Monday, January 4, 2010

REFLECTION -- NOITCELFER

2009 has been a tumultuous year economically and emotionally. Economic change has hit Bend Oregon hard. Foreclosures have stemmed from a great loss in value as well as job loss throughout Central Oregon. The hardest hit counties are Jefferson and Crook. People are resorting to creative ways to earn survival money. Odd jobs, junking for resale as well as taking any job available is the key for many previously prosperous locals. Craigslist is peppered with items being sold to pay for necessities such as rent, food and utilities.

The unrealistic expectations for profit and social materialism created the false market from which we are now recovering. More consumers returned to a cash/barter system rather than a credit based life. America as a whole took a crash course in personal finance as the market dove downwards. While visiting Portland and San Francisco in 2009 I was amazed how unaffected the cities seemed to be by our economic crisis. There are micro pockets of severe economic issues while the macroeconomic situation is impacted less.

On a positive note, younger buyers took advantage of incentives and entered the market as new homeowners. New business ventures cropped up as previous employees and business owners faced a paradigm shift. Continued economic change forced downsizing of living space expectations for some, which improved levels of happiness as well as quality of life. Shared living space has proved a saving factor for some homeowners and renter.

With all this in mind, I am thankful I have my home and although there were traumatic experiences in 2009, I like many others have survived. My thoughts are with those who did not survive either by choice or natural cause. The closing of 2009 like all other years comes with New Year resolutions and the hope for economic improvement!

Thursday, December 31, 2009

Beware of Foreclosure Rescue Scams

Many homeowners have paid hard earned and non disposable income to modify a mortgage through companies promising the moon and delivering cheese. Some call for advice from local professionals and after research determine the assistance is bogus. There are free resources including the mortgage holder. Before paying a company to process paperwork go to http://makinghomeaffordable.gov/eligibility.html. The link takes a user directly to the eligibility page.

During the information seeking period there are resources available in your local area.Call a local professional such as a mortgage broker, realtor or trusted attorney for advice. Call your mortgage company or visit the company website to begin a modification or permissible short sale. The options are many! An attorney may charge for advice but many professionals will sit down and review avenues of recourse without charge.

Use the following excerpt form MHA website during your process!
• Assistance from a HUD-approved housing counselor is FREE. Beware of anyone who asks you to pay a fee in exchange for counseling or a loan modification.
• Beware of people who pressure you to sign papers immediately.
• Do not sign your deed over to anyone unless you are working directly with
your mortgage lender to forgive your debt.
• Never make a mortgage payment to anyone other than your mortgage
lender without their approval.

Home Affordable Modification
Learn how you may be able to make your mortgage payment more affordable.
ACT NOW TO GET THE HELP YOU NEED! ACT NOW TO GET THE HELP YOU NEED! ACT NOW TO GET THE HELP YOU NEED!

Post Coming Soon: New changes to HAMP making modifications and short sales a viable alternative to foreclosure.

Happy New Year...

2009 has wound to a close and I am hopeful 2010 will bring some economic change. The latest modification plan sounds positive for homeowners facing loss. The changes HAFA or Home Affordable Foreclosure Alternatives is implementimg make modifications and short sales a little more feasible for homeowners still struggling in today's economy. The following is an excerpt from NAR's website (National Association of Relators).

Servicers participating in HAMP or Home Affordable Modification Program are also required to comply with HAFA. A list of servicers participating in the program is available at http://www.makinghomeaffordable.gov/.

•• Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
•• Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
•• Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
•• Prohibits the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).
•• Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
•• Uses standard processes, documents, and timeframes/deadlines.
•• Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).

The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on December 31, 2012.

Tuesday, December 29, 2009

Statistics Update Bend Oregon 3 bedroom 2 bath

The active/contingent list under $100,000 in Bend continues to grow - in the search parameters there are 17 homes below the mark as of December 29, 2009 @ 10:00 PM.

The following is a summary from Central Oregon MLS :


Search Parameters: 3 bedroom, 2 bath in zip codes 97701 and 97702.
Total 336 Homes in Active or Contingent Status ~
Price Range $79,900 - $999,900
Average List Price $209,835 -
Average Square Feet 1,58o -
Average Price per sq ft $131 -
Average Days on Market 192.

For the statisticians out there the median home price for current range is $180,000.

Sold Stats for November 01 - 30, 2009, same search criteria:

Total 48 Homes Sold ~
Price Range $65,000 - $387,000
Average List Price $173,593 -
Average Square Feet 1,485 -
Average Selling Price per sq ft $116 -
Average Days on Market 139.

Thursday, December 11, 2008

Where's the SNOW....and whats up with the ECONOMY?

The active/contingent list under $200,000 in Bend continues to grow - in the search parameters there are 79 homes below the mark as of December 11, 2008 @ 11:27 AM.

The following is a summary from Central Oregon MLS :

Search Parameters: 3 bedroom, 2 bath in zip codes 97701 and 97702.
Total 304 Homes in Active or Contingent Status ~
Price Range $129,000 - $775,000
Average List Price $279,954 -
Average Square Feet 1617 -
Average Price per sq ft $172 -
Average Days on Market 151.

For the statisticians out there the median home price for the current price range is $249,900

Tuesday, November 11, 2008

Bend Oregon Residential Sales 2000, 2003 - 2008


Statistical chart for Bend Oregon residential sales includes median home price, days on market and other pertinent information. Statistics retrieved from Central Oregon MLS. Click on chart to view full size ~ use back arrow to return to blog!








Tuesday, October 28, 2008

October Stats There Flies the Snow

Central Oregon is feeling a chill in the air. Due in part to the coming winter and in part to the suppressed economy. Whether waiting for election results or a break in the job market there is hesitation across the board economically.
The active/contingent list under $200,000 in Bend has grown substantially - in the search parameters there are 68 homes below the mark as of October 28, 2008 @ 10:25 AM.

The following is a summary from Central Oregon MLS :

Search Parameters: 3 bedroom, 2 bath in zip codes 97701 and 97702.
Total 329 Homes in Active or Contingent Status ~
Price Range $145,669 - $895,000
Average List Price $293,247 -
Average Square Feet 1614 -
Average Price per sq ft $180 -
Average Days on Market 145.

For the statisticians out there the median home price for the current price range is $259,000

Buyers selection is phenomenal and prices are becoming more favorable. Bank owned (REO) properties are increasing and some are priced quite well.