Stimulis news

The NAR (National Association of Realtors) Board of Directors, asked us in November to do 4 things (with an unspoken but clearly understood mandate to PRESERVE what we already have). Here they are: 1) get loan limits raised for high cost areas, 2) make the $7,500 tax credit NOT a loan, 3) try to find ways to push interest rates down (which are higher than they should be due to systemic risk right now) by 200 basis points, and 4) help provide solutions to the foreclosure/short sale problem.
So here's what we have achieved: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.
In addition, we preserved what we have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects).
We did make a run at the $15,000 credit -- and we would have loved to have gotten that or the Homebuilders $22,000 credit idea as well as their 5 year loss carryback deal, but they were considered too rich for this program. What it did do though is totally take the debate off of whether a tax credit should be reinstated at all (it expired last year) and whether it was a true credit or a repayable loan, and kept the conversation on how much it should be. It also kept the debate off of 'what we are willing to give up to get a $15,000 tax credit' and kept the debate again, on how much it should be. It's pretty hard to complain when they give you what you ask for and you lose something you never had. While we study the Treasury specifics on their major role in providing the rest of the housing solution -- there is much more to come and we are working diligently with the Administration to help 'unclog the pipeline' and get capital flowing into housing again.
Sincerely,
Charles McMillan, CIPS, GRI2009 NAR President

Great time to buy.

Time of "crisis" often turns out to have been a time of opportunity in hindsight.

There is a wide selection of inventory coupled with favorable interest rates.

Home owners that are in it for the long-term nearly always come out ahead in building wealth.

Warren Buffet the ultimate investor and is now the wealthiest person in the US says.

" A simple rule dictates my buying:
Be fearful when others are greedy,
and be greedy when others are fearful."

Oregon is High!

Oregon (55.6%) Continued to achieve high-inbound status meaning more people moving here.
Oregon celebrated 21 consecutive years of high-inbound migration.

Sorce: United van lines Migration Patterns.

Most of the movement is from the East coast and Montana.

G'day sport

Last night I was at a meeting in City hall regarding bringing MLS major leauge Soccer to Portland. Also in the plan is to move the Portland Beavers AAA baseball team to either the Lents area known as "felony flats" for its past crime rate or the Rose Quarter where the Portland Trailblazers NBA baskeball team play. Although I am a huge Portland Timbers Soccer Club fan I truly belive that this is a good thing for the City. I would not back it otherwise. I really don't want to get into a debate over this as it goes nowhere and I am confident that this will happen anyway but the point I am wanting to make is that Portland is such a hot bed for Pro sports and we only have one Pro sports team.

Portland, Ore.
Current teams: 1
Projected 2030 population: 3 million (38% growth)
People/team: 3 million (sports city national avg. 1.7 million)
Median income: $55,387 (right at national average)
Like Sacramento, the town's growth has it poised to spread its wings past the NBA.

Today's home buyers

Todays home buyers median age is 47.

First time buyers rose to 41%.

Median age of first time buyers was 30.

Only 1% chose agent on commission.

41% of buyers said commuting costs were a factor in choice.

Environmentally friendly features were important to 90% of buyers.

HOW THEY FOUND THEIR HOMES.

34% from Real Estate Agent.

32% found their home on the internet.

15% from yard sign.

7% from friend, relative, neighbor.

7% from builder.

3% print of newspaper ad.

2% directly from seller.

1% from home book of magazine.

All Real Estate is local

There is so much confusion around the Real Estate market in Portland Oregon. I want you to be informed as to whats going on here. All Real Estate is local. You would not dress today based on the national weather forecast would you? Then don't make Real Estate decisions based on National information.
Is it a good time to buy Property in Portland Oregon. The answer is maybe. What are your plans? Are you thinking about flipping? You know, buying a house, fixing it up and selling it for a profit like those stupid shows on home time. Then the answer is no. It's a bad time for short term investment. However, if you are like most people who is looking for more room or less room, its a good time. Especially if you are an investor or first time buyer.