Prices for single-family houses showed their biggest annual increase since the housing bust, with gains recorded in major cities across the country.
All 20 major metros surveyed in Standard & Poor's/Case-Shiller home price index, including Portland, showed a year-over-year increase in home prices in January, according to new numbers released Tuesday.
In the Portland area, prices were up 8.3 percent compared with a year earlier. They fell 0.4 percent compared with December, but were flat when adjusted for typical seasonal variation. Home prices usually turn downward in winter months, and eight metros surveyed posted month-over-month declines.
A composite index of all 20 cities combined showed an 8.1 percent year-over-year increase in home prices, and a 0.1 percent increase from December. January brought the largest annual increase seen in more than six years.
Hard-hit Phoenix saw the biggest increase, as prices rose 23.2 percent in the last 12 months. In San Francisco, prices rose 17.5 percent.
The smallest increase was 0.6 percent in New York, which posted its first annual increase in home prices coming off 26 straight months of declines.
Home price gains have accelerated as the number of homes for sale has dropped across the country. The lack of inventory has created fierce competition between buyers. Banks, meanwhile, have put fewer foreclosures on the market.
Rising prices are expected to persuade more homeowners to sell, but so far that new inventory hasn't met the demand from investors other homebuyers. And many homeowners are locked into underwater mortgages and unable to sell until prices rise further.
The Case-Shiller index uses repeat sales of individual homes to isolate changes in the market overall. It uses a three-month rolling average of data and is released on a two-month delay.
According to the Regional Multiple Listing Service, the median sale price in the Portland area was $248,000 in January. It fell to $242,000 in February.
*courtesy of The Oregonian
Tuesday, March 26, 2013
Wednesday, March 20, 2013
PORTLAND MARKET IS HEATING UP!
Portland ranks among the leading cities for homes that sell in 24 hours or less.
Portland ranked 10th in the nation for "flash sales," a measure of the speediness of its residential real estate market.
Redfin Realty, a Web-based real estate firm, reports 115 Portland-area homes sold in less than 24 hours in the past five months, a phenomenon it terms “flash sales.”
“Real estate is just the latest facet of the numbers that has sped up to the point where the biggest purchase of one’s life can be completed in a matter of hours,” Redfin said.
Portland's appearance on the list is hardly surprising. A low supply of for-sale homes in the market has favored sellers for more than a year, leading to bidding wars for the best-situated properties.
The Regional Multiple Listing Service reports the current inventory stands at about 4.5 months. The average price of a local home in February was $282,000, 10.5 percent more than a year ago. For the year, Portland-area home prices are running 13.1 percent ahead of the same period in 2012.
Phoenix is the speediest city in the nation with a whopping 540 flash sales, Redfin said. Chicago was second with 261 and Houston third at 188.
The rest of the list:
*courtesy of the Portland Business Journal
Portland ranked 10th in the nation for "flash sales," a measure of the speediness of its residential real estate market.
Redfin Realty, a Web-based real estate firm, reports 115 Portland-area homes sold in less than 24 hours in the past five months, a phenomenon it terms “flash sales.”
“Real estate is just the latest facet of the numbers that has sped up to the point where the biggest purchase of one’s life can be completed in a matter of hours,” Redfin said.
Portland's appearance on the list is hardly surprising. A low supply of for-sale homes in the market has favored sellers for more than a year, leading to bidding wars for the best-situated properties.
The Regional Multiple Listing Service reports the current inventory stands at about 4.5 months. The average price of a local home in February was $282,000, 10.5 percent more than a year ago. For the year, Portland-area home prices are running 13.1 percent ahead of the same period in 2012.
Phoenix is the speediest city in the nation with a whopping 540 flash sales, Redfin said. Chicago was second with 261 and Houston third at 188.
The rest of the list:
- Dallas 184
- Austin 163
- San Diego 135
- Los Angeles 132
- Sacramento 128
- Denver 115
- Las Vegas 100
- Baltimore 97
- Washington D.C. 87
- Seattle 87
- San Jose 74
*courtesy of the Portland Business Journal
Tuesday, March 12, 2013
A FEW IDEAS TO FRESHEN UP YOUR HOME FOR SPRING
If you’ve lived in the same home for a number of years, the decorating style of your dwelling may have become stale and boring. There are a variety of different options you can try to liven up your space. Try creating a new habitat by utilizing your imagination and following these handy tips that are sure to help you spruce up your place.
