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Fred Real Estate Group

February 03, 2012
9:51
The 2012 Presidential Candidates And The Housing Market
» ‎ Fred Real Estate Group

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The housing market is one of many hot topics being discussed by the presidential candidates. President Obama recently pitched a broader refinance program that will “allow responsible homeowners to refinance their mortgages at today’s low rates”, saying the following during last weeks State Of The Union address: “There’s never been a better time to build, [...]
January 30, 2012
10:13
Fred’s House Of The Week: NW Bend Charmer!
» ‎ Fred Real Estate Group

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Awesome Awbrey Village Home! Size: 2583 sf Bedrooms: 3 Bathrooms: 2.5 Lot size: 0.24 acre Price: $369,900 Location: 1151 NW Constellation, Bend, Oregon 97701 (View map) The scoop: This awesome home is located on a large “park-like” quarter acre lot in the desirable NW Bend area of Awbrey Village, with community park just down the [...]
January 27, 2012
14:31
The Problem With Real Estate For TV.
» ‎ Fred Real Estate Group

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I happened to be watching HGTV last weekend, as I often do. And, also as I often do, found myself shouting out loud at the TV. Why? Well, because I just couldn’t stand how the particular show I was watching was portraying the whole house buying process. Then, coincidentally, as I was reading through news [...]
January 26, 2012
10:51
Oregon — Among The Best States For Jobs And Business!
» ‎ Fred Real Estate Group

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According to the folks at Forbes, Oregon comes in at #10 on the list of The Best States For Jobs and #9 on the list of The Best States For Business! The specifics: The Best States For Jobs: #10 Oregon* Forecasted 5-Year Annual Job Growth: 2.2% Total Employment: 1.6 Million Unemployment Rate: 9.6% *Read the [...]
January 25, 2012
15:11
10 Common Errors Home Owners Make When Filing Taxes
» ‎ Fred Real Estate Group

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Tax season is here! In the HouseLogic article below, 10 common errors that home owners tend to make when filing taxes are outlined and discussed. Read on so you can avoid these common mistakes when filing yours! Source: HouseLogic.com “10 Common Errors Home Owners Make When Filing Taxes” By: G. M. Filisko Published: January 05, [...]
January 24, 2012
9:53
Move To Portland, Oregon — Everyone Is “lovely”!
» ‎ Fred Real Estate Group

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According to the folks across The Pond, Portland Oregon is among the five best places to live in the world! In a recent article* in the British newspaper, The Guardian, Portland has been “the capital of liberal, hipster USA for decades.” What makes Portland such a great place to live? According to the article, there are [...]
January 20, 2012
9:11
Oregonians Beware: Fee-Based Foreclosure Review Scam
» ‎ Fred Real Estate Group

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We’ve talked before about different scams that are out there targeted toward struggling homeowners, and now there’s a new one to be aware of. In a recent article*, The Oregonian’s Elliot Njus discusses this new “fee-based foreclosure review scam”: “Homeowners in foreclosure between Jan. 1, 2009, and Dec. 31, 2010, can request an independent review [...]
January 18, 2012
7:21
Take Action Against Online Censorship.
» ‎ Fred Real Estate Group

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Many websites are blacked out today to protest proposed U.S. legislation that threatens internet freedom: the Stop Internet Piracy Act (SOPA) and the Protect IP Act (PIPA). From personal blogs to giants like WordPress and Wikipedia, sites all over the web — including the Fred Real Estate Group blog — are asking you to help [...]
January 13, 2012
14:52
Real Estate Brokers In Portland, Bend, and Eugene: Fred Real Estate Group Is HIRING!
» ‎ Fred Real Estate Group

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AT FRED REAL ESTATE GROUP, WE BELIEVE IN OUR BROKERS AND ARE COMMITTED TO THEIR SUCCESS. Are you a licensed real estate broker in Bend, Portland, or Eugene? Are you sick of paying through the nose for desk fees? Do you want to make more money? If so, we really should chat… We are building [...]
January 12, 2012
9:57
40 Year Low For Home Affordability!
» ‎ Fred Real Estate Group

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As home prices continue to fall, “…homes are more affordable than they have been since 1971.” This quote from the recently released December edition of the Obama Administration’s Housing Scorecard (a comprehensive report on the nation’s housing market), from the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury. [...]
January 11, 2012
9:13
Fred’s Houses Of The Week: HOT Homes For First Time Homebuyers!
» ‎ Fred Real Estate Group

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TWO FANTASTIC REMODELS IN SE PORTLAND! The scoop: These two homes are sure to go fast! If you’re in the market for a home that’s been beautifully remodeled throughout, these two properties both offer TONS of upgrades and features, including: new kitchens, new flooring, new paint, new bathroom fixtures, and so much more. Check out [...]
January 10, 2012
14:52
Your Current Credit Score And Its Impact On Getting A Future Mortgage
» ‎ Fred Real Estate Group

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Let’s face it, if you’ve got perfect credit, you’re in the minority these days. The sad reality is that most people have some kind of credit “blemish” to overcome — bankruptcy, foreclosure, short sale, late payments, to name a few. In fact, “50 million people have lost significant credit-score points during the past several years.” [...]
January 09, 2012
9:55
Freddie Mac Offering Help For Unemployed Borrowers
» ‎ Fred Real Estate Group

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Freddie Mac has announced that it will give unemployed borrowers a break on their mortgage for up to one year, starting February 1st. “These expanded forbearance periods will provide families facing prolonged periods of unemployment with a greater measure of security by giving them more time to find new employment and resolve their delinquencies,” said [...]
January 06, 2012
9:41
The Scoop On Oregon HUD Homes
» ‎ Fred Real Estate Group

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HUD homes are all over the news these days as great bargains for home buyers. But, what exactly are HUD homes and who can buy them? In a nut shell, a HUD home is residential property acquired by HUD (U.S. Department of Housing and Urban Development) as a result of a foreclosure action on an [...]
January 04, 2012
10:44
5 Reasons Why Your Home Isn’t Selling
» ‎ Fred Real Estate Group

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We’ve talked a lot recently about how this is a great time for home buyers, but what about home sellers? In this market of foreclosures, short sales, and dropping home prices, how can a homeowner best prepare themselves and their property for sale? Bankrate.com has compiled a great list* of tips for home sellers to [...]
December 31, 2011
14:49
Happy New Year From Fred Real Estate Group!
» ‎ Fred Real Estate Group

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2011 has certainly been a great year for us at Fred Real Estate Group! From the expansion of our Bend, Oregon office, to the addition of our new Eugene, Oregon office, to the continued growth of our Portland, Oregon office, we are so excited for what 2012 has in store. We’ve got an awesome team [...]
December 29, 2011
13:46
Good News For Investors: FHA To Continue Funding Flips
» ‎ Fred Real Estate Group

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The Federal Housing Administration announced today that it has extended its “anti-flipping” waiver for funding for homes that have exchanged hands in 90 days, which is good news for both investors and home buyers. Per the FHA*, this extension will remain in place through 2012 and is in place “in an effort to continue stabilizing [...]
December 28, 2011
10:20
2012: Prime Time To Buy A Home
» ‎ Fred Real Estate Group

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With low mortgage rates and ‘stabilizing’ home prices, 2012 is positioned to be a great time to buy a home! But, before you rush out and make an offer, keep these things in mind before making your home purchase: Put down some roots! If you’re not planning to stay in your home for a while, [...]
December 22, 2011
9:47
‘Tis The Season For Low Interest Rates!
» ‎ Fred Real Estate Group

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Today’s mortgage rates are hovering at near all-time lows, as reported in today’s article “Holiday season marked by record low interest rates” on Housing Wire. Per Freddie Mac, the 30-year, fixed-rate mortgage has an interest rate of just 3.91%, which is down from 3.94% a week ago! “Meanwhile, the 15-year, FRM remained at 3.21%, and [...]
December 15, 2011
14:03
Facing Foreclosure? Rent Your Home Back!
» ‎ Fred Real Estate Group

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At least, this is an idea that Bank of America is exploring. The thought being that those who can’t afford their mortgage payments, but can afford to make rental payments, could in theory ‘rent back’ their home thus helping both the homeowner as well as their communities in avoiding vacant foreclosed properties. The home would [...]
December 12, 2011
9:02
Where Are The Best Housing Markets For The Next 5 Years?
» ‎ Fred Real Estate Group

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We’re a little biased, but we think Oregon is a pretty great place to live! And, it seems, the folks at Business Insider agree: Making the list of “The 15 Best Housing Markets For The Next 5 Years“, are Bend, Eugene, and Medford, with Bend coming in at #1! The list* was compiled using the [...]
December 09, 2011
13:50
Homeowners: You May Qualify For 2011 Home Energy Tax Credits!
» ‎ Fred Real Estate Group

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2011 is drawing to a close, and if you’re a homeowner, it might pay to go green! According to the IRS, there is still time to complete certain green-energy or energy-saving home improvements that qualify for home energy tax credits! These improvements might include: energy-efficient windows, furnaces, doors, roofs, or insulation. While the dollar amount [...]
December 08, 2011
9:47
Fred Real Estate Group Expands To Eugene Oregon!
» ‎ Fred Real Estate Group

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When you think of Eugene, Oregon, what comes to mind? The Oregon Ducks? Great micro brews? The McKenzie River? The quaint and charming downtown filled with shops, restaurants, coffee shops, and the historic Fifth Street Public Market? Well, now you can officially add Fred Real Estate Group to the list! We are very excited (and [...]
December 07, 2011
9:37
Is There An End In Sight For Declining Home Prices?
» ‎ Fred Real Estate Group

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Home prices will hit bottom soon! At least, that’s what analysts at Goldman Sachs are predicting in their latest report. A number of factors are reviewed and taken into consideration in compiling the data for the report. The Wall Street Journal explains: “The analysts constructed a new model of home prices in 147 U.S. metro [...]
December 01, 2011
12:50
Facing Foreclosure? Stay In Your Home… …At Least For The Holidays
» ‎ Fred Real Estate Group

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Fannie Mae announced today that they will suspend evictions of foreclosed homes (single family and 2-4 unit properties) from December 19th, 2011 through January 2nd, 2012. Per the official statement*, proceedings for evictions may continue during this time period, however, families living in foreclosed properties will be permitted to remain in their homes. “The holidays [...]
November 30, 2011
10:32
Beware Of Scams Targeted At Homeowners!
» ‎ Fred Real Estate Group

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While it’s true that we’re currently in the season of ‘good will towards men’, unfortunately, there are plenty of scam artists out there who would contradict this. A sad reality of our struggling economy is the increase in the number of homeowners being targeted (and falling prey to) scams and con artists. Scroll down to [...]
November 15, 2011
10:17
Real Estate Assistant Needed ASAP!
» ‎ Fred Real Estate Group

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Job Opportunity Alert! Fred is on the hunt for a savvy full-time assistant to be his “go to” person for all things administrative for our three BUSY Fred Real Estate Group offices (Bend, Portland, and Eugene). This person must be organized, detail oriented, able to effectively work in a fast paced environment, and willing [...]
November 14, 2011
14:09
Fred’s Houses Of The Week: Sweet Deals In SE Portland For First Time Homebuyers!
» ‎ Fred Real Estate Group

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TWO FANTASTIC REMODELS IN SE PORTLAND! The scoop: You know the old saying, “don’t judge a book by its cover?” Well, trust us, these two homes are absolutely fantastic on the inside! If you’re in the market for a home that’s been beautifully remodeled throughout, these two properties both offer TONS of upgrades and features, [...]
October 30, 2011
9:25
Fred’s House Of The Week: Rockin’ Remodeled Bungalow In Prime SE Portland Location!
» ‎ Fred Real Estate Group

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REMODELED BUNGALOW IN PRIME SE LOCATION! ** OPEN HOUSE TODAY(Sunday 10/30) FROM 1-3 pm! ** Size: 1832 sf Bedrooms: 3 Bathrooms: 1 Lot size: 0.12 acre Price: $189,900 Location: 4705 SE 60th Avenue, Portland (View map) The scoop: You know the saying, “When opportunity knocks?” Trust us, you won’t want to miss out on this home! For anyone [...]
October 26, 2011
10:09
Help For Underwater Homeowners – Changes to HARP Program
» ‎ Fred Real Estate Group

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Yesterday, the Federal Housing Finance Agency (FHFA) announced a series of changes to the Home Affordable Refinance Program (HARP) in order to allow more underwater homeowners to reduce their mortgage debt by taking advantage of today’s rock-bottom interest rates. Since HARP was rolled out in early 2009, approximately 1 million homeowners have refinanced their mortgage [...]
September 19, 2011
14:41
Record Low Mortgage Rates… Again!
» ‎ Fred Real Estate Group

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Good news for mortgage loans as rates have reached another milestone for the second week in a row – 30 year and 15 year fixed rate mortgages are at record lows again, per Freddie Mac’s weekly mortgage market survey. At a glance info for rates (for the week ending September 15):* 30-year fixed-rate mortgages: averaged 4.09 [...]
September 16, 2011
10:10
Oregon Foreclosure Rates Up For The Month Of August
» ‎ Fred Real Estate Group

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Foreclosure filings and sales were up during the month of August, per the latest report by ForeclosureRadar.com: “Foreclosure starts jumped significantly, reversing what had been a declining trend over the past several months. Investors bought more properties on the courthouse steps in August than in July everywhere except in Washington. The number of properties Sold [...]
September 15, 2011
14:19
Portland #4 On Forbes Top 20 Healthiest Cities List!
» ‎ Fred Real Estate Group

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Portland ranks #4 on Forbes “Top 20 Healthiest Cities” list! Taking various ‘healthy’ attributes into consideration (such as health care, green living, levels of physical activity, etc.), the list was compiled based upon data from the ACSM’s (American College of Sports Medicine) 2011 report on America’s healthiest metropolitan areas, a ranking known as the American [...]
September 08, 2011
12:51
Fred’s House Of The Week: A Seriously Sweet Sellwood Charmer!
» ‎ Fred Real Estate Group

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FANTASTIC SELLWOOD CHARMER! Size: 2388 sf Bedrooms: 3 Bathrooms: 2 Lot size: 0.13 acre Price: $330,000 Location: 1514 SE Ramona St., Portland OR 97202 (View map) The scoop: Talk about location! Fantastic Sellwood home near local restaurants, coffee, shopping, and parks. Spacious and open main level floor plan with tons of rustic charm and character [...]
August 11, 2011
13:56
Is The Recent Stock Market Turmoil Making Home Buyers Nervous?
» ‎ Fred Real Estate Group

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In light of the recent turmoil on Wall Street, how are potential home buyers feeling about the housing market? With the past few days of ups and downs, CNN is right on the money (pardon the pun) when they call this week “schizophrenic“. Per Inman News, some real estate brokers are reporting that the “…turmoil [...]
August 10, 2011
9:06
Foreclosed Oregon City Home Emptied Of Personal Belongings Days Early
» ‎ Fred Real Estate Group

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KATU reporting today about an Oregon City family that returned home from a camping trip only to find that their foreclosed home had been emptied of all their personal belongings. The problem? They had until Friday night to vacate the premises. >> View the KATU video segment here. << The family appears to be working [...]
August 09, 2011
12:01
Interest Rates And The Downgrade In US Credit Rating
» ‎ Fred Real Estate Group

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As we all know, with the recent downgrade in the US credit rating, the stock market is going crazy and is causing much speculation for consumers and throughout the lending community. While no one knows with absolute certainty what will happen next, economists are making their predictions and borrowers are wondering just what this means [...]
August 04, 2011
9:35
5 Things To Keep In Mind If You Are A First Time Home Buyer
» ‎ Fred Real Estate Group

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First time home buyers make up a substantial amount of the real estate market – almost 50% of home buyers in 2010 were first time buyers! With prices dropping, it’s true that there are some great deals to be found for home buyers, but before you jump in and buy a home solely based upon [...]
July 19, 2011
16:10
Facebook and Foreclosure Notices: Coming Soon To The US?
» ‎ Fred Real Estate Group

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Relationship status, really bad jokes, pictures of vacations and friends, inspirational quotes, links to interesting websites, YouTube videos of squirrels doing tricks: all pretty common components of a typical Facebook wall. Well now let’s add foreclosure notice to that list. An interesting tactic that lenders overseas have been successfully using — serving foreclosure notices when [...]
July 16, 2011
12:15
Fred’s House Of The Week: Old Meets New In This Fabulous Portland Bungalow!
» ‎ Fred Real Estate Group

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BEAUTIFULLY UPDATED BUNGALOW WITH OODLES OF CHARM & CHARACTER! ** OPEN HOUSE: TODAY (Saturday 7/16) FROM 2:00 – 4:30! ** Size: 2270 sf Bedrooms: 2 Bathrooms: 2 Lot size: 0.13 acre Price: $199,900 Location: 4130 SE 67th Avenue, Portland (View map) The scoop: For anyone wanting a classic bungalow that’s been amazingly updated, this is [...]
July 15, 2011
15:40
What’s Going On In Bend This Weekend? Too Much To List!
» ‎ Fred Real Estate Group

