1031 Exchange Basics

Posted on: December 28, 2007

While 1031 Exchanges can save you a chunk of change, the rules involved can be confusing. Here are the basics explained in plain English.

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Portland's in good shape! October House Price Index Released

Posted on: December 27, 2007

The numbers are in from First Americans LoanPerformance HPI and the Portland metro area does not fare too bad against most of the country. The LoanPerformance HPI releases data that tracks current sales against sales from previous years in all 50 states. They track data by zip code, giving an amazing aggregate to study.

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Hillsboro and Forest Grove Oregon Market Statistics as of November 2007

Posted on: December 27, 2007

RMLS™ market statistics for Hillsboro and Forest Grove, Oregon as of November 2007. Market absorption rates and interest rates also covered. Statistics covered include the number of active listings, new listings, expired/canceled listings, pending sales, closed sales, average sale price, and average market time for November 2007. Year to date information includes the number of new listings, pending sales, closed sales, average sales price, median sales price, and appreciation rate.

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Tigard and Wilsonville Oregon Market Statistics as of November 2007

Posted on: December 27, 2007

RMLS™ market statistics for Tigard and Wilsonville, Oregon as of November 2007. Market absorption rates and interest rates also covered. Statistics covered include the number of active listings, new listings, expired/canceled listings, pending sales, closed sales, average sale price, and average market time for November 2007. Year to date information includes the number of new listings, pending sales, closed sales, average sales price, median sales price, and appreciation rate.

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Beaverton and Aloha Oregon Market Statistics as of November 2007

Posted on: December 27, 2007

RMLS™ market statistics for Beaverton and Aloha, Oregon as of November 2007. Market absorption rates and interest rates also covered. Statistics covered include the number of active listings, new listings, expired/canceled listings, pending sales, closed sales, average sale price, and average market time for November 2007. Year to date information includes the number of new listings, pending sales, closed sales, average sales price, median sales price, and appreciation rate.

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NW Washington County Oregon Market Statistics as of November 2007

Posted on: December 27, 2007

RMLS™ market statistics for NW Washington County, Oregon as of November 2007. Market absorption rates and interest rates also covered. Statistics covered include the number of active listings, new listings, expired/canceled listings, pending sales, closed sales, average sale price, and average market time for November 2007. Year to date information includes the number of new listings, pending sales, closed sales, average sales price, median sales price, and appreciation rate.

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West Portland Oregon Market Statistics as of November 2007

Posted on: December 27, 2007

RMLS™ market statistics for West Portland, Oregon as of November 2007. Market absorption rates and interest rates also covered. Statistics covered include the number of active listings, new listings, expired/canceled listings, pending sales, closed sales, average sale price, and average market time for November 2007. Year to date information includes the number of new listings, pending sales, closed sales, average sales price, median sales price, and appreciation rate.

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Lake Oswego and West Linn Oregon Market Statistics as of November 2007

Posted on: December 27, 2007

RMLS™ market statistics for Lake Oswego and West Linn, Oregon as of November 2007. Market absorption rates and interest rates also covered. Statistics covered include the number of active listings, new listings, expired/canceled listings, pending sales, closed sales, average sale price, and average market time for November 2007. Year to date information includes the number of new listings, pending sales, closed sales, average sales price, median sales price, and appreciation rate.

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Blossoming Lotus (925 NW Davis)

Posted on: December 26, 2007

The problem: Had crappy day. Cannot eat when sad. The thoughts that occupy my head are these: Sadness and chocolate. Sadness and cheese. Sadness and avocados.

The avoidance strategy: Shoe shopping. Clothes shopping. Pedicure. Manicure. Haircut.
Then what: I have to eat. It is absolutely necessary.

Solution: Eat healthy…

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County Websites Prove Helpful To Investors

Posted on: December 21, 2007

Over the last few years, many counties have invested millions of dollars into complex, data rich websites that we, the public, can use to our advantage when investigating a potential property.

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Oregon City and Canby Oregon Market Statistics as of November 2007

Posted on: December 21, 2007

RMLS™ market statistics for Oregon City and Canby, Oregon as of November 2007. Market absorption rates and interest rates also covered. Statistics covered include the number of active listings, new listings, expired/canceled listings, pending sales, closed sales, average sale price, and average market time for November 2007. Year to date information includes the number of new listings, pending sales, closed sales, average sales price, median sales price, and appreciation rate.

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Milwaukie and Clackamas Oregon Market Statistics as of November 2007

Posted on: December 21, 2007

RMLS™ market statistics for Milwaukie and Clackamas, Oregon as of November 2007. Market absorption rates and interest rates also covered. Statistics covered include the number of active listings, new listings, expired/canceled listings, pending sales, closed sales, average sale price, and average market time for November 2007. Year to date information includes the number of new listings, pending sales, closed sales, average sales price, median sales price, and appreciation rate.

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First Time Homebuyers Have a Huge Advantage NOW!

