Senators OK homebuyer tax credit extension ...

Set to expire at end of November, plan will remain until end of April.
The Associated Press updated 3:56 p.m. PT, Wed., Oct . 28, 2009

WASHINGTON - Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, said a congressional aide, who spoke on condition of anonymity because he was not authorized to publicly discuss the deal.

Senators were still negotiating the expansion of a separate tax credit that lets money-losing businesses get refunds for taxes paid in previous years, providing them with an immediate source of cash.

Senators in both political parties were hoping to add both tax provisions to a bill that would give people running out of unemployment insurance benefits up to 20 more weeks of federal aid. The Senate could vote on the overall bill as early as Thursday, but lawmakers were still haggling over several unrelated amendments Wednesday evening.

Popular bills like the one to extend unemployment benefits often attract amendments that would have a difficult time passing on their own.

Republicans were demanding that they be given a chance to offer amendments to restrict federal aid to the beleaguered community activist group ACORN and on requiring that people receiving unemployment insurance be processed through E-Verify, an Internet-based system that employers use to check on the immigration status of new hires.

Majority Democrats have refused to add the amendments.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Today's Market Overview....

Rates are continuing yesterday's rally, this time on weakness in equities due to slip in home sales....

New Home Sales dropped 3.6 in September....economists were expecting a rise for last month....

Also a report showed that weekly mortgage applications dropped for the 3rd week in a row....

Durable goods rose 1% last month, investors shrugged it off as versus last year we are down 24%....

Debate on the home buyer tax credit is heating up as we near the end of November deadline....will it be extended for all of 2010? Will there be a step up credit? Will it have a phase out? We should all find out sometime within the next ten days what we will be looking at....

GMAC is back at the table, asking for another infusion of cash from the Fed....

Yesterday's rally was after strong results of the 2 year note auction....

MBS Rates have settled into a better range with yesterday and today's auction....love to see price changes for the better!

Senate Banking Committee Chairman Chris Dodd (D-Conn.) says Senate Democrats have agreed to extend the first-time home buyer tax credit....

Daily Real Estate News - October 28, 2009

Senate Banking Committee Chairman Chris Dodd (D-Conn.) says Senate Democrats have agreed to extend the first-time home buyer tax credit. The latest version extends the program to home sales signed - not closed  by April 30.  Purchasers would have another 60 days to close the sale. The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years.

The credit would be cut nearly 10 percent to a $7,290 cap. Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples.

Source: Bloomberg News, Dawn Kopecki and Ryan Donmoyer (10/27/2009)

Portland Rated #3 on Forbes List of Safest Cities in America!

Forbes calculates this is using four categories:
1. Workplace fatalitites.
2. Crime rate.
3. Traffic related deaths.
4. Natural disaster risk.

The other cities that were in the Forbes' safest city top five were: Minneapolis, Milwaukee Boston and Seattle.

Key Professionals in Your Real Estate Transaction

Choose well-qualified professionals who understand the process and are able to guide you comfortably through it.

• Real Estate Broker
• Mortgage Broker
• Insurance Agent
• Title and Escrow Officer
• Home Inspector
• Repairmen
• Appraiser
• Movers

Where we love is home. Home that our feet may leave, but not our hearts...

Purchasing a home somtimes feels like a huge and overwhelming process.  Many people are needed to coordinate a myriad of tasks.  However, as with most experiences in life, familiarizing yourself with the process and knowing what to expect will relieve much of the anxiety and make the purchase far more enjoyable. 

The Senate is expected to vote on the extension of the $8k First Time Home Buyer Credit as early as next Wednesday.

We should know more this week, but it appears the First Time Buyer Tax Credit will likely be extended into 2010 with some modifications. The bill most expected to pass through Congress will extend the credit but phase it out over the course of 2010. The Tax Credit will remain $8,000 for the first quarter of 2010 and then it will be reduced by $2,000 per quarter until the end of next year. The Senate is expected to vote on this as an amendment to another bill possibly as soon as Wednesday of this week. If it is approved on Wednesday in the Senate the House will most likely vote on it on Thursday.  Of course nothing is certain at this point, but this compromise seems like the most likely scenario right now.

