From the Bend Bulletin: Redmond-based Housing Works did not sell any of the 10 condos it put up for auction last month in its Putnam Pointe development in downtown Bend and will instead try to convert them into affordable-housing units, according to officials with the nonprofit. Tim Cox, the agency's chief financial officer, said the condos were well-conceived but a victim of bad timing. To avoid defaulting on a construction loan, the agency hopes it can turn the condos into affordable housing units for the benefit of the community, Cox “In our eyes, this is the best resolution there could be,” he said.
said.
Cox said Housing Works plans to apply for federal Low Income Housing Tax Credits. Housing Works would then sell the credits and use the proceeds to finance a traditional loan that would enable the agency to pay off the construction loan it took out to build the condos, located on the project's fifth floor.
The construction loan was coming due at year's end Thursday, but
Wednesday, December 30, 2009
A little good news out of Bend
Monday, December 28, 2009
Eugene RMLS Market Action Report – November 2009
The Regional Multiple Listing Service released October’s Market Action Report and the median sale price for November 2009 was $199,800 this is a 3% decrease from the median sale price for November 2008.
The Eugene residential real estate market peaked in June 2007 with a median sale price of $243,300. Prices have now fallen 18.0% from that peak.
Months of supply (total inventory/monthly sales) is at 7.3 months compared to the 11.4 months of supply for the same month last year. A balanced market has about 7 months of supply.
The first graph compares the median and average sale price with the months of supply. Click on any graph for a sharper image.
The second graph shows the total supply of homes available for sale. This is simply a calculation of the months closed sales multiplied by the months of supply. There are currently 1,854 homes for sale; this is a decrease of 14% from the same month the year before.
The third chart shows closed sales by month. There were 254 closed sales during the month; an increase of 34% from the same month the year before.
The fourth chart shows new listings by month. There were 355 new listings during the month; a decrease of 1% from the same month the year before.
The final graph shows how affordable the median priced home is for a family of four. History indicates the ratio is usually between 2.5 and 3.0. Prices would have to fall 14% from the current median for the ratio to reach 3.0.
Monday, December 21, 2009
Vancouver RMLS Market Action Report – November 2009
The Regional Multiple Listing Service released the Market Action Report this week and the median sale price for November 2009 was $198,500 this is a 12% decrease from the median sale price for November 2008.
The Vancouver residential real estate market peaked in July 2007 with a median sale price of $269,900. Prices have now fallen 27% from that peak.
Months of supply (total inventory/monthly sales) sits at 7.3 months compared to the 16.9 months of supply for the same month last year. A balanced market has about 7 months of supply.
The first graph compares the median and average sale price with the months of supply. Click on any graph for a sharper image.
The second graph shows the total supply of homes available for sale. This is simply a calculation of the months closed sales multiplied by the months of supply. There are currently 3,423 homes for sale; this is a decrease of 26% from the same month the year before.
The third chart shows closed sales by month. There were 469 closed sales during the month; an increase of 70% from the same month the year before.
The fourth chart shows new listings by month. There were 739 new listings during the month; an increase of 4% from the same month the year before.
The final graph shows how affordable the median priced home is for a family of four. History indicates the ratio is usually between 2.5 and 3.0. The current ratio is 2.84 therefore homes are affordable again in Vancouver!
My Comments:
Vancouver and Portland both saw a large increase in pending sales in October because of the tax credit deadline. In November Portland's pending sales dropped off but Vancouver's pending sales are still going strong, up 40% from last year. I was expecting a large drop off because everyone was racing to beat the November 30th deadline. Maybe the bargain hunters are shopping around in the 'couve.
Wednesday, December 16, 2009
Portland RMLS Market Action Report – November 2009
The Regional Multiple Listing Service released the Market Action Report this week and the median sale price for November 2009 was $239,000; this is a 10% decrease from the median sale price for November 2008.
The Portland residential real estate market peaked in August 2007 with a median sale price of $302,000. Prices have now fallen 21% from that peak.
Months of supply (total inventory/monthly sales) sits at 7.1 months compared to the 15.0 months of supply for the same month last year. A balanced market has about 7 months of supply.
The first graph compares the median and average sale price with the months of supply. Click on any graph for a sharper image.
The second graph shows the total supply of homes available for sale. This is simply a calculation of the closed sales for the month multiplied by the months of supply. There are currently 12,744 homes for sale; this is a decrease of 18% from the same month the year before.
The third chart shows closed sales by month. There were 1,795 closed sales during the month; an increase of 72% from the same month the year before.
The fourth chart shows new listings by month. There were 2,499 new listings during the month; a decrease of 7% from the same month the year before.
The final graph shows how affordable the median priced home is for a family of four. History indicates the ratio is usually between 2.5 and 3.0. Prices would have to fall 15.0% from the current median for the ratio to reach 3.0.