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We love Summer in Central Oregon! And, if you’re in Bend this weekend, there are a ton of events taking place around town! There’s sure to be something for everyone, including: For the sports enthusiasts – The 2011 Sagebrush Classic golf tournament is taking place at Broken Top Golf Course on Friday, July 15th This [...]
July 12, 2011
12:35
Positive Press For Three Cities In Oregon & Their Local Housing Markets!
» ‎ Fred Real Estate Group

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Congratulations to three Oregon cities that made the “Best Housing Markets For The Next 5 Years” list! While Carson City, Nevada was first place on the list, Bend, Medford, and Eugene, Oregon all made the list of 15 nationwide cities (as identified by Fiserv Case Shiller Indexes). As reported by Business Insider, the cities on [...]
June 22, 2011
15:05
Now Hiring – Dedicated Buyer’s Specialist!
» ‎ Fred Real Estate Group

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Now Hiring: Dedicated Buyer’s Specialist! Fred Real Estate Group is seeking to add to a dedicated Buyer’s Specialist to our Portland, Oregon team. * * * * * * * * * We want the best brokers in the area. As a Buyer’s Specialist, you must be passionate about the real estate market, have an [...]
June 21, 2011
14:19
Fred’s House Of The Week: Enjoy the beauty of Redmond’s Dry Canyon Trail from your own back yard!
» ‎ Fred Real Estate Group

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Desirable NW Redmond Community With Canyon View! Size: 3147 sf Bedrooms: 4 Bathrooms: 3 Lot size: almost 1/2 acre! Price: $369,000 Location: 1052 NW Rimrock Drive, Redmond OR 97756 (View map) The scoop: Picture this — the sun is shining, you’re sitting on your back patio that overlooks the beautiful Dry Canyon Trail, and sipping [...]
June 17, 2011
15:10
Adapting To The Current Real Estate Market.
» ‎ Fred Real Estate Group

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We all know that the news outlets are thriving on stories about the doom and gloom of the current state of the real estate market. And while it’s true, the market is different than it was a few years ago (when prices were inflated and the number of short sales and foreclosures were in the [...]
June 03, 2011
12:57
Fred’s House Of The Week: Colonial Style Charmer!
» ‎ Fred Real Estate Group

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A Slice Of The Good Life In Milwaukie! Size: 2350sf Bedrooms: 3 Bathrooms: 2.5 Lot size: 0.59 acres Price: $375,000 Location: 14910 SE Woodland Way, Milwaukie OR 97267 (View map) The scoop: What a house! The best of both worlds, this home is perfect for entertaining or just relaxing in the privacy of your own [...]
May 25, 2011
15:50
Ore. Senate OKs Bill to Help Loan Modifications – News Story – KTVZ Bend
» ‎ Fred Real Estate Group

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The Oregon Senate has approved a bill to help with loan modifications and streamline the foreclosure process in Oregon. This bill is to help arm Oregonians with the information they need and provide them a chance to be fairly considered for a loan modification as an alternative to foreclosure. Per KTVZ: “The Oregon Senate approved [...]
May 24, 2011
10:16
Home Buyers: What Factors Go In To Your Purchasing Decision?
» ‎ Fred Real Estate Group

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When buying a home, of course the resulting purchase is mostly about the property itself, however there’s more to the purchasing decision than just the bricks and mortar. How many of you have purchased (or plan to purchase) a home without taking into consideration the surrounding properties, neighborhood, or nearby amenities? I’m guessing, not many [...]
May 20, 2011
10:33
Oregon Foreclosure Process
» ‎ Fred Real Estate Group

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Lately it seems as though we’ve had a lot to say about foreclosures! In this market, it’s important that both home buyers and home owners (whether selling their home or not) are educated on bank owned homes/foreclosures and how they impact area home values. For the home owner: knowing what homes are valued at in [...]
May 19, 2011
9:36
Oregon Foreclosures: Some good news and some not so good news.
» ‎ Fred Real Estate Group

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Inman News is reporting some good news and some not so good news for Oregon foreclosures: 1. The good news is that the number of bank repossessions has declined. 2. The not so good news is that there’s been a huge increase in the number of notice of defaults. The article states: “Foreclosure-related filings tracked [...]
May 18, 2011
11:34
Fred’s House Of The Week: Alberta Arts Hipster!
» ‎ Fred Real Estate Group

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Three little words for this hip bungalow: Alberta Arts District! * Seller is a licensed real estate broker in the State of Oregon. * Size: 1872sf Bedrooms: 2 Bathrooms: 1 Lot size: 0.09 acre Price: $250,000 Location: 4936 NE 13th, Portland OR 97211 (View map) The scoop: Location, location, location! Smack dab in the heart [...]
May 17, 2011
9:21
Thinking About Going It Alone?
» ‎ Fred Real Estate Group

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A growing trend that I’ve been hearing about is home buyers “going it alone” when it comes to house hunting. According to the National Association of Realtors, only 57% of home buyers in 2010 purchased a property through a real estate broker! It would appear that with the wealth of information so readily and quickly [...]
May 12, 2011
8:50
Why The Decline In Foreclosure Filings Isn’t Exactly Good News.
» ‎ Fred Real Estate Group

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As a timely update in regards to yesterday’s blog post, CNN Money reported today that the nationwide number of foreclosure filings issued in April declined by 34% from a year ago; the seventh straight month of declines. (Read the full CNN Money article here.) While this might sound like good news, there were still over [...]
May 11, 2011
10:34
Foreclosures + Intelligent Pricing.
» ‎ Fred Real Estate Group

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If you Google the search term “US Housing Market” you get mixed news. Some of it good and some of it not so good. The internet, news channels, magazines, and other media outlets are constantly telling us how bad things are, so how are folks supposed to have a positive outlook when all we’re hearing [...]
May 09, 2011
9:37
Fred’s House Of The Week: Say “Aloha” To Aloha!
» ‎ Fred Real Estate Group

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AWESOME TRADITIONAL HOME JUST MINUTES TO EVERYTHING! Size: 1573 sf Bedrooms: 3 Bathrooms: 2.5 Lot size: 0.15 acre Price: $219,000 Location: 1158 SW 208th Place, Aloha OR 97006 (View map) The scoop: Summer is almost here! Say “aloha” to Aloha and entertain from the comfort of your back yard while cooking up some food on [...]
May 06, 2011
10:04
Gifts For Mama!
» ‎ Fred Real Estate Group

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Mother’s Day is fast approaching! But, just what do you get the mom that has everything? We have a few ideas… Check out this “Mother’s Day Gift Guide” we’ve lovingly compiled, just for you! Trust us, your mom won’t be disappointed. Our basic women’s t-shirt. And by basic, we mean awesome. Girl, you’ve never looked [...]
May 05, 2011
8:17
Happy Cinco de Mayo!
» ‎ Fred Real Estate Group

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If you’re ready to fiesta, here’s a brief list of celebrations taking place around town: BEND Downtown – Amalia’s is hosting a FREE community-wide celebration from 4:30-10:00 (on Wall Street, between Minnesota & Oregon). Live music, food, and more! View full event details here. Northwest Crossing – Fun for the whole family! Enjoy music, infused [...]
May 03, 2011
10:21
Proposed Oregon Bill To Address “Monies Owed” With Short-Sale Properties
» ‎ Fred Real Estate Group

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Are you considering a short-sale? Have you already short-saled your home? I read an interesting article posted today discussing a proposed Oregon bill to stop banks from “double billing” homeowners. “Double billing” is a term used when banks claim a loss on a short-sale property but then still collect the money ‘owed’ from the borrower. [...]
May 01, 2011
13:54
Fred’s House Of The Week: Nature On Your Doorstep With This NW Bend Charmer!
» ‎ Fred Real Estate Group

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The best of both worlds: A peaceful setting with nature on your doorstep, yet just minutes to the hustle and bustle of downtown. Size: 1977sf Bedrooms: 3 Bathrooms: 2 Lot size: 0.49 acre Price: $309,900 Location: 790 NW Archie Briggs Road, Bend, Oregon 97701 (View map) The scoop: Who wouldn’t want to live just a [...]
April 22, 2011
9:06
Love Your Mother!
» ‎ Fred Real Estate Group

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In honor of Earth Day today, I thought it’d be relevant to share just a few “green” living tips and advice that can be implemented all year round. (Scroll down for the green living articles.) There are so many things we can be doing every day – whether it’s volunteering to help clean up a [...]
April 19, 2011
8:28
The Spring Homebuying Season Has Begun!
» ‎ Fred Real Estate Group

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Well, it’s here folks! The sunnier days (sort of), the daffodils and tulips, the abundance of marshmallow Peeps candy at the stores, and the flurry of home buyers. Yes, it’s Spring! In the Portland metro area (comparing February 2011 with March 2011), closed sales jumped from 1,074 to 1,615 (50.4%), pending sales increased from 1,592 [...]
April 16, 2011
7:16
Are Discount Brokerages Worth The ‘Discount’?
» ‎ Fred Real Estate Group

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I guess ultimately, only you – the home seller – can decide if using a discount brokerage is worth the ‘discount.’ And by discount, I mean that typically, a true discount brokerage is just that. A discounted fee for a discounted level of service (compared to that of a full service brokerage). In this economy, [...]
April 08, 2011
8:56
Your Home As A Billboard?
» ‎ Fred Real Estate Group

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Wow. Welcome to 2011! If you’re a homeowner having trouble making your mortgage payment, a California based company may just have a solution for you. Not only will they paint your house, they’ll also pay your mortgage every month. What’s the catch, you ask? Well, your home is basically turned into a billboard. So, when [...]
April 05, 2011
9:07
Claiming The First Time Homebuyer Tax Credit.
» ‎ Fred Real Estate Group

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Tax Day is right around the corner! Are you ready? If not, you have 3 extra days until the 2011 deadline, Monday, April 18th. This year, there are many questions about the First Time Homebuyer Tax Credit. If you were an eligible home buyer, you may qualify to claim this tax credit. Per the IRS’ [...]
March 24, 2011
8:40
Zero Interest Loans Available In Jefferson & Crook Counties!
» ‎ Fred Real Estate Group

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If you’re in the market for a home in either Jefferson County or Crook County, listen up! The Neighborhood Stabilization Program (NSP) is a federal program designed to help aid neighborhoods with vacant and foreclosed homes. The program assists home buyers that are purchasing a bank owned or foreclosed property in these areas and offers [...]
March 19, 2011
10:34
Current Portland Housing Market
» ‎ Fred Real Estate Group

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Found this good video clip from KGW Newschannel 8 about the current Portland housing market. In summary, it’s a good time to buy (lots of “deals” out there), and sellers need to be competitive to compete with the amount of inventory. View the video here.
March 18, 2011
8:43
To Buy Or Not To Buy? That Is The Question.
» ‎ Fred Real Estate Group

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Unless you’ve been living under a rock for the past few years, you already know that the housing market hasn’t been getting very good press. Mortgage rates are up. Then they’re down. Then they’re up again. House prices are dropping, dropping, dropping. Foreclosures are up. Sales are down. So what’s a potential home buyer to [...]
March 16, 2011
14:49
QR Codes – Here To Stay?
» ‎ Fred Real Estate Group

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They’re popping up all over the place. Magazine ads, billboards, and even some real estate professionals are using them on their marketing materials and property fliers. But what exactly are QR codes? And, are they an effective marketing tool or just the latest trend that will quickly be replaced by some other high tech gadgetry? [...]
March 10, 2011
12:19
Just Say “No” To Robots.
» ‎ Fred Real Estate Group

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I assume that most people, in today’s age of technology, find their home and/or realtor online. And, according to some recent stats from the National Association of Realtors, my assumption was proved correct. Though, while 90% of home buyers DO use the internet in their home search, I was also surprised to see that other [...]
March 08, 2011
8:33
HUD Homes: What Are They & Who Can Buy Them?
» ‎ Fred Real Estate Group

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Fred Real Estate Group recently became HUD Certified! What does this mean? Well, only those brokers who are HUD Certified are able to assist buyers in bidding on/purchasing a HUD Home. What exactly is a HUD Home, you may ask? Well, read on for answers! WHAT IS A HUD HOME & WHY SHOULD I CONSIDER [...]
February 14, 2011
9:23
Season 2!
» ‎ Fred Real Estate Group

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As an update to an earlier post, we had to share the good news: Season Two of the Portlandia TV series has been ordered by IFC! Whatever your thoughts on the show, the wonderfully quirky and unique city of Portland has obviously made an impression on TV viewers nationwide. There are so many great one [...]
February 02, 2011
8:43
How Much Is Too Much When It Comes To Broker Commissions?
» ‎ Fred Real Estate Group

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Fantastic article today in The New York Times regarding real estate commissions. The article is slanted toward the NY real estate market, however, the message is much broader and is relevant in all markets. (Read the full NYT article here.) The article does a good job of showing both ‘sides’ and offers insight from various [...]
January 28, 2011
15:59
Ditch Your Car & Play Year-Round.
» ‎ Fred Real Estate Group

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Not surprisingly, Oregon has once again made it into a “Best Places To Live” list. And, not once, but TWICE! According to the folks at Sunset Magazine, Portland came in at #5, out of the 37 cities, for best place to “ditch your car“. The article says: “…Portland’s commitment to cycling is mind boggling, with [...]
January 20, 2011
9:49
Will You Be Watching?
» ‎ Fred Real Estate Group

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The internet is abuzz with hype about a new TV series coming to IFC. A skit-based comedy/parody show based in Portland, OR, called Portlandia. The first episode and several show clips can be viewed on Hulu.com , all of which have personally made me chuckle, but the show officially debuts on TV tomorrow night. Will [...]
January 19, 2011
13:59
How Does Your Neighborhood Compare?
» ‎ Fred Real Estate Group

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Ever wondered how your neighborhood chalks up to those nearby? I found this interesting article* in the Portland Business Journal outlining the 25 wealthiest zip codes in the Portland Metro area. According to research conducted by ESRI 2010 Demographic Data and Tapestry Segmentation, the top 5 wealthiest zipcodes are: Lake Oswego, 97034 West Linn, 97068 [...]
January 05, 2011
15:32
We’re Growing & Expanding!
» ‎ Fred Real Estate Group

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New year, new office! We’re pleased to announce that our Bend office is growing and expanding, and as such, we’ve relocated our office space to accommodate this growth. We are very excited to kick off 2011 in our new digs! See our official press release below for more details: Fred Real Estate Group Relocates [...]
November 11, 2010
11:54
New Record Lows For Fixed Rate Mortgages
» ‎ Fred Real Estate Group

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The Wall Street Journal is reporting today that 30-year and 15-year fixed rate mortgages have sunk to an all time low. The WSJ article states: “Fixed-rate mortgages dropped to record lows this week following the Federal Reserve’s announcement it would buy $600 billion in bonds. Freddie Mac said Thursday that the benchmark 30-year loan averaged [...]
November 09, 2010
10:26
Relax & Move To Portland!
» ‎ Fred Real Estate Group

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Feeling stressed? Did you ever consider because it’s because you’re not living in the right place? The folks at Forbes.com recently researched this very question. According to them, “Places with high unemployment, heavy traffic and long working hours can be physically painful to live in: Stressful environments can take their toll on your health, causing [...]
November 04, 2010
14:08
Great New Listings!
» ‎ Fred Real Estate Group

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We’ve got so many great listings in fantastic locations in and around the Portland Metro Area and Central Oregon! A few of our current featured properties include: PORTLAND: Gorgeous, remodeled 3 bedroom / 1 bathroom bungalow located only seconds away from the trendy Mississippi District in North Portland! Offered at $279,000. View FULL DETAILS and [...]
September 28, 2010
9:52
Are Homes Really Selling?
» ‎ Fred Real Estate Group

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I’m often asked, “are homes selling in this economy? And my response is, “yes; if they are priced correctly.” So, what determines the correct price? Unfortunately, it doesn’t matter what a seller thinks their home is worth, what matters is what a potential buyer is willing to pay. And then seller’s also need to factor [...]
September 20, 2010
10:58
Oregon Slated For A Strong Housing Market?
» ‎ Fred Real Estate Group

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Is there some good news on the horizon for Oregon’s housing market? According to the folks at MSN, Oregon makes the list at #2 for “The top 10 housing markets of the future”, with Bend projected to have the largest home-price increase at 33.6%! The article states: “Biggest home-price increase projected in 2014: Bend metro [...]
September 10, 2010
19:50
Exceptional 3 Bed/2.5 Bath Updated Contemporary Home – OPEN THIS WEEKEND! $409,000
» ‎ Fred Real Estate Group

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[dining room]
September 07, 2010
11:02
JUST LISTED: Gorgeous Awbrey Park Home With Stunning Views! $649,990
» ‎ Fred Real Estate Group

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Nestled in the desirable community of Awbrey Park, the outstanding quality and amazing views from this gorgeous home will stun you for the price! Traditional Sale — NOT A SHORT SALE! This immaculate home has room for all to enjoy, featuring: 4 bedrooms, 3 baths, office, bonus room, sound proof theater room, family room with [...]
August 02, 2010
20:16
Remodeled North Portland Mid-Century Ranch! $189,900
» ‎ Fred Real Estate Group