Property Tax bills have arrived in the mail. When is payment due to earn a discount?

PROPERTY TAX PAYMENTS DUE NOVEMBER 16
Taxpayers will receive a 3% discount if paid in full by November 16.  Taxes may also be paid without discount in 3 installments due November 16, 2009, February 15, 2010 and May 17, 2010. 

ONLINE PAYMENTS can be made at http://www.multcotax.org/

With home values falling across America due to the national economic recession, many home owners wonder whether their property taxes will show corresponding declines.  Due to the 3% assessed value increase provided by Measure 50 and voter approval of new taxes last year, taxes will increase on the vast majority of Multhomah County properties this year.

Watch for future entry regarding Washington County Property Tax updates.

The REAL STORY - The short sale process NOW.

As soon as my client has provided ALL of the short sale paperwork and we have an offer we submit the short sale to lender immediately.  Lender takes 4-6 weeks to acknowledge receipt. In another 4-6 weeks  they'll order an appraisal.  They will acknowledge receipt of the appraisal in another 4-6 weeks. Within 4-6 weeks of acknowledging the appraisal they will begin negotiating.  They will come to the table with their final offer 4-6 weeks after that. Once we have the final offer, they will close in 4-6 weeks.

That is 6-9 months.  And during that time the collections department has no clue that negotiations are in process with the short sale department and will likely continue to call weekly.  When told a short sale is being negotiated they will say they have no record of a short sale negotiation. This will be the truth.  The collections department will have no clue that a short sale negotiation is in process and no matter how many times they are told they will never put it into their system and they will continue to call the owner.  This is normal. 

The industry is telling us the new Making Home Affordable (MHA) program is going to mandate improvement to this process.  I look forward to seeing this develope.  Stay tuned!

The Untold TRUTH about Short Sales!!

There is a lot of misinformation regarding how long it takes (on average) to negotiate a short sale with a lender. As a full time broker with over 40 short sales under offer at the moment I know exactly how long it takes.  And it isn't quick.

I have heard all manner of nonsense from so called "short sale experts" who say 60-90 days is a realistic timeframe.  Absolutely NOT A FACT.  Has it ever happened?  Yes, just like some people do win the mega lotto.  Just do not count on it! 

I think it is critical to be honest with my cleints.  Give them a timeframe expectation that matches what they are going to experience!  Why do anything else?  I will detail out the short sale process and time frame in my next blog entry.  Stay tuned!

Equity Financing - A Solution to Today's Housing Crisis??? WHAT IS EQUITY FINANCING?

RISMEDIA, October 12, 2009-As the housing market continues to struggle its way toward stabilization, Steve Cinelli, founder and chief strategy officer at PRIMARQ, discusses the notion of equity financing and how he and his team are working with leaders in Washington, D.C., to change the face of real estate. "As the housing market began to crumble and financial institutions began to fail, both Washington and Wall Street provided solutions in hopes of fixing the economy, but most of them aren't going as far as they should," says Cinelli.

PRIMARQ is currently in the process of building the first-ever exchange for investing and trading in owner-occupied real estate equity and is creating a lot of buzz throughout the real estate industry. While the exchange is not yet open, its premise could change the way in which the real estate industry does business. Based on the same principles as NASDAQ, PRIMARQ is bringing a method of shared ownership to the housing industry-one of the only industries in the country that doesn't revolve around a shared-ownership foundation.

"We have to change the game," says Cinelli. "Banks can't afford to lend at the same levels at which they have been lending and it isn't prudent for home owners to have 90% of their monthly income tied up in monthly payments," he continues. "Within the U.S., a preponderance of financing for the housing market is debt, but we need to employ a practical financing system for the future of the housing market."

