Forbes Magazine Encourages Portland-Area Renters to Buy

In a recent Forbes magazine study, Portland was named one of the top 10 cities in the nation where it is smarter to buy than rent. Market conditions are such that now is a particularly good time for some renters to become homeowners.

To rank the cities, Forbes computed the premium to buy—the spread between what a consumer would spend to rent and what they would pay for a mortgage—and also identified locales where economists predict home prices will go up the most over the next five years.

Continue reading “Forbes Magazine Encourages Portland-Area Renters to Buy”

Newberg City Club presents "How Oregon Fared With The American Recovery & Reinvestment Act"

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The speaker for this luncheon will be Mike Auman from the Governor’s Economic Recovery Executive Team, talking about how Oregon fared with the Federal Stimulus funds. The luncheon will take place at Providence Newberg Medical Center in the Public Meeting room, 1001 Providence Dr., Newberg on Tuesday February 2 at 11:45-1:00. Reservations are due by 10:00 am Monday February 1 by emailing janewalker@firstam.com or calling (503) 476-8734.

Are You Considering a Rent-to-Own Transaction?

Rent-to-own options are becoming popular again after falling out of favor during the last couple of decades when mortgages were easy to get.

The advantages of rent-to-own to buyers include a way around poor credit, an opportunity to rebuild credit worthiness and a way to try out homeownership without making a costly commitment.

For sellers, it offers cash flow from properties that might otherwise just be sitting there.

Consider these important questions before stepping into a rent-to-own transaction. Continue reading “Are You Considering a Rent-to-Own Transaction?”

Introduction to Short Sales

Are you looking to buy a new home? Have you had the time to check out these tiny houses for sale? Are you thinking that now’s a great time to find bargains? Before you make an offer, it pays to know a little about the seller’s situation.

If a home is being sold for below what the current seller owes on the property-and the seller does not have other funds to make up the difference at closing-the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.

A short sale is a sales transaction in which the seller’s mortgage lender agrees to accept a payoff of less than the balance due on the loan. Continue reading “Introduction to Short Sales”

FHA Loans Now Available to Homebuyers Purchasing Forclosed Properties

HUD is taking action to speed resale of foreclosed properties to new owners in an effort to help bring stability to home values and accelerate the sale of vacant properties.

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities. Continue reading “FHA Loans Now Available to Homebuyers Purchasing Forclosed Properties”

Changes to FHA Loans Impact Buyers

The Federal Housing Administration announced several changes to FHA insured loans this week.

1)  The upfront mortgage insurance premium will increase from 1.75% to 2.25%.

For example: On a a $200,000 mortgage, a 1.75% mortgage insurance premium added $3,500 to the FHA loan, bringing the total loan amount to $203,500 that a borrower was required to qualify for. With the increased premium at 2.25%, the premium would increase to $4,500 and the borrow would need to qualify for a $204,500 loan. This amounts to an approximate difference of $5.37 per month at an interest rate of 5.00%.

Continue reading “Changes to FHA Loans Impact Buyers”

What Properties are Selling in Yamhill County?

The December 2009 Market Action Report is out for Yamhill County and the Portland Metro area.

Click here to view, download, or print.

What is selling?

  • Homes under $300k, especially for first time home buyers (under $200k). The generous tax credit keeps lubricating this market.
  • Short sales (need lender approval to sell at a loss), Bank-owned properties (REO), and very low prices relatively are selling.  The scavengers are cleaning up the battlefield, put nicer, the bargain shoppers are buying.

What is NOT? Continue reading “What Properties are Selling in Yamhill County?”