First Time Buyer’s Tax Credit & Down-payment
Filed Under Buyer's · Tagged: Down-payment options, First Time Buyer's Tax Credit
Q: Is the FHA going to allow qualifying Buyers to use the ‘First Time Buyer’s Tax Credit of $8000′ as the down-payment for their purchase?
A: No. At the time of this posting the FHA has no plans or systems in place to allow use of this credit as a way to fund a down-payment of a purchase.
Why? Well, there are a few factors to look at;
First, there would need to be a government and/or non-profit agency to track these loans and make sure the money was recovered by the Buyer’s who used it. To my knowledge this ‘agency’ has not been created.
Second, the Banks would need to approve the funding of an additional loan ( a 2nd mortgage in lending terms ) on top of first mortgage. Banks have already been bitten once by this practice, and I’m sure they will be twice as shy to do this again.
Third, the mortgage default rate is 3 times higher on loans where the Buyer had no personal or monetary investment.
April ‘09 – Residential Market Highlights
Filed Under 2009, Residential Statistics · Tagged: Market Data - April 2009, Residential Statistics
While sales activity continued a steady month-over-month increase in the Portland metro area, it still fell short of 2008’s same month marks for April.
Comparing April 2009 with the same month in 2008, pending sales were down 10.1% and closed sales decreased 17.7%. New listings also dropped 28.1%. On the other hand, comparing April 2009 with March 2009, pending sales grew 13.6% (1,860 v. 1,637). Closed sales also rose 10% (1,302 v. 1,184). New listings increased 3.3% (3,808 v. 3,685).
Pending sales continue to rise month-over-month at a steeper than usual rate (13.6% in 2009 vs. 6.8% in 2008 and -2.3% in 2007). Inventory also dropped to 11 months and this is the first time it has dropped from March to April since 2004. Active residential listings in April numbered 14,328 – up from 14,158 in March.
Sale Prices
The average sale price for April 2009 was down 10.4% compared to April 2008, while the median sale price dropped 9.1%.
Month-to-month, the average sale price and median sale price were mixed when compared with March levels; the average sale price decreased 2% ($291,100 v. $297,000) and the median sale price was up 1.4% ($249,900 v. $246,400)
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Regional Comparsion Chart |
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| City |
Portland |
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| Region | N | NE | SE | W |
| RMLS Area | 141 | 142 | 143 | 148 |
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April |
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| Active Listings | 534 | 1,055 | 1,462 | 1,869 |
| New Listings | 196 | 426 | 516 | 476 |
| Expired/Canceled Listings | 109 | 229 | 342 | 358 |
| Pending Sales 2009 | 115 | 224 | 285 | 226 |
| Pending Sales 2009 vs. 2008 | 27.8% | 11.4% | 3.6% | -13.4% |
| Closed Sales | 93 | 181 | 240 | 202 |
| Average Sale Price ($) | 237,000 | 299,800 | 261,300 | 421,200 |
| Total Market Time | 93 | 98 | 113 | 178 |
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Year-To-Date |
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| New Listings | 1,044 | 2,248 | 2,942 | 2,869 |
| Pending Sales 2009 | 477 | 987 | 1,353 | 973 |
| Pending Sales 2009 vs. 2008 | -21.0% | -14.8% | -12.8% | -24.6% |
| Closed Sales | 353 | 782 | 1,056 | 754 |
| Average Sale Price ($) | 233,900 | 295,900 | 246,400 | 433,700 |
| Median Sale Price | 230,000 | 258,500 | 219,900 | 355,000 |
| Average Sale Price % Change | -8.1% | -7.3% | -8.5% | -5.4% |
Data courtesy of RMLS.
Additional ‘Regional Comparison” data is available for other Portland Metro areas, please feel free to give me a call at 503.467.9997 or send an email.
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Just Listed! – 3024 SW Florida Court, Unit B, Portland, Oregon
Filed Under Just Listed · Tagged: Just Listed
I just listed this spacious 1 bedroom / 1 bathroom condominium which features exceptional designer style throughout. This Portland condo is located in the Capitol Hills neighborhood, providing easy access to Downtown, parks, entertainment, public transportation, freeway access.
3024 SW Florida Court, Unit B, Portland, Oregon
This move-in ready home offers the best of amenities.
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PROPERTY FEATURES |
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| Offered at | $147,000 |
| RMLS Number | 9037451 |
| Year Built | 1962 |
| Deeded Storage Square Feet | 41 |
| Main Square Feet | 819 |
| Total Square Feet | 860 |
| ROOM | FEATURES / DETAILS |
| Bedrooms | 1 |
| Bathrooms | Full : One |
| Bedroom | Dimensions: 12′ x 12′ Wall of Closets Faux Wood Blinds Wall to Wall Carpeting |
| Bath | Newly Remodeled Shower/Bath Tiled Floor |
| Kitchen | Dimensions: 9′ x 7′ New Lighting Built-In Oven Dishwasher Garbage Disposal Refrigerator Included Newer Cork Flooring |
| Living Room | Dimensions: 23′ x 13′ Wood Burning Fireplace Newer Berber Wall to Wall Carpeting Faux Wood Blinds Newer Slider/ Windows |
| Dining Room | Dimensions: 13′ x 12′ Faux Wood Blinds Newer Cork Flooring |
| Parking | 1 Car - Off Street |
| Additional Comfort | In Unit Laundry (Washer / Dryer Included) Swimming Pool |
Contact me if you would like additional information about this property or if I can assist you in any way with your real estate needs.
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47th Annual St. Johns Parade
Filed Under Portland, See, Things To Do · Tagged: 47th Annual St. Johns Parade
Come one, Come All!!!
It’s time again to enjoy one of the many little treasures of North Portland.
This Saturday (the 9th), St Johns will be celebrating the 47th Annual St. Johns Parade. The Parade will be starting @ Noon and should last about two hours, the route will start at the corner of North Lombard Street and North Burr Avenue. The procession will make its way down to North New York Avenue, head down North Central Street, and then disband at the St. Johns Community Center.
In tradition with last year, the St. Johns Bizarre will offer up peculiar attractions and a carnival that will provide plenty of rides and games. The theme of this year’s parade is “Great Moments in History” acknowledging Oregon’s 150th birthday.
It’s always a good idea to arrive early, and stake out a good spot for viewing the activities. I hope to see you there!
Portland Ranks #10 for Best Job Growth Nationwide
Filed Under Portland · Tagged: Portland Job Growth
Portland ranks #10 out of large metro cities for best job growth in a study by Forbes.com.
Despite bigger losses in overall employment than the other top large American cities, Portland-Vancouver-Beaverton rounds out the top 10 with only a small decline in job growth (2.2%) from 2007 to 2008. Its education and health-services sectors continued to grow, gaining 3.2% last year. Since 2006, Portland’s employment prospects have steadily improved; it jumped from a 30th-place rank among large cities to 11th last year.