With housing stock being the single largest asset in the U.S. and there being no practical method of shared ownership, PRIMARQ is working on behalf of the homeowner, home buyer and investor to put the American dream within reach as the company lowers the barrier to homeownership.

"Our approach to equity financing is to enhance the downpayment capital within the real estate market, and rather than overleveraging the process, we have created a system in which a portion of the home can be sold." Equity financing will add affordability and sustainability to the real estate market as it reduces the amount a homeowner pays monthly as the mortgage loan is smaller.

"Our equity financing solution can assist buyers into getting into homes and it applies to all income levels," says Cinelli. "Real estate transactions will become more affordable because individuals buying homes won't have to borrow as much money from banks and their payments won't be as high as they have been in the past- creating more financeable transactions and more sustainable ownership." The program is beneficial to the industry as it creates financeable transactions since deals won't fall through because of financing problems.

"Housing will remain soft until mortgage lenders get back in the game and equity financing can help expedite this process since mortgage lenders won't have to lend on excessively aggressive terms," he continues. "Because of the enormity of the challenge, there need to be game changing ideas. PRIMARQ has provided an innovative solution that is well-timed and will have a huge impact on the real estate industry as a whole."

Preparing House for Winter Goes Far to Make it More Energy Efficient

Every fall, we button up the house by cleaning and checking, fixing and sealing. Turns out that getting the house ready for winter isn't just a cold-winter thing-it's an eco-friendly thing, too. A tight house uses-and loses-less energy, requires fewer natural resources and produces less pollution. With just a bit of effort, you can make your fall house chores even greener. Here's how:

Seal: Gaps and spaces around windows and doors and in the attic can suck up to 30% of your home's energy efficiency.  Fill with caulk and you're being green. Use the right caulk, and you can be even greener. Low- or no-VOC caulks have fewer noxious chemicals, but they may not be the best choice. Look for a product with a long life expectancy. Using a caulk that has a 25-year life expectancy, such as siliconized acrylic, means you'll use less material and discard fewer empty caulk containers over the years.

Cover: Even after window frames have been sealed, windows can be a source of heat loss and drafts. The standard fix-a window insulation kit-may not seem very eco-friendly. What's green about stretching plastic over the windows and sealing it with a hair dryer? Quite a bit, actually. Insulated windows reduce heat loss. And you can make the insulation kits greener by re-using them. At the end of the season, remove the plastic carefully, roll it up and store it for next year. However, to be able to re-use the plastic, make sure you leave an inch or two of overlap when you install the plastic the first time.

Filter: Before the furnace starts working hard again, treat it to a new filter. Not all filters are equal. The standard filter (think fiberglass mat in a metal holder) collects larger particles in household air that could interfere with furnace operation. But it's designed to be replaced-and tossed in the garbage-every month. A high-performance furnace filter (one with large paper pleats) does a better job of keeping indoor air clean and needs to be changed only once or twice a year. Plus, the paper part of many high-performance filters is recyclable.

Insulate: Add insulation it keeps warm air in and cold air out, saves money on heating bills and saves the planet's resources. If you need to add insulation, one environmental choice is cellulose, which is made from recycled materials.  It's taking yesterday's newspaper and extending its life for a hundred years
Prevent: Before the autumn rains and winter snows come, make sure your gutters and downspouts are in good condition and free-flowing. A dry house needs fewer repairs and dry walks and driveways need less deicer. If you do need new gutters, consider aluminum and steel. Because they're recyclable, they're a better choice for the planet than vinyl.

Keep the Midcentury True! Do not even think about homogenizing it!!!

I entirely agree. Keep it mid century perfect with improvements that fit the period only. Or add whimsy! The right sort of whimsy! They need to interview designers who specialize in mid century. I will see if I can come up with a good name.
Here are a few links to check out:
http://pdxstump.com/directory/design/modern
http://mcmleague.org/?page_id=129
http://www.eichlernetwork.com/ENStry22.html

A past client and friend asks for my help to convince a friend to keep their Midcentury Modern true to it's roots. Not homogenize it!