Posted on: December 20, 2007

Over the last 5 years we have seen many opportunities for first time home buyers in the mortgage industry. Loan programs were easier to get, had lower rates, and fees were more competitive than ever. The only thing holding most homebuyers back was the cost of homes. Home prices soared, and often times a property listed at a buyers loan approval limit would sell for thousands more, driven up by multiple offers and bidding wars.

Today, buyers are truly in control of the process! Loan programs are still great, rates down in the 5.75% range can be had with 100% financing, and home prices have leveled, or even softened in the last few months. Buyers have a real advantage right now… they have leverage back!

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Gresham and Troutdale Oregon Market Statistics as of November 2007

Posted on: December 20, 2007

RMLS™ market statistics for Gresham and Troutdale, Oregon as of November 2007. Market absorption rates and interest rates also covered. Statistics covered include the number of active listings, new listings, expired/canceled listings, pending sales, closed sales, average sale price, and average market time for November 2007. Year to date information includes the number of new listings, pending sales, closed sales, average sales price, median sales price, and appreciation rate.

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Southeast Portland, Oregon Market Statistics as of November 2007

Posted on: December 20, 2007

RMLS™ market statistics for Southeast Portland, Oregon as of November 2007. Market absorption rates and interest rates also covered. Statistics covered include the number of active listings, new listings, expired/canceled listings, pending sales, closed sales, average sale price, and average market time for November 2007. Year to date information includes the number of new listings, pending sales, closed sales, average sales price, median sales price, and appreciation rate.

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NE Portland Oregon Market Statistics as of November 2007

Posted on: December 19, 2007

RMLS™ market statistics for Northeast Portland, Oregon as of November 2007. Market absorption rates and interest rates also covered. Statistics covered include the number of active listings, new listings, expired/canceled listings, pending sales, closed sales, average sale price, and average market time for October 2007. Year to date information includes the number of new listings, pending sales, closed sales, average sales price, median sales price, and appreciation rate.

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North Portland Oregon Market Statistics as of November 2007

Posted on: December 19, 2007

RMLS™ market statistics for North Portland, Oregon as of November 2007. Market absorption rates and interest rates also covered. Statistics covered include the number of active listings, new listings, expired/canceled listings, pending sales, closed sales, average sale price, and average market time for November 2007. Year to date information includes the number of new listings, pending sales, closed sales, average sales price, median sales price, and appreciation rate.

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What is Going on with Foreclosures?

Posted on: December 18, 2007

Pick up a newspaper, turn on the TV or even look around your email’s junk folder and there will no doubt be something regarding foreclosures for you to investigate.

What exactly is going on in with foreclosures you ask?

Well, the way I see it, there are many different situations on the rise, and foreclosures will be around for the duration! I could write about all of them for hours, but let’s address just a couple here.

Currently, we are seeing rising foreclosure rates across the country. Some people blame the subprime mortgage industry for the rise in foreclosures. In fact, this is the easy target most magazines and local newspapers decide to focus on. I have to disagree here!

Now don’t get me wrong, I am certain that many folks in foreclosure have subprime loans. In fact, I know it to be true. We (the loan industry) have been writing loans to people with no credit, no cash reserves and sometimes even no jobs! These loans have to have a higher default rate than the guy who’s been on the same job for 20 years, has a middle FICO score of 820 and buys a house with 20% down… right? Yes, and no.

Yes, they have a higher default rate, that’s why the investors who allow these types of loans charge a higher interest rate. The higher rate allows them to offset the risk. They calculate a certain number of non performing loans into the equation when they set the rates.

And No, the subprime borrowers are not the only ones going into foreclosure. Remember the guy mentioned above? The one with the 20 years on his job, the high credit score and the 20% down? Lets say he worked for Intel, Nautilus, HP or any of the other stable companies that have laid off high paid workers in the last year and sent their jobs overseas. What happened to him? Or what about the auto workers in Detroit? Check out those foreclosure statistics! They aren’t all subprime borrowers. These are blue collar, hard working folks who simply don’t have an income anymore.

Sure, the guy with the 20% down may stand a chance at breaking even on his home. Recent declines in the market may claim 10% of his homes value, while taxes and real estate commissions claim the other 10%. So he’s better off than the guy with the zero down, interest only mortgage… right? Well the bank is, but he’ out his hard earned cash. How the heck is he better off? Sure, his credit is not blemished, but his bank account sure is. He may have taken a hit on his 401k already, and now he is a new “renter”.

My honest opinion? The media has done a great job of scaring us all into a foreclosure boom. They hyped that “bubble” so much, everybody was waiting to hear it pop. And sure enough, at the first sign of slowing (a healthy and expected occurrence in the real estate market) everybody panics! Home buyers stop buying, investors start dumping houses as quickly as possible… and so the spiral begins. Then, the media strikes again. Here it goes they say, with slick story taglines such as “risky loans” and “risky real estate”. Next, Wall Street reacts to the media attention. They stop buying mortgage backed securities and the secondary mortgage market tanks. Who gets stuck here? The subprime mortgage industry. They go to securitize on Monday, and are out of business Tuesday. Nothing fuels a panic fire better than multi-billion dollar industries shrinking by the minute.

