In an effort to expediate foreclosure claims, and help service the clients that are current on their mortgage–B of A has decided to create a seperate foreclosure unit. B of A has been taking the lead when it comes to properly service distressed homeowners in the last 6 months, being the first of the mega-banks to put a hault on foreclosures when there was some speculation about the process.

Could this mean a faster, more efficient process for distressed homeowners, or buyers wishing to buy a bank-owned property? Let’s hope so.

For the full article, go to:

http://abcnews.go.com/Business/wireStory?id=12844023

Looking at the Portland Metro area market in 2010, December continued the trend of decreased activity toward the end of the year. However, closed sales underwent an uptick in December,  reaching the highest monthly level since June. Inventory also saw its lowest level since June. Closed  sales were down 2.9% compared to December 2009, but pending sales were up 6%. New listings  dropped 8.5%. Comparing the previous month of November 2010 with December 2010 shows closed sales jumped from 1,279 to 1,462 (14.3%). However, pending sales fell from 1,426 to 1,210(-15.2%), and new listings dropped from 2,437 to 1,925 (-22.2%).

The average sale price for December 2010 declined 5.2% compared to December 2009. The median sale price also fell 5%. Month to month, comparing November 2010 to December 2010, the average sale price went up from $271,900 to $278,000 (2.2%) while the median sale price dropped from $233,000 to $230,000 (-1.3%). For 2010, average sale price dropped 2.7% compared to 2009, and median sale prices fell 2.9%.

When comparing activity in 2010 with that of 2009, closed sales dipped 0.2%. Pending sales were 2.1% lower, but new listings were up 3.0%. Total sales volume for 2010 was $5.3 billion, down from $5.5 billion in 2009.

Source: RMLS

For the full report, email me!

Hearing a lot of negativity in the media lately? Well here’s a refreshing piece of news: According to the National Association of Realtors (NAR), November sales rose 5.6% from October in 2010. While sales are still down from November 2009, when there was a rush before the home buyer tax credit expired.. this is still a positive sign in today’s marketplace.

NAR’s Chief Economist, Lawerence Yun claims “The relationship recently between mortgage interest rates, home prices, and family income has been the most favorable on record for buying a home since we started measuring in 1970. Therefore, the market is recovering, and we trend up to a healthy sustainable level in 2011.”

Inventory levels also went down in November from October 2010. It is currently at 9.5 months, which indicates how long it take to deplete the inventory at the current sales rate.

Now is the time to get a sweet deal on a house. Historically, it’s one of the best times to buy a home. If you or someone you know is thinking about buying or selling, please contact me. Don’t miss out on this unique time in our marketplace.

Could these be signs of a leveling out of pricing? Will there be a double dip housing market? Even our country’s best economists cannot answer that fully. Regardless, now is still one of the best times in history to get a great deal on a house with interest rates that are almost guaranteed not to last.

If you or someone you know wants to see some houses–and find out how great of a deal they can get in this economy, please give them my phone number. Smart real estate choices are just a phone call away.