Greg Fox

Distressed Homes Inventory Declining

foxgrego — Tue, 27 Sep 2011 18:29:19 +0000

In recent months the “Shadow Inventory” of distressed homes has declined helping ease the downward pressure on our real estate values. Here’s some relevant facts:
• The shadow inventory of residential properties as of July 2011 fell to 1.6 million units, or 5–months’ worth of supply, down from 1.9 million units, or a 6-months’ supply, as compared to July 2010.
• Of the 1.6 million properties currently in the shadow inventory, 770,000 units are seriously delinquent (2.2-months’ supply), 430,000 are in some stage of foreclosure (1.2-months’ supply) and 390,000 are already in REO (1.1-months’ supply).
• As of July 2011 the shadow inventory is 22 percent lower than the peak in January 2010 at 2 million units, 8.4-months’ supply.
• The total shadow and visible inventory was 5.4 million units in July 2011, down from 6.1 million units a year ago. The shadow inventory accounts for 29 percent of the combined shadow and visible inventories.
• The aggregate current mortgage debt outstanding of the shadow inventory was $336 billion in July 2011, down 18 percent from $411 billion a year ago.

August Market Action Report

foxgrego — Thu, 15 Sep 2011 22:30:20 +0000

Buyers are getting some great bargains with a combination of low prices and record-low interest rates. According to the latest RMLS Market Action Report, prices on average have dropped 9.2% from August, 2010 to August, 2011. At the same time closed sales are up over 30%! Consequently, we’ve seen our marketable inventory drop by 46 percent during the same period – from an 11 month supply to a 6.2 month supply. The inventory supply has been bouncing between the 6-7 months range for six months in a row now. For additonal details see http://www.rmlsweb.com/v2/public2/loadfile.asp?id=6249

Is the Value of My Home is Still Falling!?

foxgrego — Thu, 16 Jun 2011 17:22:03 +0000

Quoting the latest May, May, 2011 RMLS Market Action Report, the media will tout – and place the fear of God in you –that home prices fell 1.8% last month in April! But let’s take a closer look. The report does not differentiate resale homes and bank-owned properties. Distressed homes currently account for 38 – 40% of our market activity. According to Pat Stone, CEO of WFG Title, property owners actually saw their home values go up! It’s the banks which are slashing their prices to liquidate their inventory pushing the average-sales-price statistic down.
Both closed transactions and pending sales were up the Portland area by 8.1% pushing the total-market inventory down to a 6.9 month supply – the lowest it’s been since the rush of October, 2009 when the $8,000 Federal Tax Credit expired. A 6 month inventory is the benchmark between a buyer’s market and a seller’s market and we’re starting to see glimpses of that change.
If you’ve been on the fence about buying because of declining property values, now just may be the time. Investors have been on the bandwagon for some months now with title companies seeing a record number of all-cash transactions, 38 – 40% to be exact!

What’s Your Walk Score?

foxgrego — Thu, 13 Jan 2011 19:05:41 +0000

Part of what makes a green home “green” is the livability factor of its neighborhood. Walkscore.com measures this in terms of proximaty to parks (recreation), shops, entertainment, etc. Cities, neighborhoods and indivual addresses. To find your walk score check out http://www.walkscore.com/OR/Portland

NE Portland – Bank Owned Homes

foxgrego — Tue, 11 Jan 2011 01:52:41 +0000

While doing a recent home valuation, I did a cursory search for bank-owned homes in NE Portland. Of the 35 currently available, all but 5 were over $200K – the prices were great! When a bank owns a property, they get back to your offer at lightning speed compared to a short sale since banks have to sell! To locate bank-owned property by neighborhood, use the interactive map on my blog http://Search.PortlandOregonHomesBlog.com

NE Portland Bank Owned Homes

1 - 5 of 5 active listings.

Order By: ↑

$245,000

3144 NE 142ND AVE

MLS: 11566522

Beds:3 Baths:3.0

SqFt:3232 YrBlt:1970

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$119,500

3925 NE 105TH AVE

MLS: 12148236

Beds:2 Baths:2.0

SqFt:1612 YrBlt:1945

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$166,400

4640 NE 112TH AVE

MLS: 12229125

Beds:2 Baths:1.0

SqFt:1924 YrBlt:1925

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$119,900

4409 NE 86TH AVE

MLS: 12393171

Beds:2 Baths:1.0

SqFt:1744 YrBlt:1926

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$188,000

13207 NE FAILING ST

MLS: 12438043

Beds:4 Baths:2.0

SqFt:2112 YrBlt:1964

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Cost Versus Value!

foxgrego — Fri, 07 Jan 2011 01:47:06 +0000

The latest Realtor Magazine had its annual Cost Versus Value annual report – how much do improvements really add to the value of your home? I thought it was interesting that the number one improvement was replacing your front door. It adds reinforcement to first impressions being lasting impressions, especially when selling your house!

http://www.realtor.org/rmohome_and_design/Articles/2011/1101_costvsvalue

Homes for Our Troops Oregon

foxgrego — Sun, 12 Dec 2010 00:34:13 +0000

With two of inches of Oregon rain pouring down today, you may want to ask why did why did well over a 100 people drive down a narrow, windy road outside of Sandy to pack a 26’ X 26’ garage? It was to honor Army Specialist, Kevin Pennell and to see Oregon’s first “Homes for Our Troops” newly completed. Started in 2004, Homes for Our Troops mission has been to provide handicap-accessible housing for veterans who have been seriously injured since September 11, 2001.
It’s a unique and truly American partnership of government funding and private contributions of money, time, materials and skill. The title sponsor of this project was Advantis Credit Union, after their Board of Directors first heard of the program three years ago. The same time Specialist Pennell, wanting to move to Oregon, applied for program. A remarkable 72 days ago, Pannell’s build brigade started erecting the walls. Lead by Fish Construction NW, Inc’s founder, Jeff Fish selflessly spearheaded this project from the start and been on the job daily since, including when I called him on Thanksgiving morning. That’s dedication!
Army Specialist Kevin Pannell

Oregon Homeownership Stabilization Program

foxgrego — Fri, 10 Dec 2010 01:22:15 +0000

This is Oregon’s newest foreclosure prevention program which is being funded by the Fed’s and will help 5,000 Oregon households. It’s being awarded on a lottery basis and will pay up to one year’s mortgage payments or $20,000 whichever is less. You don’t have to be behind on your payments or unemployed to qualify, but do need a documentable income loss of at least 25%. There is a simple qualification test at http://Homewww.oregonhomeownerhelp.org/

Check it out!

foxgrego — Fri, 09 Apr 2010 22:00:34 +0000

Wether your looking for homes and real estate in the inner city, Beaverton,

Hillsboro, Aloha, Tigard, Milwaukie, Gesham or any of the outlying areas of Portland, Oregon – check out the great search feature on this site with complete mapping capabilities.