A friend has a beautiful midcentury house in Portland. The woodwork has never been painted, the floors are oak, original, were covered in carpet until they bought the house 25 years ago. The kitchen has teak cabinets, formica countertops, ghastly lino on the floor, medium old appliances. They are gearing up for a kitchen improvement project to include floor upgrade (good idea), refinishing cabinets (I hope they don't ruin them), new appliances (including a new fridge which he says will require cutting off 5 inches of the cabinet above, so I'm not sure that's a good idea either), new backsplash and granite countertops. Yikes. Oh no, not GRANITE, said I. Why do that? "I have to think of resale," he said. I think the contractor is probably pushing for granite.

This morning it occurred to me that they do not know that pristine midcentury houses are HOT, especially hereabouts!  Then I thought, who would know better than Peggy, if a beautifully in tact, midcentury house with a beautifully planted garden, would sell better with a kitchen true to its midcentury design or with a kitchen with (nasty) granite countertops. You know my bias. I detest stone countertops in midcentury homes. I know that if I were househunting, I would be SO put off by granite or marble in the kitchen, but I know I am not everybody.

Portland Homebuyers Pay Closer to Listing Price in August, but Are Still Negotiating Thousands in Discounts

Home buyers in much of the Portland area still paying thousands of dollars below the homes asking price, but had slightly less negotiating power in August 2009 than they did in July.   Buyers paid a median $6,525, or 3% less than the last listing price on homes bought in August, down from $7,018, or 3.3%, less for homes bought in July. Negotiating power peaked in January 2009, when buyers were paying 4.5% less than last listing price, a median of $10,096. Meanwhile, sellers continue to cut prices on unsold homes. One quarter (24.7%) of all homes listed for sale had at least one listing price reduction as of Oct. 1, 2009. The median  price reduction was 6.6% off the original listing price.

Negotiating power is a clear reflection of inventory levels, which dropped nationally in August. Tighter supply is translating into less of a discount off listing price, Unfortunately, the brisk spring and summer home shopping season is drawing to a close now, and with foreclosures on the rise again, inventory levels will likely head back up in the coming months, leading buyers negotiating power to regain the ground it lost in August.

E-mail me to get a FREE list of foreclosure homes for sale in Portland, Oregon.

Detailed Steps to Buying a Foreclosed Property and Short Sales.

Buying a foreclosure often is appealing to buyers trying to stretch their dollars. It’s finding a good one that can be a challenge.

There is no sign on the front lawn indicating the home is anything other than a traditional sale. A buyer probably won’t find a property advertised as a foreclosure on marketing materials.

Plus foreclosure inventory is down compared with last year as government programs attempt to keep owners in their homes and banks aren’t putting as many homes on the market. This makes it harder for buyers to snag a foreclosure, and those paying with cash often win a bid over someone who needs financing.

If you’re considering the purchase of a home that is now owned by a bank or a short sale, it’s also important to know at the outset just how much work you’re in for — and how much it is going to cost you. Many foreclosures are in various states of disrepair; some of the fixes are cosmetic, but some can be extensive.

Those looking for the best deal probably shouldn’t rule out non-foreclosure properties.  Sometimes, people set their sights on bank-owned properties like the word ‘foreclosure’ equals ‘good deal.  And that’s not always true.

For a fee, there are sites that will hunt down properties for you. RealtyTrac.com, which helps people find foreclosure and pre-foreclosure properties, charges $49.95 a month, after a free seven-day trial. The company also recently launched BankHomesDirect.com, which charges $19.95 per month and lets people search just for REOs.  Foreclosures.com charges $49.95 per month, after a free seven-day trial.

Otherwise, you might want to enlist the help of a realt estate agent. Someone who works regularly with short sales and REOs.

