Realtors’ Magazine published an article that cites a decrease in foreclosures in the second quarter of 2010, according to the Mortgage Bankers Association’s National Deliquency Survey.
Since 2006, the number of homes throughout the foreclosure process fell for the first time. Additionally, there has been the biggest decrease since 2005.
On the other end, however, late payments have seen an increase since the end of 2009. Like many other economists, the Mortgage Bankers Association’s cheif economist Jay Brinkmann said “Only when we see a consistent increase in employment will we see an increase in sales and starts, and a sustained improvement in the delinquency numbers.”
To read the full article: http://www.realtor.org/RMODaily.nsf/pages/News2010082701?OpenDocument
So we all knew there would be a slow-down after the tax credit expiration, so it should not come as big of a surprise that sales were down from June to July of 2010.
According to the National Association of Realtors’ chief economist, Lawrence Yun, there are several factors in the housing market that are showing signs of optimism. In a recent article, he sites the tax credit deadlines for the decrease of sales in recent months and thinks there will be a lull until September. Additionally, mortgage rates are unbelievably low, and home prices are rising slightly. Yun also comments that the pace of the housing market would pick up faster with the addition of more jobs. To put this year in perspective, Yun also suggests sales are set to reach $5M this year–when compared to a 20 year annual average of $4.9M does not seem so off-course.
To read the full article, go to: http://www.realtor.org/press_room/news_releases/2010/08/ehs_fall
The next First Addition/Forest Hills Neighbors Meeting will be on Wednesday, September 1st at 7pm at the Adult Community Center at 505 G Avenue. All are welcome to attend. For the meeting’s agenda & details, please visit www.fanforesthills.com
Waiting for those prices we saw just a few years ago? Well.. according to reports you should not hold your breath. BusinessWeek published a story how Fiserv and Moody’sEconomy.com have predicted a more healthy real estate environment by 2014. It is estimated that there will be a 7.2% increase above 2010 prices, and suggests that the Pacific Northwest will have the strongest level of growth.
For the full article, visit: http://www.businessweek.com/lifestyle/content/aug2010/bw2010082_282258.htm
The RMLS Action Report for July is out. While pending and closed sales have declined when comparing July 2010 to July 2009, average sales price has shown a slight increase of 2.9%. Month-to-month also saw decreases in closed and pending sales when compared to June 2010. This is likely due, in part, to the expiration of the tax credit. Year-to-date sales from January-July 2010 have increased, however, when compared to the same period one year prior. Source: RMLS
There will be a free class provided by the City of Lake Oswego on August 21st from 9am-1pm, titled “Efficient Irrigation Practices.” There, you can learn how to monitor and maintain irrigation systems and create schedules for watering. Refreshments available.
To RSVP, go to www.ci.oswego.or.us and click on Water Conservation.
Now’s the time to break out your favorite shots of Lake Oswego.
Photographers, amateur and professional alike, are encouraged to submit their favorite photos of Lake Oswego by September 1st. There are several different categories, and the best ones will get a chance to win $100.
Go to: www.ci.oswego.or.us/pubaffairs/PhotoContest.htm for more details.