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This immaculate 3 bedroom/1bathroom home is located only six blocks from downtown St. Johns and is situated on a desirable corner lot with low maintenance yard and new custom garden planter boxes. Currently offered at $187,900. Features include: Architect re-designed floor plan, new kitchen and bath with designer Italian fixtures, custom solid oak cabinets through [...]
July 30, 2010
15:31
PRICE REDUCED: Gorgeous Craftsman Home — $269,900
» ‎ Fred Real Estate Group

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This charming craftsman home features an open kitchen with granite counter tops, stainless steel appliances, gas range, large pantry, spacious living/great room with gas fireplace, and convenient dining area. The elegant master suite boasts vaulted ceilings, gas fireplace, soak tub and two walk-in closets. Enjoy the fully landscaped fenced back yard, perfect for entertaining! View [...]
July 19, 2010
13:51
Portland Area Home Sales Still ‘Bouncing’ Around
» ‎ Fred Real Estate Group

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An article today in the Portland Tribune reported on home sales in and around the Portland area. The article states: “Portland-area home sales continued to be a mixed bag during the past few months, according to the real estate group Regional Multiple Listing Service. The group’s monthly report showed that prices of local homes on [...]
July 13, 2010
20:00
PRICE REDUCED: Gorgeous Coastal Home! $369,000
» ‎ Fred Real Estate Group

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Beautiful newer home in the heart of North Bend. Situated on nearly a half acre (two tax lots) and near a great park. Light and bright throughout, spacious kitchen overlooking the yard, four good sized bedrooms, and so much more! A must see. Currently offered at $350,000! View FULL DETAILS and additional PHOTOS here: [fred.fredrealestateportland.com] [...]
July 12, 2010
11:28
Best Places To Live: Oregon Makes The List!
» ‎ Fred Real Estate Group

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CNN Money has just released it’s annual Best Places To Live list for 2010, and Oregon makes the list twice! Both Hillsboro and Beaverton made the list which is comprised of small cities that boast “plenty of jobs, great schools, safe streets, low crime, lots to do, charm, and other features that make a town [...]
June 30, 2010
11:01
PRICE REDUCED: $440,000, Gorgeous Custom Oregon City Home On 1.8 Acres
» ‎ Fred Real Estate Group

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Absolutely gorgeous throughout! Slab Granite counters in kitchen & bath, gleaming hardwoods, built-in Stainless Steel Viking appliances, charming fireplace with brick surround, loft above living room with balcony overlooking property, dual sinks in the kitchen, tons of cabinets with an abundance of storage, large custom windows throughout for lots of natural light. All this nestled [...]
June 24, 2010
20:07
Mortgages At Lowest Point Since Mid-1950′s!
» ‎ Fred Real Estate Group

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U.S. mortgages have shrunk to the lowest point since the mid-1950′s, The Oregonian reported today. The article stated: “The average rate for a 30-year fixed loan sank to 4.69 percent this week, beating the low set in December and down from 4.75 percent last week, Freddie Mac said Thursday. Rates for 15-year and five-year mortgages [...]
9:18
Help For Struggling Homeowners On The Way
» ‎ Fred Real Estate Group

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For homeowners that are unemployed and underwater, they don’t always qualify for traditional loan modifications or governmental assistance, so last month, the Obama administration set aside $2.1 billion in assistance for ten of the worst hit states. Each state had to submit plans that were innovative in order for their method to be approved. The [...]
June 23, 2010
8:40
New Home Sales Plunge A Record 33% In May
» ‎ Fred Real Estate Group

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With the homebuyer tax credit expiring, new home sales plunged a record 33% in May according to a report released today by the Commerce Department. This bleak report is the first sign of how the end of federal tax credits could weigh on the nation’s housing market. U.S. stock markets dropped quickly on this news. [...]
June 22, 2010
14:16
Tax Credit Propels Real Estate Sales To Rise In May
» ‎ Fred Real Estate Group

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It appears as though the homebuyer tax credit is helping propel real estate sales. Per Inman News: “Closings for existing-home sales were up 19.2 percent year-over-year in May — a robust rate of activity the National Association of Realtors attributed to the federal homebuyer tax credit program. “We are witnessing the ongoing effects of the [...]
June 18, 2010
15:59
Best Cities For Familes 2010: Portland Ranks #6!
» ‎ Fred Real Estate Group

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We already know how great Portland is, but it’s nice to get some national recognition! Ranking #6 out of 100 cities surveyed for Parenting Magazine’s “The Best Cities For Families 2010″, it’s easy to see how Portland ended up so high on the list. “Flourishing farmers markets, an awesome science museum, and Jamison Square, which [...]
June 17, 2010
8:55
Record Low 5-year Adjustable-Rate Mortgages!
» ‎ Fred Real Estate Group

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While fixed-rate mortgages inched up slightly this week, per The Wall Street Journal’s Market Watch, 5-year adjustable-rate mortgages (ARMs) have hit a record low! The WSJ article states: “Five-year Treasury-indexed hybrid ARMs averaged 3.89% for the week ended June 17, down from 3.92% last week and 4.97% a year ago. It’s the lowest the ARM [...]
June 16, 2010
7:30
Flat Housing Prices To Recover & Spike?
» ‎ Fred Real Estate Group

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Analysts are stating that housing prices may remain flat for an extended amount of time before they recover and then spike as a result of builders not being able to meet pent-up demand after the built-up inventories are depleted. Timing for this ‘recovery‘ will then vary by region, according to a report today by Inman [...]
June 15, 2010
14:21
New Home Construction Trend: Shrinking Home Sizes
» ‎ Fred Real Estate Group

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A recent article on AgentGenius.com discussed a current trend in new construction. The article says: “American homes are decreasing in size as shown in a recent U.S. Census Bureau report revealing the average size of new single-family homes shrank to 2,438 square feet, nearly 100 square feet smaller than its peak in 2007. Home sizes [...]
June 13, 2010
20:09
JUST LISTED: Charming One-Level Home In Great Redmond Neighborhood! $109,000
» ‎ Fred Real Estate Group

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This charming one-level 4 bedroom/2 bathroom home is located in a convenient neighborhood location close to shopping and minutes to downtown Redmond. This home is a short sale and is currently being offered at $109,000. Features include: new laminate wood flooring in the kitchen and bathrooms, vaulted ceilings, tile entry, gas fireplace in living room, [...]
June 11, 2010
11:47
Mortgage Rates: Remaining Historically Low
» ‎ Fred Real Estate Group

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An article** published today on RealtyTimes.com outlined how historically low today’s mortgage rates remain: Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.72 percent with an average 0.7 point for the week ending June 10, 2010, down from last week when it [...]
June 10, 2010
11:31
Drum Roll Please!
» ‎ Fred Real Estate Group

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Announcing our NEW Portland specific website: [www.fredrealestateportland.com] Full of in-depth real-time data, listings, foreclosures, short sales, and many more user friendly tools that will blow you away! Completely customize your home search using our state of the art search tool. Search by foreclosure, or neighborhood, or use our interactive map. Sure, we’re a little biased, [...]
June 03, 2010
9:22
Freddie Mac: 30-year fixed-rate mortgage average at 4.79%
» ‎ Fred Real Estate Group

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Mortgage rates were little changed last week, holding steady for the most part at or near recent lows, Freddie Mac said Thursday. The 30-year fixed-rate mortgage average rose slightly to 4.79% with an average 0.8 point for the week ended June 3, according to the buyer of residential mortgages. In the prior week, the average [...]
June 02, 2010
14:47
Stocks Jump After Pending Home Sales Top Forecasts
» ‎ Fred Real Estate Group

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The stock market today rebounded today, Wednesday, in part due to a stronger than expected increase in pending home sales. The upbeat report on home sales, per the Associated Press, provided some hope on the nation’s housing market. An increase in signed contracts for homes was due partly to a rush to meet a tax [...]
May 26, 2010
10:51
Bend, Oregon – THE place for retirement property steals!
» ‎ Fred Real Estate Group

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Bend, Oregon has been named one of the top 10 cities for retirement property steals, according to US News! Not surprising, considering the allure of Central Oregon for ‘getting away from it all’. Couple that with current attractive home prices and amount of inventory. While it’s true that housing prices in the Bend area have [...]
May 20, 2010
10:07
JUST LISTED: Charming Remodeled Bungalow Minutes From Alberta Arts!
» ‎ Fred Real Estate Group

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This gorgeous home, built in 1907, is fantastically located only minutes from the desirable Alberta Arts district, McMenamin’s Kennedy School, and New Seasons Market. Remodeled in 2005, original period details are accented with contemporary touches. 3 bedrooms, 1.5 bathrooms, gleaming hardwoods, remodeled kitchen with maple cabinets and stainless steel appliances, mud room with laundry area, [...]
May 17, 2010
8:13
JUST LISTED: Gorgeous Beaverton Home Bordering 2 Acre Park! $264,000
» ‎ Fred Real Estate Group

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This gorgeous 3 bed/2.5 bath home is located in Beaverton’s desirable Arbor Ridge community. The home borders a 2 acre park with walking trails, basketball court, and playground! Offered at $264,000. For full property details and additional photos, click here.
May 15, 2010
10:21
Bring on Summer!
» ‎ Fred Real Estate Group

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A great day in Bend, Oregon! Perfect weather for a barbecue; so that’s just what we did! We had a great turnout for our first office barbecue: agents, clients, business partners, and friends. Thanks to all who attended; it was a fun afternoon! We’re looking forward to hosting many more! View more photos from our [...]
May 07, 2010
10:36
JUST LISTED: Fantastic One-Level Home In Desirable Beaverton Neighborhood! $229,900
» ‎ Fred Real Estate Group

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This spacious and remodeled 3 bedroom/1 bathroom one-level home is situated on a large corner lot in a desirable Beaverton neighborhood. Lots of updates throughout including remodeled kitchen and bathroom! To view full property details and additional photos, click here.
April 24, 2010
8:43
JUST LISTED: Fantastic Corner Unit Home In Desirable NW Portland Location! Offered At $259,900.
» ‎ Fred Real Estate Group

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This fantastic corner unit home features 2 bedrooms / 2.1 bathrooms and is located in a desirable NW Portland community. Too many features to list! Custom shutters, built-ins, gorgeous kitchen, and so much more! For full property details and additional photos, click here.
8:37
JUST LISTED: Fantastic Craftsman Home, offered at $309,000!
» ‎ Fred Real Estate Group

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This gorgeous Craftsman style home features 4 bedrooms and 2.1 bathrooms. So many features to list! Fantastic back yard; perfect for entertaining! For full property details and additional photos, click here.
April 20, 2010
10:09
Our Blog Has Moved!
» ‎ Fred Real Estate Group

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Technology continues to get better and better!

We recently moved our blog to WordPress, and we're pretty happy with how it turned out. Our goal is to make our blog more informative, user friendly and full of exciting real estate related information.

Visit our new WordPress blog here.
April 14, 2010
10:50
JUST LISTED: Gorgeous Coastal Home On Double Lot! Offered at $525,000
» ‎ Fred Real Estate Group

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Beautiful home in the heart of North Bend. Situated on a double lot and near a great park. For full property details and more photos, click here.
10:47
JUST LISTED: Charming Bungalow Across From Westmoreland Park! Offered at $345,000
» ‎ Fred Real Estate Group

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Spacious bungalow located in a fantastic location across from Westmoreland Park. Steps away from Sellwood/Westmoreland shops, coffee, restaurants, and theater! For full property details and more photos click here.
April 06, 2010
7:32
Our Portland Office Is Officially Open!
» ‎ Fred Real Estate Group

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Our new Portland office is officially open!

The 'painting party' this weekend was a huge success -- it looks great! Thanks to all who helped get the office set-up, painted, and ready for business!

View the 'before', 'during', and 'after' photos here.
7:32
Our Portland Office Is Officially Open!
» ‎ Fred Real Estate Group

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Our new Portland office is officially open! The ‘painting party’ this weekend was a huge success — it looks great! Thanks to all who helped get the office set-up, painted, and ready for business! View the ‘before’, ‘during’, and ‘after’ photos here.
March 29, 2010
13:12
Don't foreclose. Do a short sale!
» ‎ Fred Real Estate Group

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NEW YORK (CNNMoney.com) -- Short sales are the hottest thing going in the distressed-property market, and the trend is expected to get even hotter in coming weeks, when the government starts handing out cash to encourage lenders to close these deals.

"Banks have ramped up short sale approvals," said Duane Legate of House Buyer Network, which connects short sellers with buyers. "They're hiring a lot of the people who once worked in the mortgage-lending industry and moved them over to short sales."

These transactions, where lenders allow homeowners to sell their houses for less than they owe, accounted for 17% of all residential real estate sales in February, up from nearly 13% in November, according to a monthly real estate market survey by Campbell/Inside Mortgage Finance.

And Bank of America (BAC, Fortune 500), the country's largest mortgage servicer, has more than doubled the number of short sales it processed in recent months.

Elizabeth Weintraub, a Sacramento, Calif.-area real estate agent who handles many short sales, was amazed at how quickly a recent deal went through. "Bank of America approved it in 24 days," she said. "That flipped me out."

This is a huge change from even just six months ago when the short-sale market was stalled and most people would describe the process has real estate hell. Because lenders stand to lose so much on these transactions, they have been reluctant to make short sales happen, often waiting months before getting back to potential buyers.

Beware: You lost your house but still have to pay

"In the past, many short sales would never come to fruition and the ones that did averaged over half a year to complete," said Chris Saitta, CEO of Equator, which produces short sale software.

"Things would just fall into a black hole and not come out again," added Weintraub.

And even when banks did agree to the sale, the process could be further complicated if the original owner had a second mortgage.

In most cases, the first lender is repaid in full before any money flows to a second-lein holder. And because most distressed borrowers are severely underwater, there's usually nothing left to send on. As a result, second-lein holders are left holding the bag and have been killing many deals.

But that has been changing. For one thing, banks realize that they make out far better financially with a short sale than a foreclosure. "The lenders lose 50% on a foreclosure and only 30% on a short sale," said Glenn Kelman, founder of the real estate Web site Redfin. "And short sales offer a way to get distressed properties off their books quickly."

And on April 5, lenders and mortgage investors will have even more incentives to offer troubled borrowers short sales instead of foreclosing.

Under the new Home Affordable Foreclosure Alternatives program, borrowers will earn a $3,000 "relocation incentive" and servicers will get $1,500 for handling a short sale.

The investors who actually own the mortgage notes will get $2,000 in exchange for sharing proceeds of the short sales with any second-lien holders. And, finally, those second lien holders will receive up to $6,000 for releasing their claims.

Lenders participating in the program must also determine the market values of properties early on and inform the owners of just what price they're willing to accept. Then, if owners come back to the lenders with bonafide offers, they have to be accepted within 10 days.

Equator's Saiita anticipates a short sale explosion in response to the new program. "The challenge will be handling all the volume," he said.

The company has already tweaked its software, which 58 servicers use, to handle the new HAFA rules. And that should help reduce the time it takes to execute a sale, which currently averages 88 days.

The boom in short sales may accelerate the end to the foreclosure crisis by cleaning out the overhang of borrowers in distress and replacing them with more stable homeowners.

Plus, these sales are better for distressed borrowers because their credit scores suffer less. Going through a foreclosure can knock 200 points off a FICO score, twice as much as the penalty for a short sale.
13:12
Don’t foreclose. Do a short sale!
» ‎ Fred Real Estate Group

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NEW YORK (CNNMoney.com) — Short sales are the hottest thing going in the distressed-property market, and the trend is expected to get even hotter in coming weeks, when the government starts handing out cash to encourage lenders to close these deals. “Banks have ramped up short sale approvals,” said Duane Legate of House Buyer Network, [...]
March 23, 2010
19:33
Top 10 Metro Areas for Price Appreciation in 2010: Bend, Oregon makes the list!
» ‎ Fred Real Estate Group

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Good news for the Central Oregon real estate market as Bend was recently featured in the Top 10 Metro Areas for Price Appreciation in 2010.
"Bend Home price forecast (1 year):* 3.3%
Poised where the Cascades meet the Great Basin desert, Bend is a sportsman's paradise, drawing tourists from all over the Northwest. Other economic engines include health care, tech services and wood products manufacturing. But unemployment is high, with 14.9% out of work as of December.

During the bubble, Bend was one of the strongest residential markets in the nation. Prices rose 130% from 2000 to early 2007 before dropping 34% since. A modest gain is projected for 2010, banking on the area's attractions to lure in enough new buyers, especially retirees, for prices to stabilize." * Article courtesy of CNN Money.
March 22, 2010
12:00
America's Most Underwater Housing Markets
» ‎ Fred Real Estate Group

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Negative equity -- what you have when you owe more on your home loan than the property is worth--is one of the defining features of the still-unfolding mortgage crisis. It's a particularly nasty problem because it can lead to all sorts of unpleasant outcomes for the real estate market and the economy as a whole.