Lenders aren’t held to the same disclosure requirements as sellers who have lived in the home, mainly because the lender hasn’t occupied the home to notice leaks or other problems. For that reason, an inspection is crucial.  Buyer beware.

We have all heard the stories of people ripping the copper pipe and wiring out … people have literally gone to the light switch, disconnected the wire from the switch box and have pulled the wire through the drywall. Some have ripped out toilets and kicked in walls or left water faucets running before they left the house, often out of anger.

You don’t need to be told the toilet is gone, but an inspector can tell if there is damage 20 feet down the water line because of the way that toilet was ripped out.

Other issues could pop up due to the property being vacant. Large banks will often hire a field service to cut the grass, shovel the snow and winterize a home, yet when homes aren’t occupied it’s harder to catch small problems before they become big ones.

When we live at home or drive the car, if something is wrong we notice it. We notice it and we deal with it,  When a place is unoccupied, pests could become an issue. If you were living in a home, a nest of raccoons probably wouldn’t be able to find a home in your crawlspace—not for long, anyway.

A neighborhood environmental report might also be worthwhile, which could reveal if the property was the site of a drug lab, for example. When a meth lab is operating in a home, air quality issues can arise; when a home was used for growing marijuana, there is a tendency for mold problems from the high humidity.

The time it takes to complete the sale can vary from lender to lender. In some cases, the process goes smoothly.  Other lenders are disorganized.  It really depends on which bank you’re doing business with.

For the best chance of having an offer accepted and for a quick closing process, have everything in order before making the offer.  That includes having the financing firmed up and writing a clean offer — for example, asking for closing costs to be paid as part of the deal could peg you as a demanding buyer who will be annoying to deal with.  What this tells the bank is this guy is going to be a pain and they don’t have time for this pain.

In fact, most bank-owned and shortsale properties are sold “as is,” so if there is something you want fixed, it’s best to just factor that into the price you’re offering.  And don’t expect to bargain the listing price way down.  Banks and shortsales typically price their properties at a 20 percent to 30 percent discount.  If the property has been on the market for a week or two, don’t expect the bank to drop the price; if the listing is older, you might have some negotiating room.

Don’t be surprised if the bank that is selling the property asks you to get an approval from its mortgage operation; you often don’t have to take the loan from their company, but they may want to get a closer look at your finances to make sure you’re a solid buyer.

Above all it is critical to follow directions when submitting the offer. That likely includes having an approval letter from the bank and the correct amount of earnest money.

Most listing agents will have instructions on how the bank wants buyers agents to submit the offer.  Delays can occur when instructions aren’t followed exactly.

Community Members Weigh In on Sensitive Land Issues in Lake Oswego...

The Sensitive Lands ordinance restricts how property owners can use or develop their property in the Sensitive Lands area. While the impact varies from property to property, some of the restrictions include: “wildlife friendly” fencing only, which is non-functional for keeping dogs or children in a yard, new plantings can only be native plants, construction of new patios, decks, sheds, pools or a remodel, etc. may be strictly limited or prohibited. The Resource Conservation (tree grove) regulation is more restrictive than the current city tree code, which already exceeds necessary restrictions.

Other local realtors indicate that the Sensitive Lands designation can be a “red flag” to potential buyers, resulting in longer sales times, lower sales prices, or lost sales to owners.

Metro does not require regulation of “upland wildlife habitat”, (also known as tree groves) within the Urban Growth Boundary and indicates that their intent is for new development…noting that it is not their intent to regulate backyards of existing single family residences.

By resolution, Metro encouraged voluntary, education and incentive based programs rather than strictly regulatory; however, the Lake Oswego approach has been strictly regulatory. Additionally, the city’s ordinance is subjective and open to staff interpretation. Several impacted homeowners in Lake Oswego have already spent thousands of dollars trying to deal with the city enforcements. Meanwhile, impacted property owners pay full taxes, suffer lower property values and receive no compensation or benefit from the regulations.

