a Wealth Building Property. I wouldn’t expect this property to last long.  This property is vacant and can be shown at anytime with out appointment.  Call me / Email me / Text me.... If you are looking for a fixer with tremendous potential don't let this one fall in the "Wish I would-a" category....

Posted by John Tichenor on May 26th, 2008 12:31 PMPost a Comment (0)

Now is a good time to Build Wealth in Portland
May 16th, 2008 12:43 PM

“Foreclosure Activity Hits Record Level in April” read the headline this week. A 65% increase in filings from a year ago according to RealtyTrac.com. Led by Nevada, California, and Arizona, Oregon ranked #23 of 46 recording a .37% decrease in foreclosure activity.  ReatyTrac Foreclosures

In 1980 we saw home sales plunge by 22%, 18% inflation, 8% unemployment and watched mortgage rates surpass 18% by September of 1981 dropping to 17% at years end.

The truth is: We are standing on the edge a wealth building opportunity not to be dismissed by media sound bytes. The present interest rates are some of the lowest in the past 40 years. We are in possibly best buyers market since World War II and I suspect there will be tremendous remorse in the next 5 years as people reflect on the would-a-could-a-should-a.

Since 1866 there has not been a period of “No Appreciation” of property values in the state of Oregon. The only questionable period may be during the market crash of the Great Depression as stock priced dripped to .05 on the dollar and real estate values dropped to .82 cents on the dollar. Since 1962 Oregon has shown an average appreciation rate of 5.1% per year. (Where would you rather have had your money)


Posted by John Tichenor on May 16th, 2008 12:43 PMPost a Comment (0)

Foreclosures: Understanding and Sorting it Out
May 16th, 2008 12:39 PM
I ran accross an excellent short article in THE WALL STREET JOURNAL titled, "Fine Tuning the Picture On the Foreclosure Mess". WSJ-Forclosure Mess

Posted by John Tichenor on May 16th, 2008 12:39 PMPost a Comment (0)

February '08 Residential Highlights
March 22nd, 2008 3:17 PM

Activity in the Portland metro area picked up over the last month, but remained slow when compared to February of 2007.The level of inventory also fell 2.4 months from its record high in January (12.8 months) despite an increase in the number of active listings. The decrease can be attributed to increased sales volume in February compared to January. The 14,407 active residential listings at the end of February would last approximately 10.4 months at February’s rate of sales. Compared with January 2008, closed sales were up 27.6% (1,384 v. 1,085) and pending sales rose 9.9% (1,837 v. 1,671).

On the other hand, compared with February 2007, the number of new listings grew 4%, while closed sales declined 27.1% and pending sales fell 35.2% (see table below).

Year-to-Date

When comparing market  activity for January-February 2008 to the same time in 2007, statistics show that the number of new listings was up 10.4%. On the other hand, closed sales decreased 29.5%. Pending sales also fell 34.7%.

Appreciation

When comparing prices for the 12 months ending with February 2008 with the prices for the 12 months ending in February 2007, the average sale price appreciated 5.8% ($344,700 v. $325,800).

Using the same formula, the median sale price in the Portland metro area has appreciated 5.5% ($290,000 v. $275,000).


Posted by John Tichenor on March 22nd, 2008 3:17 PMPost a Comment (0)

National Foreclosures Climb, But Some States Show Signs of Improvement
March 22nd, 2008 3:11 PM

Did you know that Oregon has the third lowest foreclosure rate in the US based on current inventories.

The fourth quarter data from the National Delinquency Survey released last week by the Mortgage Bankers Association shows, in general, deteriorating delinquency rates and an increase in foreclosures driven heavily by souring subprime loan performance.   On the other hand, fewer people are exposed to subprime products as some have switched out of these risky loans and banks have placed a virtual halt in new subprime mortgages origination.  The total subprime loans serviced declined 2.4 percent from the third quarter and 2.0 percent from the same period in 2006.


Posted by John Tichenor on March 22nd, 2008 3:11 PMPost a Comment (0)

National Real Estate Market? No such thing
November 28th, 2007 2:31 PM

Insight and sound advice from Richard Gaylord, NAR President.

NAR President Richard Gaylord says consumers need to understand what’s going on in their own area. “There is no such thing as a national housing market – it doesn’t perform like the equities markets,” he says. “What’s really important for consumers is to make informed decisions based on individual needs, desires, and timelines in a given area. Most people plan to stay in a home for 10 years, and for buyers with a long-term view, housing is an excellent investment.”

Typical sellers purchased their home six years ago, with the median price in the third quarter of 2001 at $159,100. Despite the dip in the national median price over the past year, the median increase in value for home sellers who bought six years ago is 38.8 percent. “Nearly every market is showing positive long-term gains, with a home equity accumulation of $61,700 over the past six years for a typical U.S. home owner,” Gaylord says.


Posted by John Tichenor on November 28th, 2007 2:31 PMPost a Comment (0)

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