Having negative equity, which is also known as being "underwater" on a mortgage, makes homeowners more likely to end up in foreclosure. It restricts a borrower's ability to refinance or buy another home, which in turn stifles demand for housing. It even reduces the flexibility of the labor market, since underwater homeowners are less willing to leave town to take a different job, says Stan Humphries, the chief economist at Zillow.

"We have never had negative equity like this at the national level in as many different regions as we have now," Humphries says. To get a better sense of the cities with the greatest concentrations of negative equity, Zillow provided U.S. News with data that detail the percentage of mortgage borrowers who are underwater in 142 distinct markets throughout the country. Based on this research, we compiled the following list of America's most underwater housing markets. (Please note: We chose no more than one city per state.)

1. Las Vegas

Las Vegas was ground zero for the housing market's historic boom and bust. Loose lending standards and speculative fervor helped send home prices surging more than 104 percent from 2002 to their 2006 peaks, according to Moody's Economy.com.

"We all knew in our hearts it was unsustainable and there had to be a correction," says Larry Murphy, the president of SalesTraq. That correction came as the housing bubble popped and the economy tanked: Home prices in Las Vegas fell more than 56 percent from 2006 to the third quarter of 2009. This steep decline has pulled a vast swath of mortgage borrowers underwater.

"If you bought a home in Las Vegas since 2004 up to about 2007, whatever you bought--I don't care if you bought a big house or a little house, in a great neighborhood or a crummy neighborhood--it's worth about half what you paid for it," Murphy says.

More than 81 percent of single-family home mortgages in Las Vegas had negative equity in the fourth quarter of 2009, according to Zillow. And it may take 20 years for some of these home values to climb back to the levels they hit at the peak of the housing boom, Murphy says.

2. Merced, Calif.

The housing crisis that has rocked Merced, Calf., was initially linked to rising property values in relatively nearby metropolitan areas like San Francisco. As real estate became increasingly unaffordable in the bigger cities, many would-be home buyers started exploring options in smaller markets, such as Merced.

"A number of people said, 'Hey, I have got a couple of choices: I can get a 1,000-foot condo in San Francisco, or I can move east and I can get myself a fairly significant home for the same price,' " says John Walsh, the president of DataQuick. Although this trend increased real estate demand in Merced, prices appreciated even faster as exotic mortgage products and investor interest hit the market.

Area home prices jumped nearly 129 percent from 2002 to 2006. But after the euphoria subsided, home prices crashed more than 72 percent through the third quarter of 2009. This rapid deflation dragged about 64 percent of single-family home mortgages underwater by the fourth quarter of 2009, according to Zillow. Walsh says it could be 10 to 20 years before Merced home prices reach former peak levels.

3. Phoenix

As exotic mortgage loans and investor demand swept through the market, home prices in Phoenix jumped more than 101 percent from 2002 to their 2006 peaks. Jay Butler, an associate professor of real estate at Arizona State University, says many people who purchased property in Phoenix during the boom felt pressure to get in on the action. "You had [real estate] seminars all over the place, you had 'flip this' shows," Butler says.

"You were constantly being fed a barrage that if you weren't actively participating in this thing, you were not only denying yourself a great bit of wealth but your kids [and] your grandkids." But once the music stopped, the housing market in Phoenix was clobbered. Home prices dropped more than 52 percent from their peaks through the third quarter of 2009. And as of the fourth quarter of last year, nearly 62 percent of single-family home mortgages were underwater, according to Zillow.

4. Orlando

Like other cities in Florida, the Orlando market saw tremendous demand from investors during the first half of the previous decade. Some were looking to cash in on the appreciating market through short-term property flipping, while others were buying properties for vacation homes. Although the market attracted interest from buyers in the Midwest and Northeast, condo developers also marketed developments specifically to foreign buyers, particularly in the United Kingdom, says Jack McCabe, CEO of McCabe Research & Consulting.

"It's almost like [the British] were setting up another colony in the United States," McCabe says. Abetted by easy credit, such demand helped send home prices surging by more than 102 percent from 2002 to the market's peak in 2006. But the subsequent crash has been painful. The nearly 48 percent drop from the peak through the third quarter of 2009 has pulled 58 percent of single-family home mortgages in Orlando underwater, according to Zillow. And McCabe isn't optimistic about a quick rebound. "For the condo or condo conversion owner, literally they may carry them out feet first before they ever see that property reach 2006 values," he says.

5. Greeley, Colo.

With 45 percent of single-family mortgages underwater, the Greeley, Colo., market has among the higher concentrations of negative equity in the nation. The predicament is rooted in an increase in smaller homes built during the first half of the previous decade that were purchased with risky, subprime mortgages, says Randy Moser, the president of the Greeley Area Realtor Association.

"If you had a 550 credit score, you could maybe even get 110 percent financing [and] roll in your closing costs," he says. But after many of these buyers began falling behind on their payments, area foreclosures surged, and home prices fell about 15 percent through the third quarter of 2009. "We were probably one of the first counties in the United States that went into the foreclosure mess," Moser says.

6. Bend, Ore.

From 2002 to early 2007, home prices in Bend, Ore., jumped by 99 percent, as second-home buyers and retirees were drawn to this community. But after the housing bubble popped and economy eroded, home prices have slumped some 32 percent through the third quarter of 2009. "We are seeing homes that people bought for $2.5 million now selling for under $1 million," says Kathy Ragsdale, the CEO of the Central Oregon Association of Realtors.

Ragsdale says the initial phase of the downturn was triggered by evaporating demand from second-home buyers. But more recently, as unemployment has surged, many residents have found themselves unable to make their mortgage payments. Today, more than half of the residential property transactions in Bend are distressed sales, Ragsdale says.

"It's huge when somebody stands up in a meeting and says, 'I have a home for sale, and by the way, it's not a short sale,' " she says. As of the fourth quarter of last year, roughly 41 percent of single-family home mortgages were underwater, according to Zillow.

7. Minneapolis-St. Paul

Although this area is far removed from the cities most closely associated with the housing bubble, home prices in Minneapolis-St. Paul inflated significantly in the early part of the previous decade. Real estate values increased nearly 34 percent from 2002 to 2006. Brad Fisher, the president of the Minneapolis Area Association of Realtors, says subprime lending played a key role.

"Outside of the coasts, the Minneapolis-St. Paul area was one of the higher areas [of] subprime loans," Fisher says. "We have paid a price because of that." The subsequent 29 percent price decline through the third quarter of 2009 pulled nearly 39 percent of single-family home mortgages underwater by the fourth quarter of 2009, according to Zillow.

8. Memphis

Home prices in Memphis didn't surge as aggressively as other markets during the boom. But pockets of subprime mortgages--coupled with a modest slump in prices over the past three years--have created a notable concentration of negative equity. Real estate values increased about 12 percent from 2002 to 2006, but prices then fell nearly 18 percent through the third quarter of 2009.

And as of the fourth quarter of last year, roughly a third of all single-family home mortgages were underwater, according to Zillow. Glenn Moore, the president of the Memphis Area Association of Realtors, argues that the negative equity is concentrated in a small part of the overall market. "It is limited to mostly suburban areas and maybe some areas where there was maybe some predatory lending going on," Moore says.

9. Cleveland

Home prices in Cleveland increased 13 percent from 2002 to 2006 but then fell nearly 16 percent through the third quarter of 2009. "There was a little bit of overinvestment in housing, and the economy started weakening," says Celia Chen of Moody's Economy.com. "[Cleveland] entered recession before the rest of the U.S., and I think weak economic conditions have pulled down home prices." Exposure to subprime lending has also played a role in the real estate market's decline. Roughly 32 percent of single-family home mortgages were underwater as of the fourth quarter of last year, according to Zillow.

10. Grand Rapids, Mich.

Real estate values in Grand Rapids, Mich., increased 15 percent from 2002 to 2005 and then fell about 13 percent through the third quarter of last year. As of the fourth quarter of 2009, roughly 29 percent of single-family home mortgages were underwater, according to Zillow. The weakness in the housing market is linked to the area's deteriorating economy, Chen says.

*Article courtesy of US News.
March 16, 2010
17:23
15 Ways to Prove Hardship in a Shortsale
» ‎ Fred Real Estate Group

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What is a legitimate hardship is a question we are asked frequently. So we thought it would be useful to put together a list of most common circumstances that banks consider to be legitimate hardship.

# 1 Unemployment

# 2 Reduced Income

# 3 Divorce

# 4 Separation

# 5 Medical Bills

# 6 Too Much Debt

# 7 Death of my Spouse

# 8 Death of a family member

# 9 Payment Increase

# 10 Business Failure

# 11 Job Relocation

# 12 Illness

# 13 Damage to Property

# 14 Military Service

# 15 Incarceration

Or any other reason that creates a negative financial situation for the seller, as long as you can justify that the seller has suffered financially.

Please feel free to suggest any others in the comments. Thanks!
March 09, 2010
14:49
What makes Fred Real Estate Group different than other real estate companies?
» ‎ Fred Real Estate Group

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At Fred Real Estate Group, we believe that sellers shouldn't have to pay 6 or 7% to sell their home. We guarantee to beat any full service realtor's fees while backing it up with superior service or we will list your home for free. Our goal is to get your business and save you money.
Got a real estate question?
March 08, 2010
18:05
JUST LISTED: Fantastic Gresham Condo!
» ‎ Fred Real Estate Group

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Spacious 2 bedroom, 2 full bathroom condo in Gresham. Offered at $134,900!
17:47
JUST LISTED: Charming SE Portland home
» ‎ Fred Real Estate Group

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Priced to sell! Charming 2 bedroom/1 bathroom SE Portland home. Offered at $149,900!
February 15, 2010
9:48
PRICE REDUCED: Charming Old Portland Style Home! Offered at $235,000.
» ‎ Fred Real Estate Group

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Gorgeous Old Portland style home located in great SE Portland neighborhood!
9:43
JUST LISTED: Charming Updated SE Portland home! Offered at $189,000
» ‎ Fred Real Estate Group

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Beautifully updated SE Portland home, minutes to Woodstock shops!
February 10, 2010
10:59
Federal program to streamline shortsales in 2010
» ‎ Fred Real Estate Group

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By Joel Cone

Like many of her colleagues, Chicago Realtor Carol Grobman has been wondering for a long time why the real estate community at large, and the federal government in particular, have not made a move toward relieving the prolonged short sale process that has been trying the patience of their sellers and buyers alike.

Since the real estate bubble burst back in 2007 many Realtors have been avoiding short sales altogether, either due to lack of training, or simply to avoid the hassle involved.

"Why are they taking six months to make a decision? By then the original buyer is gone. A lot of people can’t afford to wait because they have to move," Grobman said.

Well, the federal government has finally answered back, adding another acronym to its list of government-sponsored programs. This one is called HAFA (it stands for Home Affordable Foreclosure Alternatives) and is part of the Home Affordable Modification Program (HAMP).
HAFA: The Government Response

Hoping to positively influence the nation’s housing market by shortening and simplifying the short-sale process, the Treasury Department released new guidelines for servicers late last year.

Under those directives, HAFA offers servicers and borrowers incentives for utilizing a short sale or a deed-in-lieu to avoid foreclosure on any loan that is eligible under the HAMP program thereby reducing the need for a potentially lengthy and expensive foreclosure process.

Key features of the program include:

* Sellers/borrowers can receive up to $1,500 for relocation expenses
* Lenders will receive $1,000 for each completed short sale
* Up to $1,000 for investors who allow up to $3,000 in short sale proceeds to be distributed to subordinate lien holders. Borrowers can receive pre-approved short sale terms prior to the property listing
* Borrowers are fully released from future liability for the debt

Shifting Short Sale Strategies

Both the popularity and thorniness of short sales are evidenced by the existence of Short Sale Pros, a San Diego Web-based company promoting itself as a solution for real estate professionals, investors and homeowners trying to navigate the short sale negotiation process.

"Homeowners are starting to realize that loan modifications aren’t as great as they thought they were going to be. From the loan modification end, if you can’t help with that then the short sale is the next logical thing," said the company’s president, Michael Corradini.

As Corradini explained, negotiating short sales comes down to how a potential homebuyer, investor or real estate professional approaches the bank and presents the numbers. One tip he suggests when negotiating a short sale: show the bank the difference between your offer and an estimate of what they will net if the property goes to REO.
10:56
Best to buy now before new FHA guidelines take effect
» ‎ Fred Real Estate Group

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By Octavio Nuiry

Starting in early summer, the Federal Housing Administration is tightening lending standards in an effort to bolster its dwindling reserves. The new lending standards will make it tougher for some prospective buyers to purchase a home by requiring a higher down payment than the typical 3.5 percent for some borrowers, higher insurance premiums and reduced seller concessions.

Securing FHA-insured mortgages are attractive to borrowers because down payments are only 3.5 percent. Most conventional loans now require 20 percent down, keeping many creditworthy borrowers on the sidelines.
New Guidelines

The new rules — which are temporary and take effect this summer — come after more than a year of stringent standards from lenders. Among them:

* Better Credit Score — New borrowers will have to have a minimum credit score of 580 to qualify for a 3.5 percent down payment. Previously, there was no minimum score. Those with lower scores will have to make at least a 10 percent down payment. The average credit score of FHA-insured borrowers is 693.
* Higher Insurance Premiums — Buyers who get an FHA-insured loan will soon have to pay a higher initial insurance premium. The new premium will be 2.25 percent of the value of total loan amount, up from 1.75 percent now. A $100,000 mortgage would require a payment of $2,250, or $500 more. But buyers can roll the added cost into the loan amount.
* Reduction in Seller Concessions — Starting this summer, sellers will not be able to offer as much help to buyers to pay their closing costs. The maximum amount of assistance will drop to 3 percent of the value of the property, from the current 6 percent.

FHA removes anti-flipping rule

Another FHA rule change could help foreclosure-plagued markets like Las Vegas, Phoenix, Miami, Detroit and Los Angeles, making it easier for investors to “flip” houses to buyers who use FHA-insured loans.

Effective Feb. 1, the federal government will waive for one year an FHA anti-flipping rule that prohibits insuring a mortgage on a home owned by the seller for less than 90 days.

The new rule lets investors buy today and re-sell as quickly as possible. The move is to allow REO homes purchased by investors to resell as quickly as possible, helping stabilize real estate prices and revitalize neighborhoods after the U.S. housing market collapse.

This new rule will open up a new pool of homes to buyers. Waiving the 90-day flip rule is being heralded by many real estate investors as a boon to their ability to buy, rehab and resell foreclosed homes on a more efficient time line.
February 09, 2010
15:21
IRS Tax Tips: Facts about the first time home buyer credit
» ‎ Fred Real Estate Group

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Seven Important Facts about Claiming the First-Time Home buyer Credit

If you purchased a home in 2009 or early 2010, you may be eligible to claim the First-Time Home buyer Credit, whether you are a first-time home buyer or a long-time resident purchasing a new home.

Here are seven things the IRS wants you to know about claiming the credit:

1.You must buy – or enter into a binding contract to buy – a principal residence located in the United States on or before April 30, 2010. If you enter into a binding contract by April 30, 2010, you must close on the home on or before June 30, 2010.

2.To be considered a first-time home buyer, you and your spouse – if you are married – must not have jointly or separately owned another principal residence during the three years prior to the date of purchase.

3.To be considered a long-time resident homebuyer you and your spouse – if you are married – must have lived in the same principal residence for any consecutive five-year period during the eight-year period that ended on the date the new home is purchased. Additionally, your settlement date must be after November 6, 2009.

4.The maximum credit for a first-time home buyer is $8,000. The maximum credit for a long-time resident home buyer is $6,500.

5.You must file a paper return and attach Form 5405, First-Time Homebuyer Credit and Repayment of the Credit with additional documents to verify the purchase. Therefore, if you claim the credit you will not be able to file electronically.

6. New home buyers must attach a copy of a properly executed settlement statement used to complete such purchase. Buyers of a newly constructed home, where a settlement statement is not available, must attach a copy of the dated certificate of occupancy. Mobile home purchasers who are unable to get a settlement statement must attach a copy of the retail sales contract.

7.If you are a long-time resident claiming the credit, the IRS recommends that you also attach any documentation covering the five-consecutive-year period, including Form 1098, Mortgage Interest Statement or substitute mortgage interest statements, property tax records or homeowner’s insurance records.

For more information about these rules including details about documentation and other eligibility requirements visit IRS.gov/recovery.
February 08, 2010
15:14
The 10 most important things to know to have a successful short sale.
» ‎ Fred Real Estate Group

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Top 10 most important items for successful short sale negotiation

by Tracey Baron on February 8, 2010

Below is a list of best practices used by most successful professionals handling short sale negotiations. These are essential items everyone involved in negotiating short sales must practice and observe.

