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Recent Posts
- The Real Estate Market Year in Review: How’d We Do?
- Green-Building Basics: Understanding the Various Certifications
- Ode to De-cluttering: Ringing in the New Year Right
- Highlights of the Latest Broker Tour in Sisters
- Tumalo, Oregon Real Estate Market Report for December 2011
- Sisters, Oregon Real Estate Market Report for December 2011
- Tumalo, Oregon Real Estate Market Report for November 2011
- Sisters, Oregon Real Estate Market Report for November 2011
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Category Archives: REO Info
How’s the Market? 1st Quarter 2011 Real Estate Market Statistics for Central Oregon
COAR, our local MLS affiliate, recently released the first quarter real estate market statistics for Central Oregon, which tracks year-on-year activity from 2007 through 2011. Not surprisingly, those numbers tell quite a story -– we’ve experienced a pretty bumpy ride in the past five years. Continue reading
FHA Extends its Waiver of the Anti-Flipping Rule
Thanks to mortgage consultant Mitch Wilcox for the following update:
The Federal Housing Administration has extended FHA’s temporary waiver of the agency’s “anti-flipping” rule.’ As a result, lenders will continue to allow the waiver for the 30 Year Fixed FHA program.
With certain exceptions, FHA regulations prohibit insuring a mortgage on a home owned by the seller for less than 90 days. Early last year, FHA temporarily waived this regulation through Jan. 31, 2011.
Earlier this week, FHA posted a notice extending the waiver through the remainder of 2011. This action will permit buyers to continue to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties or properties resold through private sales. It will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.
The extension is effective through Dec. 31, unless otherwise extended or withdrawn by FHA. All other terms of the waiver will remain the same. The waiver contains strict conditions and guidelines to assure that predatory practices are not allowed.
To protect FHA borrowers against predatory practices of “flipping” (where properties are quickly resold at inflated prices to unsuspecting borrowers), this waiver continues to be limited to those sales meeting the following general conditions:
* All transactions must be arms-length (no family-to-family sales, for example), with no identity of interest between the buyer and seller or other parties participating in the sale.
* In cases where the sales price of the property is 20 percent or more above the seller’s acquisition cost, a property inspection report is required.
* In cases where the sales price of the property is 50 percent or more above the seller’s acquisition cost, a property inspection report and second appraisal is required.
The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program. Continue reading
Posted in For Buyers, For Sellers, Homeowner Tips, REO Info
Tagged central oregon news, Financing, Homeowner Tips
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Central Oregon’s Foreclosure Activity for December 2010
Each month, RealtyTrac keeps tabs on all publically recorded foreclosure-related activities — notices of default, foreclosure auction notices and bank repossessions — throughout the country. They also post “foreclosure home” listings -– short sales; bank and trustee auctions; and REOs, along with traditional listings across the country. They make their statistics available on their website on a state-by-state basis (which is then also broken down by county).
Nevada has the dubious honor of having the country’s highest rate of foreclosure: One in 11 homes in Nevada (more than 9 percent of its housing units) received at least one foreclosure filing in 2010.
In December, 1 in every 84 housing units in Nevada (13,472 homes) received a foreclosure filing; there were 74,526 foreclosure homes for sale in Nevada in December, with an average sales price of $133,495.
RealtyTrac’s December Foreclosure Stats for Oregon:
* There were 28,534 foreclosure homes on the market, with an average sales price of $184,722.
* 1 in every 583 housing units received a foreclosure filing (i.e., default notice, foreclosure auction notice or bank repossession) in December.
* Multnomah County had the most filings (490), followed by Washington (423), Clackamas (338), Deschutes (312) and Jackson (199).
Deschutes County update for December:
* There were 3,544 foreclosure homes on the market, with an average sales price of $154, 289.
* 1 in every 250 housing units received a foreclosure filing in December.
* Of the county’s 312 new foreclosure filings, Bend had the most, with 192, followed by Redmond (86), then La Pine (21), then Sisters (13).
Jefferson County update for December:
* There were 235 foreclosure homes on the market.
* 1 in every 420 housing units received a foreclosure filing in December.