Reorganize the Furniture
One of the most ideal ways to transform a home is by reorganizing your furniture. You can open things up by taking pieces out or rearranging them to create additional walking space. If you’re looking for a more intimate setting, you can arrange your furniture more closely together and center it round the fireplace or T.V. You can add excitement to your bedroom by placing your furnishings on the opposite walls and adding interesting accent pieces such as plants, vases and artwork.
Go Feng Shui
Going Feng Shui brings about balance and spirituality to your home through Eastern philosophy. Through the placement of objects and the addition of meaningful colors, you can improve your home’s appeal through these inspirational ideas. Start by focusing on one of the essential power spots and move up from there.
Clean
If you have unwanted items or useless furnishings lying around, get rid of it. You can either have a yard sale or donate the belongings to a charitable organization. Getting rid of clutter is an obvious way to transform your home and give it a fresh look for free. Go through linen closets, the basement, attic space and closets and toss away anything that you no longer use. Place the items that you’ll be keeping in neat and tidy storage containers or on shelving units.
Natural Plants
Plants can provide a home with an assortment of benefits that includes brightening up your living space and providing a home with oxygen. If your schedule is busy and chaotic, you can select plants that require little maintenance and upkeep. Plants and flowers are fragrant and can bring a soothing atmosphere to your dwelling.
Invest in New Carpet
Tuesday, March 5, 2013
Underwater Mortgage Rates Are Falling In Portland
Rising home prices lifted more than 26,000 Portland-area homeowners above water on their mortgages in 2012, but Seattle-based real estate website Zillow says 28 percent of all mortgage holders still owed more than their home is worth by year's end.
The homeowners are collectively upside-down by about $7.76 billion, according to Thursday's report, which compares mortgage data from the credit reporting company TransUnion with Zillow's home-value estimates. Zillow uses sales of similar nearby homes to take a guess at a particular home's value, though accuracy on individual homes can vary.
If home prices continue to rise, more homeowners paying down their mortgage will break into positive equity, but Zillow and other forecasters expect home-price gains to slow. Still, Zillow says the "negative equity" rate will fall to at least 24.7 percent by the end of 2013.
About half of Portland-area underwater mortgages are under water by 20 percent or less. The rest have a loan that exceeds the value of their home by more than 20 percent.
Nationwide, about 13.8 million homeowners were under water, representing 27.5 percent of all homes with a mortgage. That's a decrease of 2 million homeowners from a year earlier.
Underwater homeowners are at greater risk of foreclosure because they can't pay off their loan by selling their house. A financial shock, like a loss of income, can push them into default.
Negative equity can be difficult to estimate because it relies on an accurate estimate of a home's value. The real estate industry analytics firm CoreLogic said only 10.7 million American homeowners were underwater in the third quarter of 2012, the most recent data released. In Portland, CoreLogic said only 18.2 percent of mortgaged homes are underwater at the end of that quarter.
Courtesy of The Oregonian
The homeowners are collectively upside-down by about $7.76 billion, according to Thursday's report, which compares mortgage data from the credit reporting company TransUnion with Zillow's home-value estimates. Zillow uses sales of similar nearby homes to take a guess at a particular home's value, though accuracy on individual homes can vary.
If home prices continue to rise, more homeowners paying down their mortgage will break into positive equity, but Zillow and other forecasters expect home-price gains to slow. Still, Zillow says the "negative equity" rate will fall to at least 24.7 percent by the end of 2013.
About half of Portland-area underwater mortgages are under water by 20 percent or less. The rest have a loan that exceeds the value of their home by more than 20 percent.
Nationwide, about 13.8 million homeowners were under water, representing 27.5 percent of all homes with a mortgage. That's a decrease of 2 million homeowners from a year earlier.
Underwater homeowners are at greater risk of foreclosure because they can't pay off their loan by selling their house. A financial shock, like a loss of income, can push them into default.
Negative equity can be difficult to estimate because it relies on an accurate estimate of a home's value. The real estate industry analytics firm CoreLogic said only 10.7 million American homeowners were underwater in the third quarter of 2012, the most recent data released. In Portland, CoreLogic said only 18.2 percent of mortgaged homes are underwater at the end of that quarter.
Courtesy of The Oregonian
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