1. Transparency of all negotiation related activities – with all parties having access to the details. Active involvement creates a self-policing environment when both sellers and buyers can follow the transaction. It helps build a team approach to the transaction and instills confidence to all parties that the right things are being done to secure short sale approval. This is important if additional funds are required to secure a short sale approval. For this very reason we developed and refined our software, Short Sale Builder (www.shortsalebuilder.com) to facilitate transparent communication and streamline the process.
2. Know the laws in your state in regards to short sales and creditor collection rights. Accurate legal information helps negotiators determine when a bank is asking for more than they could recover if the property went to foreclosure. This is a key negotiation strategy.
3. Stay in the loop, know what your successful peer groups are doing as well as keep up with the current trends in short sales. The latest information will give you and edge you need in establishing yourself as a successful short sale negotiator.
4. Set realistic expectations with everyone involved in the process, do not over promise anything, you will lose the transaction when the short sale does not transpire the way you expected. Under promise and over deliver.
5. Do not take files that belong to investors who are low balling offers. You will only jeopardize your reputation as well as your other transactions by increasing scrutiny on your retail files you’ve worked hard to get approved.
6. Do not submit a file without having verified all liens and judgments. You will lose these files at closing when there is no money to pay them. Always have escrow pull a title report prior to submitting short sale packages. It will save you a lot of headaches.
7. Incorporate a call center to make your initial calls on a systematic basis. The call center will get the file set up with the lender and then pass it over to your negotiator once the bank representative has been assigned. This will allow your negotiators to fully focus on closing the file and not get burned out with the mundane aspects of negotiation, such as submitting missing documents. This will also allow you to recruit and retain the highest level of negotiators.
8. Inform all brokers and agents you work with that 6.00% commission will not be paid on every single transaction. Some banks and servicers simply do not allow for 6.00% commissions and there is nothing that you can do to change this. No matter what you read, there is nothing out there that mandates that’s investors have to pay 6.00% commissions on short sales. There are guidelines that urge investors to pay realtor’s commissions, but nothing that mandates this.
9. What if your clients are real estate brokers and they do not want to pay your fee out of their commissions? We had success having the buyer request the seller to cover the negotiation fee as part of their closing cost. This is an effective tactic that will save buyer or the broker any part of the negotiation fee. The key is to You just need to fully disclose this information in the purchase agreement.
10. Do not alienate the bank by being confrontational or mislead them with false statements, it will only hurt your future negotiations. If you are respectful, and have all of your negotiations conversations documented – you will be able to escalate the file to a supervisor if your short sale is stalled or not going they way you had intended. Ensure that you have the facts correct when making a case with the negotiator. If your facts are incorrect and you are acting on emotion, you will effectively ruin all chances of getting any kind of escalation approved.
February 04, 2010
8:55
JUST LISTED: 3 bed / 2 bath one-level home in desirable NE Bend neighborhood - $170k
» ‎ Fred Real Estate Group

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Impeccable one-level home in desirable NE Bend neighborhood. Offered at $170,000.
February 03, 2010
12:04
Rising FHA default rate foreshadows a crush of foreclosures
» ‎ Fred Real Estate Group

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The share of borrowers who are falling seriously behind on loans backed by the Federal Housing Administration jumped by more than a third in the past year, foreshadowing a crush of foreclosures that could further buffet an agency vital to the housing market's recovery.
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About 9.1 percent of FHA borrowers had missed at least three payments as of December, up from 6.5 percent a year ago, the agency's figures show.

Although the FHA's default rate has been climbing for months and eating into the agency's cash, the latest figures show that the FHA's woes are getting worse even as the housing market shows signs of improvement. The problems are rooted in FHA mortgages made in 2007 and 2008. Those loans are now maturing into their worst years because failures most often occur two to three years after a mortgage is made.

If the trend continues and the FHA's cash reserves are exhausted, the federal government would automatically use taxpayer money to cover the losses -- a first for the agency, which has always used the fees it charges borrowers to pay for its losses.

As these loans from 2007 and 2008 go bad and clear off of the FHA's books, agency officials said, losses are expected to taper off, aided by the housing market's anticipated recovery and an influx of more creditworthy borrowers, who have flocked to the FHA's home-buying program in the past year.
Agency officials said they have cracked down on poorly performing lenders and announced higher qualifying fees for borrowers. On Monday, the agency projected that the fees should generate $5.8 billion in fiscal 2011, up from $2 billion this year. That would fatten the FHA's cash cushion, used to cover unexpected losses.
January 31, 2010
10:45
Portland Foreclosures Are Up!
» ‎ Fred Real Estate Group

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Foreclosure rate: One in every 44 households
Percent increase: 87%
National rank: 61st
Unemployment rate: 10.8%

For a long time, the housing bust failed to reach the far Northwest. But it was just a delay: In the past year there has been a big run up in foreclosures, particularly in Portland.

One big reason is that the state and metro area are more dependent than most on the housing industry. Much of Oregon's economy is manufacturing based -- including lumber and other construction products -- so when homebuilding started falling nationwide, many Oregon workers lost their jobs.

In addition, Portland had its own mini-boom in home prices during 2004 through 2006, according to Don Gladson, a broker with Coldwell Banker Seal in Portland. "Prices went way above where they should have been," he said.

When home prices dropped in the bust, many borrowers were left owing more on their mortgages than their homes were worth. Gladson estimated that half the borrowers in Portland are now underwater.

"It was a double whammy," said Tom Potiowsky, Oregon's state economist. "But the sluggish economy is the bigger whammy."

If you have questions regarding what is a short sale is and if you qualify, please call me at 503.422.7653 or email me at fred@fredrealestate.com.
January 27, 2010
15:49
JUST LISTED: 2388sf / 3 bed / 2 bath SE Portland home; steps to desirable Sellwood!
» ‎ Fred Real Estate Group

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Location, location, location! Spacious 2388sf home on large lot, steps away from desirable Sellwood shopping, coffee, restaurants, and parks! Offered at $319,900.
January 26, 2010
9:39
HOME PRICES DROP
» ‎ Fred Real Estate Group

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NEW YORK (CNNMoney.com) -- Home prices fell in November for the first time in seven months, according to a industry report released Tuesday.

The S&P/Case-Shiller 20-city home price index recorded a non-seasonably adjusted decline of 0.2% from October. Prices were down 5.3% compared with 12 months ago.

The loss was unexpectedly large. Experts had forecast that prices would be off by only 5% compared with last November, according to Briefing.com. The lone good news is that the rates of year-over-year declines have continued to shrink.

"While we continue to see broad improvement in home prices as measured by the annual rate, the latest data show a far more mixed picture when you look at other details." said David M. Blitzer, spokesman for Standard & Poor's. "Only five of the markets saw price increases in November versus Ocotber."

Four markets covered by the index -- Charlotte, Las Vegas, Seattle and Tampa -- hit their lowest index levels in four years, according to Blitzer. Any gains they recorded in recent months have been erased.

The five markets that showed month-over-month gains were led by Phoenix, where prices rose 1.1%. Thirteen markets had declines, with Chicago being the biggest loser at 1.1% down. Miami and Dallas showed no change.

Blitzer cautioned, however, that November is a weak time of year for home sales so this might not be a harbinger. In fact, when the data is adjusted for seasonable variations, 14 of the markets recorded gains.

Several markets have been on a strong positive run. Prices have risen in Los Angeles, Phoenix, San Diego and San Francisco for at least six consecutive months. Year over year, Dallas, Denver, San Diego and San Francisco have all entered positive territory, something not seen in at least two years in most markets.

The report failed to stir much passion on the part of industry observers, one way or another. Stuart Hoffman, chief economist with PNC Financial Services called it "not disappointing, considering the big run-up in prices for months before."

He expects continued weakness in home prices through the slow winter months followed by some gains in the spring when the current home buyer tax credit is scheduled to expire. That should bring out a rush of house hunters looking to beat the deadline. Overall, Hoffman forecasts a flat 2010 -- not a bad thing after the steep drops of the past three years.

"The furious ride down on home sales and prices is pretty much behind us," he said. "I don't think we're going up anytime soon. We've hit the flat part of the roller coaster ride."

Pat Newport, a real estate analyst for IHS Global Insight pointed out the fall had very favorable buying conditions. Not only was the first-time homebuyer tax credit boosting demand for homes, but mortgage rates were at extreme lows with 30-year, fixed-rate loans available for under 5%.

"It was a good time to buy, and we saw that in the sales numbers," he said.

He doesn't believe we have hit the price bottom, yet. "Most experts think prices are going to drop more, 5% or so, by the end of 2010," he said.
January 10, 2010
17:51
Our New Bend Office -- Painting Party!
» ‎ Fred Real Estate Group

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The Fred Real Estate Group team spent this weekend painting our new Bend office, which will be officially opening its doors for business as of February 1st. Stay tuned for more info!

Thanks to everyone who helped paint this weekend. Nothing like a little hard work, elbow grease, and LOTS of green paint to really pull the team together. Great job everyone!

A few of the highlights from our "painting party"....
December 22, 2009
13:33
November Home Sales Surge!
» ‎ Fred Real Estate Group

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NEW YORK (CNNMoney.com) -- After surging 10% in October, sales of existing homes jumped again in November, growing 7.4% compared with October to an annualized rate of 6.54 million units, according to the National Association of Realtors.

"This clearly is a rush of first-time buyers not wanting to miss out on the tax credit," said NAR's chief economist, Lawrence Yun.

November was originally going to be the last month in which sales to first-time homebuyers would qualify for a federal tax credit of up to $8,000. However, that deadline was extended through June.

In addition, the tax credit was expanded to cover people who already own a home. They can qualify for a $6,500 tax credit if purchase a new house before the end of June. That should encourage "trade-up" buyers.

The strength of sales in November surprised the industry. A panel of experts compiled by Briefing.com had forecast month-over-month sales growth of just 2.5% to 6.25 million from 6.1 million a month earlier.

The sales total was also a huge improvement over a year ago. Sales rose 45.7% over the paltry annualized rate of 4.49 million units during November 2008.

The contribution made by first-time buyers is evident in a separate survey NAR conducted of its members. They estimate that 51% of sales in November were by newcomers to the market, up a point from 50% in October. Normally, first timers account for about 40% of sales.

Also propelling sales higher were rock-bottom interest rates. The average for a 30-year, fixed-rate loan during the month was just 4.88%, down from 4.95% in October and 6.09% a year ago.

With rates that much lower, homebuyers can save more than $150 a month on a $200,000 mortgage.

The industry expects home sales to slacken December, partially because of the tax credit's originally scheduled demise. That caused some buyers to push up their closing, stealing sales from December.

However, sales will not fall off a cliff, though, according to Walter Molony, a NAR spokesman. "The psychology seems to be turning around," he said. "Potential buyers, who had been staying on the fence, now believe we're at or near the market bottom."

One X-factor, however, is the vast numbers of homes that may come to market over the next few months. There is a large "shadow inventory" -- homes owned by banks and mortgage companies -- that have not yet been put up for sale. It could be as many as 1.7 million units, according to First American CoreLogic.

In addition, another spate of foreclosures could be hitting the market as a number of option-ARM mortgages are set to default.

All that may drive prices down, according to Shari Olefson, author of "Foreclosure Nation: Mortgaging the American Dream." And the impact of these renewed price declines could again alter the market psychology.

"People think that prices have bottomed," she said. "I don't think they have. People will see price declines and that will discourage them from buying."

Mike Larson, a real estate analyst with Weiss Research has preached all through the bust that price declines are what will "fix" the housing crisis.

"We needed to see prices fall to make ownership competitive with renting again, and to restore the normal relationship of house prices to income," he said. "That has now happened and you're seeing buyers come out of the woodwork as a result."

Still, they will have to come out in large numbers to offset the inventory overhang in some of the worst markets, according to Olefson. In the Florida condo market, for example, there is a 35-to-40 month supply of units at the current rates of sale, she said.

Prices still almost certainly have further to fall.
December 16, 2009
7:41
Home building begins to rebound!
» ‎ Fred Real Estate Group

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NEW YORK (CNNMoney.com) -- Home building rebounded from a six-month low in November, with improvement in new home construction in all sections of the nation, according to a government report issued Wednesday.

Construction of new homes rose to an annual rate of 574,000 during the month, 8.9% above the revised October rate of 527,000. The rate was still 12.4% below the 655,000rate during November 2008.

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Rates provided by Bankrate.com. A consensus estimate of economists surveyed by Briefing.com expected 574,000 housing starts during the month.

New construction jumped the most in the Northeast, with a 16.4% rise from the previous month. Housing starts rose 12.3% in the South, 3% in the Midwest and 1.9% in the West.

The number of building permits issued during November rose to a seasonally adjusted annual rate of 584,000. That was 6% above the revised October rate of 551,000, and 7.3% below the November 2008 estimate of 630,000.

One reason for the October downturn was concern that an $8,000 homebuyer's tax credit -- part of the Obama administration's economic stimulus -- was going to expire on Dec. 1.

At the start of November, the credit was extended through the end of June and expanded to apply to more buyers. But David Crowe, chief economist at National Association of Homebuilders, said the bill hasn't had a chance to impact the housing market.

"This is a recovery from the prior month," said. "But we're still seeing a tapering off toward the end of the year. During the middle of this year, we saw a nice buildup through the late summer as a result of the homebuyer's tax credit."

Housing starts peaked this year in July with an annual rate of 593,000.

"We're in a bit of a lull, but the new (extended) credit will have an impact as we move into 2010 and consumers plan for that credit availability, and builders begin to answer expected demand in the spring," he said.

Crowe added that the tight credit market has also made it difficult for builders to borrow money to start building projects.

"Builders are ready to begin restocking their inventories to prepare for the selling season, but they can't get production credit from the banks," Crowe said. "Banks are effectively making carte blanche decisions without recognizing projects that are in decent markets with viable futures."

Crowe said he hopes President Obama's recent pressure on Wall Street banks to help taxpayers who funded their bailouts will improve lending practices.

www.fredrealestate.com
December 07, 2009
17:25
JUST LISTED: Charming Old PDX Style Home -- $259,000
» ‎ Fred Real Estate Group

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Wonderful Old PDX style home located in a great SE Portland neighborhood!

4 bedrooms / 2 bathrooms / 2571sf. Offered at $259,000.

Contact Fred for more details.
November 24, 2009
9:13
JUST LISTED: Charming Family Home In Troutdale, $250,000
» ‎ Fred Real Estate Group

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This charming home has been immaculately maintained. With 3 bedrooms, 2.5 bathrooms, den/office, and open flowing floor plan, there is room for all to enjoy! The vaulted ceilings and large windows provide an abundance of natural light and a spacious feel throughout the home.

The roomy kitchen -- featuring tile counters and eating bar -- overlooks the generous sized fenced backyard and patio, perfect for entertaining! Or on colder days, relax in the comfort of the living room and cozy up by the gas fireplace!

This home is conveniently located less than a minute from downtown Troutdale (which houses many art galleries, antique stores, and boutique type shopping), outlet shopping center, Sandy River parks and Columbia River Gorge, and just steps to the McMenamins Edgefield Hotel/Resort.

What a wonderful place to call home!
9:05
HAPPY THANKSGIVING!
» ‎ Fred Real Estate Group

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This is the time of year where we remember what we are thankful for, the people who are important to us, the military families that have loved ones protecting us, and the basic things in life that we sometimes take for granted.

I am extremely thankful for my wife and two healthy boys that I love very much. I am thankful to have my health and be able to spend time with my friends and family. I am thankful to work with a fantastic group of real estate brokers that I consider to be family. I am thankful to be able to come to work each day knowing that I am helping buyers and sellers move to the next chapter of their lives, whether it's purchasing a new home, selling an old home or investing in real estate.

Most of all, I am thankful to realize that it's the little things in life that make the difference. I appreciate each day that I am here and wouldn't change a thing.

Have a safe and happy Thanksgiving everyone!

- Fred
November 09, 2009
11:17
FORECLOSURES HIT RECORD HIGH IN 3RD QUARTER!
» ‎ Fred Real Estate Group

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IRVINE, Calif. – Oct. 15, 2009 — RealtyTrac® (www.realtytrac.com) today released its U.S. Foreclosure Market Report™ for Q3 2009, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 937,840 properties in the third quarter, a 5 percent increase from the previous quarter and an increase of nearly 23 percent from Q3 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter — the highest quarterly foreclosure rate since RealtyTrac began issuing its report in the first quarter of 2005.

Foreclosure filings were reported on 343,638 properties in September, a 4 percent decrease from the previous month but a 29 percent increase from September 2008. Despite the monthly decrease, September’s total was still the third highest monthly total since the RealtyTrac report began in January 2005, behind only July and August of this year.

“Bank repossessions, or REOs, jumped 21 percent from the second quarter to the third quarter, corresponding to jumps in defaults and scheduled auctions in the previous two quarters,” said James J. Saccacio, chief executive officer of RealtyTrac. “REO activity increased from the previous quarter in all but two states and the District of Columbia, indicating that lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan modification efforts and high volumes of distressed properties.”