* Of the county’s 24 new foreclosure filings, Terrebonne had the most, with 11, followed by Madras (8), Culver (4), and Camp Sherman (1).
Crook County update for December:.
* 1 in every 367 housing units received a foreclosure filing in December.
* Of the county’s 27 new foreclosure filings, Prineville had the most, with 11, followed by Powell Butte (4).
Continue reading
Highlights of RealtyTrac’s Year-End Foreclosure Report for 2010
There were quite a few interesting tibits in RealtyTrac’s year-end 2010 U.S. Foreclosure Market Report, released Jan. 13. For starters, a record 2,871,891 U.S. properties received foreclosure filings in 2010. That figure shows an increase of nearly 2 percent from … Continue reading
Considering purchasing an REO property? Read this first.
Anyone who’s even thinking about buying a bank-owned property should read this New York Times article detailing one woman’s quest to invest in a foreclosed home. It outlines in detail some of the many steps that buyers often skip but … Continue reading
Posted in For Buyers, Homeowner Tips, REO Info, Uncategorized
Tagged Distressed Property Info, Foreclosure information
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Distressed Market Update for Sisters, Oregon – Sept. 2010
Unlike much of Central Oregon (where distressed properties comprise up to 30 percent of the active real estate market), traditional sales continue to dominate the Sisters real estate market. Here’s the latest breakdown, as of Sept. 10, 2010: Continue reading
Foreclosure Forum Scheduled in Bend
Today, the Oregon Housing and Community Services department begins hosting a series of public forums across the state designed to determine how best to provide assistance to Oregon homeowners facing foreclosure. Continue reading
The Case of the Flooded Air Ducts & Other REO Property Inspection Horror Stories
When it comes to bank-owned properties, I’ve seen some pretty unbelievable things in the past year or so. There’s a reason these homes are called distressed properties: Oftentimes, either they’ve been left vacant for long periods of time, which creates … Continue reading
Brain on Overload: Classes, Classes and More Classes (guess the topic)
In the past couple of weeks, I’ve attended several really good classes, two of which addressed different aspects of the foreclosure market.
At the first class, Jim Long, Bend’s Affordable Housing Manager, discussed a new loan program available in Central Oregon for residents with moderate income who purchase bank-owned homes.
As part of phase two of HUD’s Neighborhood Stabilization Program (also know as NSP-2), qualified buyers may receive a zero-interest, deferred-payment loan of up to 20 percent of the purchase price (or a maximum of $35,000). Those funds can be used to help with a down payment, mortgage buy-down or closing costs, or may go toward completion of an unfinished home. Only owner-occupied purchases are eligible. Bend has been allocated $2.1 million in funding (not all of which will be available to residents.)
Long said the funds are expected to be available by the end of April, and will be distributed throughout Deschutes, Crook and Jefferson counties on a first-come/first-served basis. Another important caveat, he added: if you’re considering seeking these funds, you must fill out the application before an offer is written. One other thing to keep in mind: It’s a federal program, with the requisite red tape involved, so patience and persistence are recommended. So, for example, the closing might take longer and there are a few additional hoops to jump through (a HUD-designated home inspector, for example).
But what a great coup for Central Oregon! (By the way, Oregon’s application to receive the NSP-2 grant money was one of only 56 of the 480 applications that were approved — and the only award in the Northwest United States.)
To find out more about the program or to request an application, contact Jim Long at 541-312-4915 or jlong@ci.bend.or.us.
ANOTHER INFORMATIVE SESSION
The second foreclosure-related class addressed the legal, tax and credit implications of short sales and foreclosures. For that one, several hundred agents filled the Westside Church in Bend to hear panel members Larry Wallace (of True North Mortgage), attorney Tami MacLeod (of Karnopp Peterson) and CPA Stephen Greer (of Greer Mahr & Associates).
Hosted by Western Title, the class was a rousing two hours packed with info (actually, the Q&A ran long after the appointed cut-off time). Among the topics: recent legislative changes to Oregon’s anti-deficiency laws, new rules regarding tenant’s rights on foreclosed homes, and the impact of mortgage insurance on distressed-property sales.
Best of all, the whole thing was videotaped and will be posted on the Western Title’s website in the near future. A great resource for consumers and agents alike.