All of a sudden the subprime mortgage lenders and borrowers are the bad guys. Never mind that the lenders have enabled more Americans to become homeowners than any other segment of lending in history! Never mind that MOST of the homeowners are paying on their mortgages on time just fine, and will continue to do so for the next 30 years. Never mind that some of these fine folks have interest rates down in the 5’s and 6’s!

The foreclosure market is definitely on the upswing… or the downswing, depending on how you look at it. Personally, I am fortunate that none of my clients have called to ask for a “foreclosure bailout loan”. If they do, we will have to talk about options. A bailout loan may be available, but does that really solve the problem? Most likely not. That is where careful consideration must be given to the problem, and the solution. Today, people in these situations have options.

We, as mortgage professionals, need to be educated! Not only in lending, but also in the foreclosure process, forbearance agreements and loan modifications. Because not all foreclosures are caused by people who can’t manage finances properly, some of these options can help many people get back on track. In cases where the property must be sold, a short sale may be the best option.

A well negotiated short sale can alleviate future financial obligations related to the foreclosure, and can result in a great deal for a new buyer. Check in later for more information on short sales.

Travis Wolfe operates WhiteWolfe Mortgage in Portland, Oregon. As a local mortgage professional and real estate investor, he has been active in the real estate community since 1997. He provides residential and commercial real estate loans, as well as providing aid to persons facing foreclosure. He can be contacted at (503)367-1109.

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Mortgage Review for December 10, 2007

Posted on: December 18, 2007

“LIFE IS NEVER BORING…BUT SOME PEOPLE CHOOSE TO BE BORED.” Wayne Dyer Yet even if Traders had wanted to be bored last week, the financial markets had other plans. Volatility reigned supreme, with large swings throughout the week in Stocks, Bonds, and home loan rates — and once the smoke cleared, home loan rates were slightly worse than where they began the week.

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Cheri Ward Lists 6206 SE 142nd Ave in Portland Oregon

Posted on: December 18, 2007

This property is under contract. Live in the city, but feel like you live in the country!

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Sale Versus a 1031 Exchange

Posted on: December 13, 2007

The benefits of IRC Section 1031 exchanges can be tremendous! Investors are often able to defer thousands of dollars in capital gain taxes, both at federal and state levels.

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Ten Tips to a Saner, Cheaper, Happier Holiday Season

Posted on: December 12, 2007

Ideas to improve and simplify your holidays

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Mortgage Review for December 3, 2007

Posted on: December 11, 2007

“SURVEY SAYS…?” Richard Dawson’s classic line on Family Feud is exactly the question that was on many minds at 8:29am ET last Friday morning, awaiting the official results of the November Jobs Report. After Automatic Data Processing (ADP) had released their hot numbers earlier in the week, indicating well over 200,000 new jobs created – traders and analysts began to wonder if Friday’s official number might not come in far higher than the expectations of 70,000.

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The Press Club (2621 SE Clinton St.)

Posted on: December 10, 2007

Saturday morning, I rubbed the sleep out of my eyes, tried to depuff them and headed to Wordstock, despite a very late night dancing at
Lola’s Room and eating a mid-night snack at Kenny and Zuke’s. Okay, it wasn’t a snack. It was a real meal. Who cares if it was 1 in the morning. It was totally worth it. Geesh leave me alone.

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Mortgage Review for November 26, 2007

Posted on: December 07, 2007

“WE’RE SO BUSY WATCHING OUT FOR WHAT’S JUST AHEAD OF US…THAT WE DON’T TAKE TIME TO ENJOY WHERE WE ARE.” Bill Watterson in the comic strip, Calvin & Hobbes And while these are certainly wise words for the upcoming holiday season – they also aptly describe the mood in the markets, as Bond Traders look ahead to the end of the coming week, with the arrival of the important Jobs Report.

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Seven Reasons to List Your Home during the Holidays

Posted on: December 05, 2007

Many homeowners choose to take their homes off the market during the holiday season thinking fewer buyers are planning to buy in December. Actually, that is a fallacy; here are seven reasons why you should list your property now.

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The Latest BUZzzz on Molalla's Hot Spot Internet Cafe

Posted on: December 04, 2007

New Coffee House owners Penny and Harold Stewart of Bistro Babes, a great little place down town Molalla.

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Retirement Plans for the Self Employed

Posted on: December 03, 2007

Thanks to recent tax law changes, self-employed individuals (including those employed by their own corporations) now have better retirement plan options than ever before.

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What’s All This Holiday Spending Really About?

Posted on: December 02, 2007

Ah yes, the Holidays, that time of year when we have way too much to do and not enough resources to do it. These particular holidays are often fraught with expectations. The period after the holidays, which I usually refer to as the “Post Christmas Poop Out” is often likewise filled with depression and let down. So what goes wrong, and – worse yet – what happens to our money during and after this season?

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