If you're a home buyer looking for a great opportunity, please contact Fred Mannila, 503.422.7653 or 541.647.8322 - fred@fredrealestate.com - WWW.FREDREALESTATE.COM
November 06, 2009
11:32
Home Buyer Tax Credit Signed Into Law -- Get The Facts:
» ‎ Fred Real Estate Group

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It's official! President Obama signed a $24 billion economic stimulus bill into law today. This bill provides significant tax incentives to home buyers! Here are the facts:

Who is Eligible
- First-time home buyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit.
- Existing home owners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit.
- All U.S. citizens who file taxes are eligible to participate in the program.
Income Limits
- Home buyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000.
- For married couples filing a joint return, the combined income limit is $225,000.
- Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
- The credit is not available for single taxpayers whose MAGI is greater than $145,000 and married couples with a MAGI that exceeds $245,000.
Effective Dates
- The eligibility period for the tax credit is for homes purchased after Nov. 6, 2010, and before May 1, 2010. However, home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010.
Types of Homes that Qualify
- All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify.
Tax Credit is Refundable
- A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.
- For example:
- A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time home buyer tax credit).
- A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit).
- All qualified home buyers can take the tax credit on their 2009 or 2010 income tax return.
Payback Provisions
- The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.
. . . . . . . .

If you are a prospective home buyer, please contact me for more details on how this tax credit applies to you! Remember, my services are always free to buyers.

- factsheet courtesy of nahb.org
October 28, 2009
15:58
Breaking News! Tax credit extended!
» ‎ Fred Real Estate Group

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WASHINGTON -- Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, said a congressional aide, who spoke on condition of anonymity because he was not authorized to publicly discuss the deal.

Senators were still negotiating the expansion of a separate tax credit that lets money-losing businesses get refunds for taxes paid in previous years, providing them with an immediate source of cash.

Senators in both political parties were hoping to add both tax provisions to a bill that would give people running out of unemployment insurance benefits up to 20 more weeks of federal aid. The Senate could vote on the overall bill as early as Thursday, but lawmakers were still haggling over several unrelated amendments Wednesday evening.

Popular bills like the one to extend unemployment benefits often attract amendments that would have a difficult time passing on their own.

Republicans were demanding that they be given a chance to offer amendments to restrict federal aid to the beleaguered community activist group ACORN and on requiring that people receiving unemployment insurance be processed through E-Verify, an Internet-based system that employers use to check on the immigration status of new hires.

Majority Democrats have refused to add the amendments.
13:24
What happens if a bank cannot produce docs in court?
» ‎ Fred Real Estate Group

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By GRETCHEN MORGENSON
Published: October 24, 2009
FOR decades, when troubled homeowners and banks battled over delinquent mortgages, it wasn’t a contest. Homes went into foreclosure, and lenders took control of the property.

On top of that, courts rubber-stamped the array of foreclosure charges that lenders heaped onto borrowers and took banks at their word when the lenders said they owned the mortgage notes underlying troubled properties.

In other words, with lenders in the driver’s seat, borrowers were run over, more often than not. Of course, errant borrowers hardly deserve sympathy from bankers or anyone else, and banks are well within their rights to try to protect their financial interests.

But if our current financial crisis has taught us anything, it is that many borrowers entered into mortgage agreements without a clear understanding of the debt they were incurring. And banks often lacked a clear understanding of whether all those borrowers could really repay their loans.

Even so, banks and borrowers still do battle over foreclosures on an unlevel playing field that exists in far too many courtrooms. But some judges are starting to scrutinize the rules-don’t-matter methods used by lenders and their lawyers in the recent foreclosure wave. On occasion, lenders are even getting slapped around a bit.

One surprising smackdown occurred on Oct. 9 in federal bankruptcy court in the Southern District of New York. Ruling that a lender, PHH Mortgage, hadn’t proved its claim to a delinquent borrower’s home in White Plains, Judge Robert D. Drain wiped out a $461,263 mortgage debt on the property. That’s right: the mortgage debt disappeared, via a court order.

So the ruling may put a new dynamic in play in the foreclosure mess: If the lender can’t come forward with proof of ownership, and judges don’t look kindly on that, then borrowers may have a stronger hand to play in court and, apparently, may even be able to stay in their homes mortgage-free.

The reason that notes have gone missing is the huge mass of mortgage securitizations that occurred during the housing boom. Securitizations allowed for large pools of bank loans to be bundled and sold to legions of investors, but some of the nuts and bolts of the mortgage game — notes, for example — were never adequately tracked or recorded during the boom. In some cases, that means nobody truly knows who owns what.

To be sure, many legal hurdles mean that the initial outcome of the White Plains case may not be repeated elsewhere. Nevertheless, the ruling — by a federal judge, no less — is bound to bring a smile to anyone who has been subjected to rough treatment by a lender. Methinks a few of those people still exist.

More important, the case is an alert to lenders that dubious proof-of-ownership tactics may no longer be accepted practice. They may even be viewed as a fraud on the court.

The United States Trustee, a division of the Justice Department charged with monitoring the nation’s bankruptcy courts, has also taken an interest in the White Plains case. Its representative has attended hearings in the matter, and it has registered with the court as an interested party.

THE case involves a borrower, who declined to be named, living in a home with her daughter and son-in-law. According to court documents, the borrower bought the house in 2001 with a mortgage from Wells Fargo; four and a half years later she refinanced with Mortgage World Bankers Inc.

She fell behind in her payments, and David B. Shaev, a consumer bankruptcy lawyer in Manhattan, filed a Chapter 13 bankruptcy plan on her behalf in late February in an effort to save her home from foreclosure.

A proof of claim to the debt was filed in March by PHH, a company based in Mount Laurel, N.J. The $461,263 that PHH said was owed included $33,545 in arrears.

Mr. Shaev said that when he filed the case, he had simply hoped to persuade PHH to modify his client’s loan. But after months of what he described as foot-dragging by PHH and its lawyers, he asked for proof of PHH’s standing in the case.

“If you want to take someone’s house away, you’d better make sure you have the right to do it,” Mr. Shaev said in an interview last week.
October 23, 2009
8:09
Home sales rebound to highest level in 2 years!
» ‎ Fred Real Estate Group

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NEW YORK (CNNMoney.com) -- Sales of existing homes rebounded sharply in September to their highest level in two years, getting a strong boost from first-time homebuyers, according to a report released Friday.

Sales of previously-owned homes jumped 9.4% in September after falling for the first time in four months in August, said the National Association of Realtors. Year over year, sales of existing homes were up 9.2% in September.

"Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home" said Lawrence Yun, NAR chief economist.

Early information from a NAR report to be released next month suggests first-time homebuyers accounted for more than 45% of home sales in the past year.

September home sales hit an annualized rate of 5.57 million properties, up from 5.10 million units in August. A consensus estimate compiled by Briefing.com had forecast sales of 5.35 million units.

Prices still falling. Yun said the market is still underperforming as home values continue to decline.

The median price of homes sold in September was $174,900, falling 8.5% from a year earlier. The drop in prices has been led by an influx of distressed properties, which accounted for 29% of sales in September and include foreclosures and short sales.

"We're getting early indication of price stabilization but we need a steady supply of qualified buyers to meaningfully bring inventories down and return us to a period of normal, steady price growth and to fully remove consumer fears, which would then revive the broader economy," Yun said.

With more than 75 million home-owning families having more wealth tied to their homes than the rising stock market, Yun said economic growth without their recovery "will be one of the weakest in U.S. history."

The $8,000 tax credit that has helped first-time home buyers take advantage of the most affordable conditions since 1970, but the looming expiration date of the benefit could hold buyers back from entering the market, said NAR president and real estate broker Charles McMillan.

"Our read is that housing overshot on the downside because homes are selling for less than replacement construction costs in much of the country, and the home price-to-income ratio has fallen below the historical average," McMillan said.

In order for prices to return to normal, Yun says that total housing inventory would need to drop at the 7.5% pace seen in September, which represents a 7.8-month supply, the lowest in almost three years.

To help boost home prices and sales, lawmakers are considering extending the tax credit and expanding it to all but the wealthiest homebuyers.

Where the homes are selling. Regionally, the strongest market was the West, where sales climbed 13% to an annualized rate of 1.3 million. That was 5.7% higher than last year's rate. The median price of homes sold during the month was $219,000, down 15% from last year.

In the Midwest, sales were up by 9.6% to a pace of 1.25 million, which was 7.8% higher year-over year. Prices there have dipped 1% since 2008 to a median of $147,600.

Sales in the South were up 9% from August and 10.8% from last September to a rate of 2.6 million. Prices have dropped 7.6% to $153,500 in the past 12 months.

The Northeast reported a modest rise, with existing sales up 4.4% from August to a rate of 950,000. That was 11.8% from a year ago. The median price there was $234,700, down 7.6% from last year.

Time to buy a house!
October 15, 2009
15:34
U.S. Foreclosures on the rise!
» ‎ Fred Real Estate Group

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IRVINE, Calif. – Oct. 15, 2009 — RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for Q3 2009, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 937,840 properties in the third quarter, a 5 percent increase from the previous quarter and an increase of nearly 23 percent from Q3 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter — the highest quarterly foreclosure rate since RealtyTrac began issuing its report in the first quarter of 2005.

Foreclosure filings were reported on 343,638 properties in September, a 4 percent decrease from the previous month but a 29 percent increase from September 2008. Despite the monthly decrease, September’s total was still the third highest monthly total since the RealtyTrac report began in January 2005, behind only July and August of this year.

“Bank repossessions, or REOs, jumped 21 percent from the second quarter to the third quarter, corresponding to jumps in defaults and scheduled auctions in the previous two quarters,” said James J. Saccacio, chief executive officer of RealtyTrac. “REO activity increased from the previous quarter in all but two states and the District of Columbia, indicating that lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan modification efforts and high volumes of distressed properties.”

Nevada, Arizona, California post top state foreclosure rates in third quarter
Nevada continued to document the nation’s highest state foreclosure rate in the third quarter, with one in 23 housing units receiving a foreclosure filing — nearly six times the national average. Foreclosure filings were reported on 47,925 Nevada properties during the quarter, an increase of nearly 10 percent from the previous quarter and an increase of nearly 59 percent from the third quarter of 2008. Nevada REO activity in the third quarter increased 29 percent from the previous quarter and scheduled auctions increased 26 percent from the previous quarter, but defaults decreased 8 percent from the previous quarter.

Arizona posted the nation’s second highest state foreclosure rate in the third quarter, with one in every 53 housing units receiving a foreclosure filing, and California posted the nation’s third highest state foreclosure rate, also with one in every 53 housing units receiving a foreclosure filing during the quarter.

Other states with foreclosure rates ranking among the top 10 in the third quarter were Florida, Idaho, Utah, Georgia, Michigan, Colorado and Illinois.

Six states account for more than 60 percent of nation’s third quarter total
California, Florida, Arizona, Nevada, Illinois and Michigan accounted for 62 percent of the nation’s total foreclosure activity in the third quarter, with 579,541 properties receiving foreclosure filings in the six states combined.

With 250,054 properties receiving foreclosure filings during the quarter, California accounted for nearly 27 percent of the nation’s total. The state’s foreclosure activity decreased nearly 2 percent from the previous quarter thanks to a 10 percent drop in default notices, but scheduled auctions increased 4 percent from the previous quarter and REOs increased 12 percent from the previous quarter.

Florida foreclosure activity decreased less than 1 percent from the previous quarter, but the state still posted the second highest foreclosure activity total for the third quarter. Foreclosure filings were reported on 156,924 Florida properties, a 23 percent increase from Q3 2008. Default notices in Florida decreased 6 percent from the previous quarter while scheduled auctions increased 5 percent from the previous quarter and REOs increased 16 percent from the previous quarter.

Arizona posted the nation’s third highest foreclosure activity total in the third quarter, with 50,342 properties receiving a foreclosure filing during the quarter — a 5 percent increase from the previous quarter and a 25 percent increase from Q3 2008.

Nevada posted the nation’s fourth highest foreclosure activity total, with 47,925 properties receiving a foreclosure filing in the third quarter, followed by Illinois, with 37,270 properties receiving a foreclosure filing, and Michigan, with 37,026 properties receiving a foreclosure filing. All three states reported increasing foreclosure activity from the previous quarter and from Q3 2008.

Other states with foreclosure activity totals among the nation’s 10 highest were Georgia (33,385), Texas (29,838), Ohio (29,645), and New Jersey (18,108).

Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month or quarter — broken out by type of filing at the state and national level. Data is also available at the individual county level for both Q1 2009 and March 2009. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month or quarter, only the most recent filing is counted in the report.
October 08, 2009
12:03
Outstanding new loan program for investors!
» ‎ Fred Real Estate Group

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Market Niches

WHO CAN BENEFIT? People looking for a great deal for a primary, second home or an investment property First time home buyers allowed Non-Perm Resident Aliens are not allowed Non-Occupant Co-Borrowers are not allowed

FHA VS. HOME PATH

FHA requires UFMI & an annual MI premium Home Path only requires LPMI FHA only allows purchases on primary residences Home Path allows purchase options for primary, second & investment homes FHA requires a full appraisal on purchases Home Path requires no appraisal as the LTV is set by the purchase price

Underwriting Guidelines

LOAN LIMITSConforming $417,000 (One Unit)

TERMS AVAILABLE30 Year Fixed TRANSACTION PURPOSE

Purchase Only CREDIT640 Minimum PROPERTY ELIGIBILTYCondos, PUDS, SFR, Multi

Family Dwelling are eligible for financing
Maximum of 10 Property for owner occupied transactions
4 properties owned restriction for non-owner occupied and second home transactions

LTV / CLTVLTV is determined by sales price - no appraisal requiredMinimal 3% Down Payment
No minimum from the borrower
Can be 100% Gifted
Can be a Grant
Can be a loan from a Nonprofit Organization, State or Local Government or EmployerPurchase Owner Occupied/ Purchase Investment Property

Appraisal Requirements LTV DETERMINED BY SALES PRICE

No Appraisal Required! Email fred@fredrealestate.com for more info.
October 06, 2009
18:15
JOIN OUR TEAM!
» ‎ Fred Real Estate Group

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Fred Real Estate Group is currently seeking a dedicated Buyers Agent to join our Portland team immediately. Interested applicant must be a licensed Real Estate Broker for the State of Oregon.

If you or anyone you know is interested, or for more information about this position, please contact Fred.
October 05, 2009
17:10
PRICE REDUCED: 3 bed/2 bath Lake Oswego Condo - $154,900
» ‎ Fred Real Estate Group

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Beautifully remodeled Mountain Park condominium in Lake Oswego, OR. Currently being offered at $154,900! For more information, please contact Fred.
September 24, 2009
7:50
Fresh Off The Press!
» ‎ Fred Real Estate Group

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Fred Real Estate Group: September Update.

Click here to read and learn more about the $8000 Tax Credit, Short Sales, and Fred's Halloween costume...
August 26, 2009
10:06
JUST LISTED: 2 BR/1.5BA/2021sf charming home in SE Portland. Offered at $179,900!
» ‎ Fred Real Estate Group

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Lots of square footage for the price!
Bring your tools, paint brushes, creativity and personal touches. The character is already there. Just needs you to bring it to life!

[www.postlets.com]

----------------------

View all our featured listings here.

Posted via web from Fred Real Estate Group
9:28
JUST LISTED: 4BR/3BA almost 3200sf home in Happy Valley. Offered at $319,000!
» ‎ Fred Real Estate Group

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[www.postlets.com]

Posted via web from Fred Real Estate Group
August 21, 2009
9:05
Record jump in existing home sales!
» ‎ Fred Real Estate Group

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Brought to you by CNN.com this morning...

NEW YORK (CNNMoney.com) -- Sales of existing homes rose in July for the fourth consecutive month, lending support to economists who argue a recovery is near.

Sales of previously owned single-family homes were up 7.2% compared with June and 5% from July 2008, The National Association of Realtors (NAR) reported Friday. The monthly gain was the largest on record for existing-home sales, which NAR has tracked since 1999.

"The housing market has decisively turned for the better," said Lawrence Yun, NAR's chief economist. "A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales."

July home sales hit an annualized rate of 5.24 million proprieties, marking the first breach of the 5 million annualized rate mark since last September, when they hit 5.1 million. Since then, they have stayed in a very narrow range, bouncing between between January's low of 4.49 million and October's high of 4.94 million.

The July performance far exceeded expectations: A consensus of real estate experts had forecast sales of 5 million.

Low prices
Of course, homes should be selling. Prices have fallen more than 32% from their peaks, set in the summer of 2006. Plus, mortgage rates near historic lows makes the cost of purchasing a home lower than they've been in nearly 20 years.

"In some recovering markets like San Diego, Las Vegas, Phoenix and Orlando, the demand for foreclosed and lower priced homes has spiked, and a lack of inventory is becoming a common complaint," Yun said.

Overall though, the national inventory rose by more than 7% to 4.09 million units. That will continue to keep prices low, according to Mike Larson, a housing analyst with Weiss Research.

"There's a bifurcation of the market," he said. "There's excess supply putting downward pressure on prices and people respond to the lower prices by buying homes."

Housing is its most affordable in many years, he pointed out. "Falling prices is not part of the problem, they're part of the solution," he said.

