Agent Profile
Tony and Libby Kelly, MBA, M.Ed. are ranked in the top 1% of REALTORS in Portland Metro. They have been featured on HGTV's "House Hunters" 3 Episodes & "My House is Worth What?" 4 Episodes.
Market Report Portland Oregon
March Residential Highlights
Sales activity in the Portland metropolitan area continues to improve in March 2010 compared to the same month a year ago. When comparing March 2010 with March 2009, closed sales rose 51.9%. Pending sales jumped 46.7% and new listings increased 35.3%. Comparing March 2010 with the previous month, February 2010, closed sales drastically increased 77.2% (1,799 v. 1,015) and pending sales grew 29.8% (2,402 v. 1,850). New listings increased 27.8% (4,987 v. 3,902). At the month’s rate of sales, the 14,042 active residential listings would last approximately 7.8 months, the lowest of the year.
Sale Prices
The average sale price for March 2010 fell 5.6% compared to March 2009. The median sale price dropped 3%. On a month-to-month basis, comparing March 2010 to February 2010, the average price increased 2.6% ($280,300 v. $273,100) and the median price grew a slight 1.6% ($238,900 v. $235,000).
First Quarter Report
Comparing the first quarter of 2010 with that of 2009, increases can be seen across the board. Closed sales grew 37.3% (3,892 v. 2,834). Pending sales also went up 39.2% (5,594 v. 4,018) and new listings rose 13% (13,072 v. 11,566).
Oregon Leading The Way
Oregon has taken some steps to help the loan modification process that could actually help. Perhaps even start a trend. And it’s free!
The Oregon State Senate unanimously passed HB 3656 which states that a piggyback second lender has no right to sue in a foreclosure situation.
What does this mean? Well some people during the height of the real estate market bubble were encouraged to finance a home with a piggyback loan. So in order to buy a $500,000 home for no money down you would get a $400,000 loan and a simultaneous $100,000 second loan for the down payment. The lender got double the fees and charges for originating two loans and the home owners got more house then they would have been able to the conventional way.
Things got bad for many of these home owners and they are now looking for loan modifications. The lender of your first mortgage may agree to a modification but the second may not, forcing the property into foreclosure. If a bank sells a home it’s taken through foreclosure then it uses the proceeds to payoff as much of the debt as it can. Leftover money would go to the second lien holder but in today’s market there are no leftovers.
The only reason a second lender would want a foreclosure is so they can sue the home owners for the money they are still owed. This would cause them to be bankrupt usually but the second lien holder would get to take what ever the home owners had left.
With this new Oregon bill the second PIGGYBACK lien holder can no longer sue making loan modifications and short sales a much more agreeable option.
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
Agency Info
Keller Williams Realty Portland Premiere
17700 SW Upper Boones Ferry Rd
Portland, OR 97224