The selection process was inequitable and overlooks significant habitat areas. For example, the Oswego Lake body of water and the majority of lake and canal front properties, the Willamette River and First Addition (other than the area bordering Tryon Creek) were excluded from the mapping. Instead, overlays regulate about 10% of “upland” residences for tree groves and drainage areas with more properties to be added on an ongoing basis.

I have no doubt that Lake Oswego property owners believe in preserving the beauty and livability of our community while championing the equal rights of all Lake Oswego property owners to make reasonable use of their land. The citizens of Lake Oswego are the best stewards of their land and will continue to sustain, improve or restore habitat areas and natural resources through education, voluntary programs and community respect and pride without mandatory restrictions from the city that will only hurt property owners.

The following website will give more information: http://www.lostewards.org/.

Sensitive Lands Issue in Lake Oswego...

For many years, the City has led efforts to beautify neighborhoods, and protect streams, wetlands, and wildlife to help improve the region's quality of life.
Read more:
Mayor’s Forum on Sensitive Lands – September 21, 2009
You can read a summary of all public comments at website posted below.
Wondering if your property contains Sensitive Lands?
View a City-wide Sensitive Lands map in PDF form.
Or, use the interactive zoning map to look up your address. (Note: you must turn on the Sensitive Lands layer on the right-side “layers” menu.)
Review the maps at the Planning information counter in City Hall or at the Lake Oswego Library.
Updates to the Sensitive Lands Map are on hold until late 2009/2010.
For information on this project, visit the Planning Division home page (scroll down to find the map project)
Considering an application for development in Sensitive Lands?
General information for applicants:
Sensitive Lands zoning code (links to the City’s development code)
Application forms
http://www.ci.oswego.or.us/plan/nature/Sensitive_Lands_Homepage.htm
http://www.ci.oswego.or.us/plan/nature/Sensitive_Lands_Brochure.pdf

My client that closed today, almost gave up on selling.....

I will relate a short story with a happy ending.  About 6 weeks ago my seller called me frustrated her place had not sold and asked me to take it off the market.  I asked her if she was planning to get a tenant for now.  She said no, she would leave it vacant.  I suggested; as she told me she was still wanting to sell, that she be patient a little bit longer, as she was priced correctly and places were selling in her neighborhood.  She decided to do that and to add hardwood floors to her great room space.  She had them installed and literally 3 days after they were installed she had 2 offers and it closed today!   The moral I gain is; the moment you are a little better than your competition your chances of selling increase significantly.

Portland cited as one of the next "youth-magnet" cities!

What do Washington D.C., Seattle, New York, Portland and Austin all have in common? They are the five cities that top a new Wall Street Journal poll on where young people are likely to flock once economic recovery takes hold.

The Journal polled a panel of experts, from demographers to economists, on where young college graduates are likely to congregate in coming years.

The top 10 post-recession boom towns for the young and ambitious:

1. Seattle
2. Washington D.C. (tie)
3. New York
4. Portland
5. Austin
6. San Jose, Calif.
7. Denver
8. Raleigh-Durham, N.C.
9. Dallas
10. Chicago

Portland Real Estate - 30 Year Fixed Conventional Mortgage Rates have dropped to 4.50%

This is the first time that we have seen rates this low since prior to Memorial Weekend last May. Several factors have contributed to this, but most notable is the improvement in the housing market (Pending Sales are up nationally), and then the negative unemployment & corporate activity reports (manufacturing, consumer sentiment). All of these combined have led to a much stronger demand for Mortgage-Backed-Securities (MBS), sold daily on the Bond Market.

Stocks dropped 203.00 points today.

Portland in the News!