Hurting home sales have been stubborn increases in job losses. More than 6.7 million jobs have been lost since the beginning of 2008.

That's one reason why Robert Dye, a senior economist for PNC Financial Services (PNC, Fortune 500), is keeping his optimism in check.

"I wouldn't go overboard on this number," he said. "The economy is still healing and will continue to run into some bumps. But it does bode very well for the future and shows buyer confidence is increasing."

There is one potential bump, however: The looming end of the first-time homebuyers credit. The credit gave first-time homebuyers an up to $8,000 refund on their taxes if they close on a deal before Dec. 1. That credit has been motivating buyers, and when it expires, demand could dry up.

"Just like with the cash-for-clunkers program, we run the risk of a letdown as the program runs its course," Dye said.

Please contact me for more information. fred@fredrealestate.com
August 04, 2009
15:48
The new Mortgage Disclosure Improvement Act
» ‎ Fred Real Estate Group

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By now you should have at least heard some news about this new MDIA (Mortgage Disclosure Improvement Act) that went into effect July 30th, 2009. If you have not, I am posting an article to this email for you!
I will not bore you with too many details, and focus on what I feel impacts your business the most! The bottom line is we all must be prepared to meet these new requirements head on, both in how we educate our clients and how you write your purchase contracts.
The most important thing you must know is: Closing time-frames for Purchases will now take 4-15 days longer!
• Borrowers must be given more time now to review loan disclosures (minimum 3 days).
• If your clients work with a Broker, rather than a bank, this initial period could be as long as 8 days! (Mortgage Trust is a bank and a broker).
• If the APR changes by .125% (up OR down!), they must receive a new Good Faith Estimate and Truth-in-Lending Disclosure...and be given an additional 3 days to review! This means, even if we surprise a client and lock them at a rate lower than expected, it can delay the closing process.
• If a client chooses to "shop" around, or change lenders during the process, these new timelines start ALL OVER!
Have a headache yet?

Suggestions on how to avoid headaches and deal with these new rules:
• Make sure your preferred lender or broker has implemented a good system in place to educate the client on their role in how long the loan process may take!
• Encourage your clients to choose their lending resource...and stick with them! Changing lenders, under these guidelines, can cause late closings if they choose a new lender with no good systems in place to navigate these rules.
• If your client is working with a Broker, schedule your closing date out further to accomodate for potential delays!
• If possible, plan on 45 day closings to alleviate the stress. 30-day closings look to be near impossible now.
• Finally, understand that all banks and lending institutions must follow these rules...so it will be a matter of who takes the time to implement efficient systems and educate borrowers on the new requirements.
• More than ever before, we must stress to our clients that they must participate actively and immediately in the process if they want their transaction to close on time. We must set expectations that they must respond to their Realtor or lender as quickly as possible, as delays will cause closing dates to be extended.
At this point, most lending institutions are in a state of "chaos", trying to implement these new guidelines. Many banks are interpreting them differently as well, causing further delays.

My brain got tired just reading this. For more information, please call me at 541.647.8322 or email at fred@fredrealestate.com.
July 22, 2009
14:04
Why do foreclosures continue to rise?
» ‎ Fred Real Estate Group

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Five months after the Obama administration unveiled a sweeping initiative designed to reach 9 million struggling homeowners, home foreclosures continue to rise at an alarming rate. Foreclosure filings were reported on more than 1.5 million properties in the first six months of the year, a 15 percent increase over the same period of last year, according to RealtyTrac. All told, 1 in 84 American homes--or 1.19 percent--received a foreclosure filing during the period. "We talk about green shoots or about things getting worse at a slower rate, but this is one thing that is getting worse month by month," says Patrick Newport, an economist for IHS Global Insight.

Here are six things you need to know about the rise in home foreclosures:

1. Unemployment: The erosion of the labor market--the unemployment rate recently hit 9.5 percent--is the key factor in the rise of home foreclosures, says Celia Chen, an economist at Moody's Economy.com. "Employers continue to shed jobs, and that makes it difficult for even people with good credit who were doing fine to keep up with their mortgage payment," Chen says. For example, a recent report issued by federal bank regulators found that home loans to borrowers with solid credit histories were going bad at a rapid clip. "Prime loans, which represented two thirds of all mortgages in the portfolio, experienced the highest percentage increase in serious delinquencies, climbing by more than 20 percent from the prior quarter to 2.9 percent of prime mortgages," the report stated.

2. Plunging home values: Nearly three years after its peak, the painful decline in home prices continues. Although the pace of decline moderated slightly from the previous month, home prices in 20 major metro areas dropped 18.1 percent in April from a year earlier. Falling home values have dragged more than 20 percent of American homeowners "underwater"--meaning they owe more on their mortgages than the property is worth--as of the first quarter. By sucking equity out of homes, the price declines have also evaporated much of a homeowner's financial incentive for paying their mortgage bill, Chen says. "When somebody doesn't have equity in their house and they are struggling to pay their mortgage, the likelihood of a foreclosure is much higher," she says. In addition, home owners with less equity in their homes will have a more difficult time refinancing their mortgage.

3. End of foreclosure moratoriums: The end of certain foreclosure moratoriums-including those of Fannie Mae and Freddie Mac, which were lifted in late March-also contributed to the rise in foreclosures during the period, Chen says. As these efforts unwound, lenders and servicers put additional properties into their foreclosure pipelines, she says.

4. Is Obama's plan working?: A key component of Obama's housing rescue plan is an effort to restructure--or modify--as many as 4 million troubled loans. So far, about 325,000 modification offers have been made through the program, according to Bloomberg news. Chen says the program is having an impact for certain individual borrowers, but the efforts--at least so far--have not put much of a dent into the national foreclosure epidemic. "The program is making progress. It's just that there are a large number of distressed borrowers out there," she says. "It's so hard to process all of those loans, and then second of all, not all of those borrowers will qualify for the program." Borrowers have complained of long delays and bureaucratic hurdles in their efforts to modify their mortgages.

Though the administration's effort includes incentive payments to convince servicers to modify the loans, Newport says some may find it less costly to foreclose on the property. "My understanding is that there is going to be some pressure from the administration to get banks to start renegotiating more loans," he says. "But if [modification is] not in [the servicer's] self-interest, I don't think that they are going to do much."

5. Mounting political pressure: Mortgage services appear to be facing mounting pressure from Washington to redouble their efforts. "We believe there is a general need for servicers to devote substantially more resources to this program for it to fully succeed and achieve the objectives we all share," Treasury Secretary Tim Geithner and HUD chief Shaun Donovan said in a recent letter to 25 mortgage servicing
firms. In a hearing last week, Senate Banking Committee Chairman Christopher Dodd, a Democrat from Connecticut, expressed his frustration more directly. "Why am I still reading about lost files, understaffed and undertrained servicers, and hours spent on hold on the phone?" Dodd said in a prepared opening statement. "Why are servicers and lenders refusing to accept principal reduction so that homeowners can start building equity and get the housing market moving again?"

6. Foreclosure outlook: Despite this pressure, Newport expects foreclosure rates to creep higher for the next year or so. "It's going to keep on getting worse until the unemployment rate peaks, which we think will happen in about the middle of next year," he says. For her part, Chen argues that a successful mortgage rescue program could expedite a housing recovery. "The hope is that we will be able to push through enough mortgage modifications to prevent home prices from falling too much more," she said.
July 11, 2009
9:04
PRICE REDUCED: Charming Oregon City Home - $250k
» ‎ Fred Real Estate Group

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9:02
PRICE REDUCED: Lake Oswego Condo - $175k
» ‎ Fred Real Estate Group

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July 07, 2009
14:55
Fred Real Estate Group in the news!
» ‎ Fred Real Estate Group

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Please take a look at the attached link. Fred Real Estate Group was recently featured in the Bend Bulletin.

http://www.bendbulletin.com/apps/pbcs.dll/article?AID=/20090705/BIZ0102/907050320/0/FRONTPAGE

For any real estate needs, please contact Fred at 541-647-8322. Remember, we guarantee to have the best fees, best service and best results or we will list your home for free.

WWW.FREDREALESTATE.COM
June 29, 2009
12:03
$8000 Tax credit Q and A's
» ‎ Fred Real Estate Group

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When do I need to purchase to qualify?
If you buy a home between Jan. 1 and Dec. 1 this year and close escrow during these dates, you will qualify for an $8,000 tax credit - as long as it is your primary residence and you meet the simple requirements.
How does the law define "first-time homebuyer"?
The law defines "first-time homebuyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
What are other requirements to qualify?
All U.S. citizens who file taxes are eligible to participate. An income limit of $75,000 a year for individuals and $150,000 a year for joint filers also applies.
How do I apply for the credit?
Taxpayers should use IRS Tax Form 5450 to claim the first-time homebuyer tax credit.
Does the credit have to be repaid?
No. Unlike a similar tax credit passed in 2008, this $8,000 tax credit does not have to be repaid to the IRS.
Can I use the tax credit toward a down payment or other closing costs?
Yes. An announcement made May 29 allows the tax credit to be used toward purchase costs of a home, including down payment in some cases. This can be done one of two ways. First, buyers using an FHA-approved lender can sell their anticipated tax credit to the lender and use the proceeds to immediately apply the tax credit to any down payment above the minimum down payment of 3.5 percent required with FHA-insured mortgages. Second, buyers who receive financing through state housing finance agencies and certain non-profits will be able to use the tax credit for their down payments via a tax credit advance loan that does not result in any cash back to the buyer.

Please email me directly at fred@fredrealestate.com with questions.
June 12, 2009
11:13
User Friendly Map Home Search Tools
» ‎ Fred Real Estate Group

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ATTENTION HOME BUYERS!
Our user friendly map home search tools make it easy to search for homes based upon your target neighborhood or area of town.

We are proud to offer these search tools for both Bend/Central Oregon and the Portland Metro Area.

Click here get started!

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For more information about the services Fred Real Estate Group offers, contact Fred.

FOLLOW FRED REAL ESTATE GROUP ONLINE:

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June 04, 2009
15:13
Just Listed!
» ‎ Fred Real Estate Group

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Meticulously maintained one level home in a fantastic Oregon City neighborhood.

Over $30k in recent upgrades, including: new kitchen cabinets, slab granite counter tops, wood laminate flooring, new bathroom fixtures, and fresh paint throughout. Also, new A/C unit and custom stamped concrete driveway.

Fully fenced back yard has large patio and deck areas, perfect for entertaining!

Contact Fred for more information or to schedule a showing.
May 29, 2009
14:19
Don't get too carried away with the $8000 buyer credit...
» ‎ Fred Real Estate Group

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The Federal Housing Administration rolled out details of its policy Friday that will let first-time home buyers apply an $8,000 tax credit to fund home purchases.
Until now, home buyers were only able to get that money after they bought a home, by applying for the credit–10% of the home’s price up to $8,000–on their tax returns.The policy change means home buyers, who use FHA-backed financing, can get a short-term loan to help buy a home. The loan is repaid a few months later, after the buyer files an amended tax return and receives the credit.
A few important notes:
· This is only for FHA loans, which require a minimum 3.5% down payment.
· Borrowers must first come up with the minimum 3.5% themselves. The bridge loan would cover a larger down payment.
· Borrowers can still use loans from certain non-profits and state and local housing finance agencies to fund the 3.5% down payment.
A handful of states, including Colorado, New Jersey and Ohio, have already launched programs providing bridge loans that allow home buyers to ‘monetize the tax credit,’ which expires Dec. 1. And Realtors and homebuilders have pushed hard for the agency to do the same. But the industry could be disappointed by the plan, announced at a builder conference Friday by HUD Secretary Shaun Donovan, because they wanted to allow buyers to use the credit to fund the initial 3.5% down-payment. The FHA’s policy makes sure that buyers still have “skin in the game” by funding their initial down payment, even if they use tax credit to fund closing costs and a larger down payment.
Note the text highlighted in red. Like all the programs recently announced to help either distressed homeowners (Making Home Affordable, Fannie Mae DU refi plus, Freddie Mac Refinance Relief program) this one is also going to be a constantly changing landscape as the government, and lenders, assess and reassess the parameters of this program.

Please let me know if you have any questions. fred@fredrealestate.com
May 20, 2009
9:10
Update on the $8000 credit for first time buyers.
» ‎ Fred Real Estate Group

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Federal officials on Monday reversed an earlier decision to allow first-time home buyers to use an $8,000 tax credit to borrow the down payment on a home.
A week earlier, U.S. Department of Housing and Urban Development Secretary Shaun Donovan had told the National Association of Home Builders that HUD would let banks and local governments offer short-term "bridge loans" to cover the down payment for first-time buyers eligible for the tax credit. The loans would have been available to applicants for federally insured mortgages such as Federal Housing Administration loans.
Lenders, home builders and real- estate agents had reacted favorably to the bridge-loan proposal, saying it would open up the housing market to more first-time buyers.
However, not everyone was in favor of using the tax credit as collateral on a down-payment loan.
"That tax credit should be savings, not debt," said Patricia Garcia-Duarte, executive director of Neighborhood Housing Services in Phoenix.
Garcia-Duarte said the proposal too closely resembled a now-illegal practice known as seller-funded down-payment assistance, which allowed a home's seller to "gift" the down payment to a specific buyer through a non-profit organization.
Phoenix loan originator Dean Wegner was among the housing-industry professionals who had expressed enthusiasm about the bridge-loan plan.
Wegner said the program would have boosted local home sales, but he added that the bridge loans likely would have come with a high interest rate.
The loans also could have created income-tax issues, according to the IRS officials who shot down HUD's plan.
Still, Wegner remains optimistic that the government will seek other means to circumvent the FHA's required 3.5 percent down payment.
"They will probably come out with a zero-down FHA loan starting January 1, once the $8,000 goes away," he said.
I think we will just wait and see how this pans out so I will be cautious about telling my clients about this plan. HUD talked about rolling out a 100% loan program in 2004 and nothing materialized, then again in 2007 I believe. With the lack of 100% loan programs out there in today's market, I have been talking with my borrowers with limited assets about USDA, VA and the $100 down HUD repo purchase through FHA.
I am sure there will be more information over the next weeks and months, so stay tuned.
May 08, 2009
11:13
The deal of the day in Portland!
» ‎ Fred Real Estate Group

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1668 SQFT
3 bedroom 2 bathrooms
10,000 sqft lot

Price: $124,000

Buy at $122,000.

Fix up and money costs: $25,000

Realtor fee for re-list @ 4% $7996

Sell fast at $199,900
Comps show $220,000

Profit of $44,900.

This Home is not listed on the MLS.

Email or call me for details! fred@fredrealestate.com or 503.422.7653
March 30, 2009
13:07
Do I sense a change in the market?
» ‎ Fred Real Estate Group

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I think I do! And it couldn't have come at a better time! It seems like just yesterday my phone wasn't ringing and the suddenly, "POOF!", it started to ring! It feels like buyers are starting to come out of the woodwork and see what kind of deal they can get out there.

And there are deals to be had! I have been sharing some amazing deals in both Bend and Portland that two years ago people would have thought were crazy. I mean, when could you get a 3300 square foot home in the west hills of Bend for under $300,000? You can today!

Investors have started to get excited again about fixers / flippers. There is meat on the bone for these buyers to make a profit!

Rates are unbelievably low. 4.5% fixed for 30 years? Wow. Time to refi or use your equity to leverage yourself into an investment property?

All I can say is that it feels good. There is a light at the end of the tunnel!

If you want to know how to use your current real estate to create wealth, please send me an email at fred@fredrealestate.com or call me directly at 503.422.7653 or 541.647.8322. WWW.FREDREALESTATE.COM
March 09, 2009
14:19
FLAT FEE LISTINGS
» ‎ Fred Real Estate Group

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Fred Real Estate Group is pleased to announce that it will begin offering flat fee listings for sellers looking to take advantage of the exposure and marketing the local MLS can give their property but do not need the professional representation of a realtor.

We are offering these options to sellers for a few reasons. Every seller is in a different situation. Some have limited equity, some are investors that have sold many homes on their own or some simply want to try selling their home "For sale by owner" for a while.

We have developed two flat fee programs to get them the exposure they need. And, we are doing to save our sellers money. Our flat fee programs start at $179.

We feel that if we can save our sellers money and offer them more options than traditional real estate while providing superior service, we will have repeat business from them for years to come.

If you or anyone you know would like more information on any of our real estate packages, please visit www.fredrealestate.com or call me directly at 541-647-8322 or 503-422-7653. Fred Mannila
March 05, 2009
13:38
Deal of the day in Portland!
» ‎ Fred Real Estate Group

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4403 NE 81st Ave Portland – Asking $315,000

Buy home for $290,000
Segregate Lot $487
Minor updating $10,000
Realtor Fees when selling $12,000 (4% total)
Total investment: $312,487

Sell the lot for $65,000 (sold comps show $95,000)
Sell home for $299,000 (sold comps show $315,000)
Gross: $364,000

Net Profit: $51,513 Approx 1-3 months

1. 3 of the 5 homes that sold, sold in less than 18 days!
2. The other 2 sold as soon as the price was lowered to what they should have been in the first place.
3. There are many buyers looking in this neighborhood.
4. We are saying that you will also put $10,000 into the property to make it that much nicer. Maybe countertops and appliances???
5. The lot is bigger than any other of the “lot” comps (45’x100’)
6. We are pricing the lot Very low.