Frugal Portland - The New York Times - May 10, 2009


Portland gets highest honor from national bicycling group - The Oregonian, April 29, 2008

Best Green Cities in America - CountryHome magazine - March 18, 2008

Cross-border tripping - National Post - February 29, 2008

Cooking Light names cities that best fit its philosophy - CNN, February 20, 2008

Popular Science is calling Portland the number one green city - Popular Science, February 8, 2008

The friendliest big little city in America - The Guardian - Dec. 15, 2007

In Portland, Cultivating a Culture of Two Wheels - The New York Times, Nov. 5, 2007

A Small-Town Feel in an Urban Locale - The New York Times - Nov. 4, 2007

America's Favorite Cities survey: The results are in - CNN.com - Oct. 11, 2007

It's raining tourist dollars - OregonLive.com - Oct. 11, 2007

Portland bewitches travelers, rain or shine - CNN.com - Aug. 8, 2007

AARP names Portland as one of five great places to live - July 23,2007

The 10 Greenest Cities in America - MSN City Guide - July 2007

From Chicago to Shanghai, urban centers that are shaping our future, Fast Cities 2007 - July 2007

The View From Ecotopia, Wall Street Journal, -June 25, 2007

Portland No. 3 on 'Best Places to Live' list, Portland Business Journal - May 7, 2007

#1 Portland: A Role Model for the Nation, SustainLane - April 16, 2007

Portland in top 10 for using renewable energy, Portland Business Journal - April 16, 2007

Portland crowned "delicious destination" by Food Network - The Oregonian - April 16, 2007

36 Hours in Portland, Oregon - New York Times - April 15, 2007

Pretty Portland: Smart, artsy, and green, this unique Oregon hub has it all - MSNBC - March 19, 2007

City That Loves Mass Transit Looks to the Sky for More - The New York Times - January 29, 2007

Portland named to Frommer's Top Travel Destinations for 2007 - November 21, 2006

Portland International Airport Ranked First among domestic airports by Conde Nast Traveler magazine - October 2006

Portland Ranks Fifth in the Nation in Business Climate Ranking of U.S. Technology Hubs - September 1, 2006

BusinessWeek highlights Portlands' creative industry - August 21, 2006

Regional economic strategy makes headlines - July 24, 2006

Provided by the Portland Business Alliance



 

Compare Portland price changes to 20 cities over the past year, based on the Case-Shiller data for July.

Excerpts from: RISMEDIA, September 30, 2009—The market value of U.S. homes in 20 major cities rose by 1.6% in July compared with June, the third monthly increase in a row, according to the Case-Shiller home price index recently released by Standard & Poor’s.


In July, prices rose in 18 of 20 cities. Only Seattle and Las Vegas recorded lower prices in July than in June. In the past year, prices are down 13.3% in the 20 cities. Prices are down 32.6% from the peak, and are now at levels seen in late 2003. Prices in all 20 cities were lower in July 2009 than in July 2008. The figures are not seasonally adjusted. Prices typically rise in the summer months when demand is stronger.

The figures indicate a “stabilization in national real estate values,” said David Blitzer of S&P, who cautioned that the expiration of the first-time home buyer tax credit and increased foreclosures could put more downward pressure on prices.

The Case-Shiller 20-city index tracks repeat sales on the same properties over time, but it closely tracks only 20 cities, not the whole country. Following are, in descending order, the price changes in each of the 20 cities over the past year, based on the Case-Shiller data for July:

Las Vegas, down 31.4%
Phoenix, down 28.5%
Detroit, down 24.6%
Miami, down 21.2%
Tampa, down 18.4%
San Francisco, down 17.9%
Minneapolis, down 17.3%
Seattle, down 15.3%
Los Angeles, down 14.9%
Chicago, down 14.2%
Portland, down 13.9%
San Diego, down 12.3%
Atlanta, down 11.9%
New York, down 10.3%
Washington, down 9.8%
Charlotte, down 9%
Boston, down 4.9%
Denver, down 2.9%
Dallas, down 1.6%
Cleveland, down 1.3%