Please email me at fred@fredrealestate.com or call me directly at 503.422.7653 with any questions.

WWW.FREDREALESTATE.COM
February 17, 2009
17:11
What does the stimulus bill mean for home buyers?
» ‎ Fred Real Estate Group

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Today President Obama signed into law a stimulus bill that contains a great incentive for first time home buyers. The following Q&A will give you some insight into who qualifies and how much you get! If you have questions about a specific situation I would recommend seeking the advice of a qualified CPA.

Who qualifies?
The credit is available to anyone who hasn't owned a home in the last 3 years. There is an income limitation for this credit, $75,000 for individuals, $150,000 for couples married filing jointly, but buyers above this income level will be able to take a partial credit. The purchase of the home must take place between Jan. 1st 2009 and November 30th 2009.

How much is the credit?
The amount of the credit is $8,000 or 10% of the sales price whichever is less.

Does it have to be repaid?
The credit only has to be repaid if the home is sold within three years.

How do I claim the credit?
The credit can be claimed on your 2008 or 2009 tax returns. If you have already filed returns for 2008 you can file amended returns to take advantage of the credit.

I usually get a small refund every year; Does that mean I get an extra $8,000?
Yes! Here are three different scenarios that people will fall into....

Scenario 1: Your final tax liability is normally $6,000. You've had taxes withheld from every paycheck and at the end of the year you've paid Uncle Sam $6,000. Since you've already paid him all you owe, you get the entire $8,000 tax credit as a refund check.

Scenario 2: Your final tax liability is $6,000, but you've overpaid by $1,000 through your payroll withholding. Normally you would get a $1,000 refund check. In this scenario, you get $9,000, the $8,000 credit plus the $1,000 you overpaid

Scenario 3: Your final tax liability is $6,000, but you've underpaid through your payroll withholding by $1,000. Normally you would have to write the IRS a $1,000 check. This time, the first $1,000 of the tax credit pays your bill, and you get the remaining $7,000 as a refund.

Can I use this money as a down payment?
Unfortunately not. The only downside to this tax credit is that you must make the purchase before you can claim the tax credit. I have several clients who have borrowed money from their family or retirement accounts in order to make the purchase with the intention of repaying the loan once they receive their refund. It only takes about a month to receive a refund from the IRS if you file electronically. It does take a bit more time for the refund if you amend your returns; I recommend waiting to file if you are planning on using the tax credit for your 2008 returns. Don't forget to file an extension if you plan on filing after April 15th.

This is a great time to purchase a home. Please call me directly at 503.422.7653 or 541.647.8322 or email me to see any home in the Portland Metro, Bend, and Eugene / Springfield areas.
February 06, 2009
21:43
Just Listed
» ‎ Fred Real Estate Group

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Just Listed
February 04, 2009
12:04
$7500 TAX CREDIT FOR FIRST TIME BUYERS!
» ‎ Fred Real Estate Group

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NEW YORK (CNNMoney.com) -- If you're thinking of buying a home, there could be a big bonus for you in the economic stimulus bill that's now before Congress.
Among its many provisions is a $7,500 tax credit for first time home buyers. The House passed the $819 billion stimulus plan, including this tax credit, in a vote late Wednesday. The Senate may vote on its version of the bill some time next week.
Technically, the stimulus bill is actually changing the terms of the $7,500 tax credit that was issued as a part of the Housing Recovery Act, which Congress passed last summer. That legislation required that the tax credit be repaid over 15 years, making it more of a no-interest loan. Not surprisingly, the measure had little impact on the market. The stimulus bill now under consideration would make that tax credit a true credit that doesn't need to be repaid.
Many in the housing industry believe this credit could do a lot to jump start the moribund housing market.
"Our economists have studied the effect [of the credit] and they say there could be a 10% increase in home sales if it's implemented," said Mary Trupo, a spokeswoman for the National Association of Realtors. "It gives people who are sitting on the fence or who have inadequate funds for closing costs an incentive to act now."
A 10% increase would yield an extra half million sales this year.
Who qualifies
To be eligible, buyers cannot have owned a home for the past three years, and the new home has to be used as a primary residence. The credit phases out as income rises above $75,000 for singles and $150,000 for couples, and disappears entirely at $95,000 and $170,000, respectively.
Applying for it is easy, or at least as easy as doing your income taxes. Just claim it on your return. That's it. No other forms or papers have to be filed.
Both the Senate and the House versions of the new act remove the requirement that buyers repay the credit. The Senate bill applies retroactively to any purchase completed between January 1, 2009 and the end of August. The House version is also retroactive to the start of the year, and expires at the end of June. As long as buyers don't sell for at least 36 months, they keep the money.
And the credit is refundable, meaning that it can be claimed even if the amount of the credit earned exceeds the buyer's tax liability. So even if your total tax bill comes to just $5,000, you can still qualify for a full $7,500 refund.
The housing industry has been pushing this idea for many months, arguing that first-time homebuyers are the key to boosting home sales. First time buyers who purchase from existing homeowners free those sellers to trade up to bigger, better houses.
Buyers beware
But the credit has its drawbacks, according to Bob Williams, a spokesman for the Tax Policy Center, which gave it a mediocre C+ grade in its Tax Stimulus Report Card.
Williams argues that the credit is poorly targeted because it goes to every first-time buyer, not just the ones who wouldn't buy without it. So, it merely provides a windfall for many people who would have purchased anyway. (See correction, below).
And in the end, a $7,500 tax credit, regardless of the details, does nothing to address the issue that's holding most buyers back - the suspicion that prices are going to keep falling.
"As long as people are uncertain about what markets are going to do, this won't help much," said Williams. "It's not enough to change that."
The industry would like to make the tax credit stronger by making it available to all homebuyers, not just first-timers. And it's pushing to have the credit last through the end of the year, at least. (Courtesy of Cnnmoney.com - Les Christie)
January 19, 2009
15:13
Buyer's Market = Trading Up Market
» ‎ Fred Real Estate Group

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Falling home prices are a great opportunity for move up buyers. Even though your home sale may be lower, the smaller loss at sale can be compensated by greater savings at purchase. If home prices dropped by 5%, here's what it could look like if you decided to trade up: (courtesy of Realtor Magazine and "The Shift" by Gary Keller.)

OLD HOME PRICE = $200,000
Sell at $190,000 = $10,000 less

NEW HOME PRICE = $400,000
Buy at $380,000 = $20,000 savings

Get while the gettin's good! Interest rates are great and there's a ton of opportunity to buy a home with instant equity!
January 08, 2009
13:14
INTEREST RATES ARE AT AN ALL TIME LOW!
» ‎ Fred Real Estate Group

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Are you kidding me? Can you really go out and get a 30 year fixed mortgage for 5.01%? And in some circumstances, even lower!

I know the economy is questionable. But if there has EVER been a time to go out and scoop up as many real estate deals as possible, that time is now.

I have been hearing of people buying homes at 50 cents on the dollar. It's absolutely incredible.

If you or anyone you know is interested in purchasing a home in the state of Oregon, please feel free to email me directly at fred@fredrealestate.com or call me directly at 503.422.7653 or 541.647.8322.
December 29, 2008
13:40
Here's to 2009!
» ‎ Fred Real Estate Group

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It's been a rough year for many people. The stock market roller coaster, the foreclosure crisis, the unemployment being at a record high.

Times are tough for a lot of people but I believe that 2009 will bring change for many. I believe the real estate market "decline" will calm down near the end of 2009 but I also feel it will take a few years for home owners to recoup their lost equity.

I also believe that the Obama administration will bring new and much needed energy and ideas to foreign and domestic issues. I feel that once our new president is sworn in on January 20th, the American people will begin to feel a real sense of change.

I know it's all going to take some time and that things will not happen overnight. But I can feel that change is coming.

Here's to a prosperous and healthy 2009!
December 08, 2008
9:45
A time for cheer?
» ‎ Fred Real Estate Group

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As the holiday's are upon us, it is time to remember the one's who are in need. The one's that are losing their homes, the one's who have lost their jobs and their retirement savings, the one's who have friends and family in the military that will not be with them during the holidays. The one's who have a sick friend or family member.

Through this economic downturn, I have really come to realize and appreciate what is important in life. It's not the big house with all the "stuff". It's not the fancy car with the big car payment that goes along with it.

My most important thing in the world is my family. I know that whether times are good or not so good that my beautiful wife and twin boys will always be there.

Even though times are stressful for many and many friends and family of mine are struggling, my eyes have been opened up to what the holiday's should "look" like.

There may not be as many gifts under the tree this year. My phone may not be ringing off the hook as it has when the real estate market was booming.

That's OK. I will still wake up on Christmas morning next to my wife, my boys will still hop in bed with us in their fuzzy pajamas, and we will all go downstairs together to have what may be the first "real" Christmas we have ever had.

Remember, even though life may seem stressful and hectic for many right now, it will get better. We may all learn a few new things about life as we travel down this path together.

Wishing you and your families a safe and happy holiday season.
November 24, 2008
16:11
1.9 MILLION FORECLOSURES IN 2009?
» ‎ Fred Real Estate Group

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I really, really hope this is not true. To even fathom 300,000 more foreclosures nationwide than what we have experienced so far this year does not excite me at all.

I read somewhere recently that if the government were to have given each American citizen $400,000, that would be the equivalent of $700 billion bailout.

Imagine what you and I could do with the $400,000. Wouldn't we pay off our debt, maybe buy a little something here and there, invest in the stock market or buy real estate?

Now, I am no economic guru, but this solution makes sense. Or, the other option is to bailout these huge companies that made questionable decisions about how to make a profit and spend the tax payers money to do it only to put the USA another $700 billion in debt.

I'm just venting right now. But someone needs to do something now otherwise most people are going to have a stressful and struggling situation for the next several years.
November 20, 2008
10:10
Opportunities!
» ‎ Fred Real Estate Group

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Well, if there were ever a time to invest in real estate, that time has come. I am getting notified of some UNBELIEVABLE opportunities. How about a home that was purchased for $899,000 a year and a half ago that is now $399,900? How about a home in a nice area of NE Portland for $97,000?

What if you set yourself up with a few properties that you rented out for a few years and watched your equity grow while someone else made the mortgage payment for you?

I mean, seriously, what if you could purchase several homes right now for prices that existed years ago and set yourself up comfortably for the future?

The time is now to take advantage of the opportunities I see every single day. If you would like access to any and all of these properties for Bend and all of Central Oregon, the entire Portland Metro area and all of Eugene and surrounding areas, please simply send me an email to fred@fredrealestate.com and I will add you to the list. Or, you can always call me at 503.422.7653 or 541.647.8322.
November 17, 2008
14:36
Good news from a lender!
» ‎ Fred Real Estate Group

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This is an email I just received from my preferred lender. If anyone is interested, please email me at fred@fredrealestate.com and I will get you in touch with him.

I'm very pleased to announce that I've partnered with a loss mitigation company in order to help people who may be having problems with their home financing. This program allows people to keep their homes by renegotiating their current loan. This process can be started even if you are not behind on your mortgage payments yet. The reason this program works is simple; Banks do not want to own real estate! Check out this article for an idea of what our financial institutions are facing.
[money.cnn.com]

Who can benefit?
There are several key reasons that you may want to consider a loan modification. If your financial situation has changed in anyway since you purchased the home you would be eligible. If your income hasn't changed but the value of your home has decreased you would be eligible. A story I heard this morning a talk radio show best explains why a bank would be willing to evaluate almost any modification application. The gentleman who called in was current on his mortgage payment however he owed almost $100,000 more than the home was currently valued. He very bluntly asked the host why he should keep paying the mortgage on the home as the value obviously wasn't there. This is a very common situation these days and the banks want to avoid this more than anything. It costs them an incredible amount of money to go through the foreclosure process and devalues the homes they already own even more. They are more than happy to forgive a portion of the debt or rework the loan terms to avoid foreclosing the home.

Property Type
Primary, Second homes and investment properties are all eligible. Even if you own multiple properties you're eligible!

The key is to understand that you are not applying for a new loan. The loss mitigation attorneys simply renegotiate the terms of your current mortgage with your current lender. They will work with both the 1st and 2nd lien holders; in some cases they can negotiate a complete removal of the 2nd loan. I know most of us are seeing a reduction in our incomes these days. Whether your self-employed and have seen your business slow down or your employer is making cutbacks we're all affected in some way.
November 11, 2008
13:10
Rumor has it.....
» ‎ Fred Real Estate Group

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I just read that there may finally be help coming with the upside down mortgage crisis. Now, home owners may be able to have their mortgage adjusted to current market value which will also lower their payment. It is predicted that there will be 1.9 million foreclosures across the country in 2009. There were 1.6 million this year. By helping home owners keep their homes and afford their homes in not only a "must do" by the government but the right thing to do. This will also help stabilize the real estate market and lower the inventories that are at record levels. Finally, there might be a light forming at the end of the tunnel!
November 10, 2008
11:55
Tough economy
» ‎ Fred Real Estate Group

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I have been practicing real estate for nearly eight years now. One of the reasons I got my broker's license, and ultimately, principal broker's license was because real estate allowed me to run my own business and help my friends and family sell and purchase real estate. However, I wanted to share with you what goes on behind the scenes. By the way, the life or a real estate broker is not glamorous with us driving fancy cars and showing fancy homes all day and making millions of dollars.
The truth to behind being a successful real estate broker comes down to a few things. Be genuine, be knowledgeable and work hard for your clients. I am not a "salesy" guy. However, I do, 100 million percent, believe in helping my clients accomplish their real estate goals whether it's buying their first home, selling a home because they are financially strapped, purchasing investment properties and rentals or just offering real estate advice. I believe that if I work hard for my friends and family and do the right thing, that's all that matters.
Right now, the real estate market is experiencing a time where many thousands of successful Realtors are leaving the business. They are losing their jobs just like many of the industries we see on the nightly news. There is an old statistic out there that only 2 out of 10 real estate agents survive in this business. And, if you make it to 3 years, you're golden. I hear the same stories everyday and talk to some of my fellow agents around Bend, Portland and Eugene that are struggling to simply survive. These are agents that have been in the business 25 years and now have nothing. Right now is a tough time for all kinds of industries and businesses. If we can somehow band together and help each other out and realize it's just not one person suffering but hundreds of thousands..even millions...and focus less on what the media is saying, we can all help each other pull out of this economy. I hate hearing about people that are GOOD, HARD WORKING people that are losing their house. I hate hearing how families are wondering how they are going to pay the bills this month. I want everyone to be able to look back in a few years and have a home that is making them money, not costing them money. I want everyone to have a comfortable savings account. I want everyone to know that they will go to their job and get a pay check. I just want everyone to be happy...plain and simple.
November 09, 2008
9:02
A new President is on the horizon
» ‎ Fred Real Estate Group

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As of January 20, 2009, we will welcome in a new president to lead the United States. It looks like he is taking the necessary steps to get the economy moving again and help the real estate industry get back on it's feet.

What does this mean for the real estate market? Some have said 2009 will be slow. Some have said it will pick-up in springtime. My personal opinion is that we should listen less to what the media is saying and focus on the facts.

Prices are phenomenal. Interest rates are great. The inventory (although high) has many incredible opportunities out there. Buyers should look at this time as an opportunity to leverage themselves. If you can buy a home right now for $200,000 that may be worth $350,000 in five years once the market turns and take out some of the equity to purchase a few more homes, rent them out while they continue to appreciate and in 20 years, you would have a substantial profit (not to mention retirement account).

This could all be done with minimal amounts out of your pocket. And, if the properties you purchase cash flow, that is instant income. I am full of creative ideas and good advice. Stay tuned for the next story...
November 03, 2008
14:25
Real estate then and real estate now....
» ‎ Fred Real Estate Group

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What an interesting time to be practicing real estate. I have sold hundreds of homes over the past 8 years and have never experienced anything like what is happening these days. Perfectly qualified buyers are having lending issues, sellers that are priced well below market value can't give their homes away and lenders are getting bogged down with policy and program changes everyday.

I knew the market would have to make a drastic change. I mean, could homes really appreciate at 30% each year? My kids first home would be a $2,000,000 fixer somewhere with a mortgage payment of $20,000 a month. It just didn't make sense.

However, it makes my hair turn silver when I hear the stories of home buyers that purchased homes two years ago for $600,000 that are now worth $400,000. How can this even be fair? To be $200,000 upside down in two years?

My purpose behind this blog is to create an honest and open forum for anyone who has questions, wants to vent, wants to strategize and wants to build wealth in real estate. There are thousands of opportunities out there. It is a great time to buy a home. In fact, I am not sure there has ever been a better time to invest in real estate. I have seen some deals that would make your eyeballs spin.

I will keep this blog updated daily. I will use it to offer my advice, ideas, creativity and to possibly vent myself.