Homes for Sale in Portland Real Estate | Portland Renovation

FHA Announces Policy Enhancements to Better Manage Risk

2010-01-30T04:58:00.000-08:00

FHA Announces Policy Enhancements to Better Manage Risk

This was a great article from Realtor.org detailing what steps FHA will take to ensure its long-term financial soundness.

On January 20, 2010, the Federal Housing Administration (FHA) announced major changes to ensure its long-term financial soundness. NAR has met with the FHA Commissioner on several occasions to discuss the state of the housing market and to underscore FHA's invaluable role. By all accounts the new changes are a victory for home buyers. FHA has carefully balanced the need to make financial reforms with the need to keep FHA available to a large segment of consumers. This is evident by retaining the 3.5 percent minimum down payment requirement and allowing the upfront mortgage insurance premium to be financed.

FHA announced changes in the following areas: 1) The upfront mortgage insurance premium (UFMIP) will increase but may be financed; 2) Borrowers with a credit score below 580 will be required to have at least a 10 percent down payment, however, the minimum down payment will remain at 3.5 percent for all other borrowers; 3) FHA will seek legislative authority to increase the annual premium (currently capped at .55 percent); and 4) Seller concessions will be reduced to 3 percent from 6 percent.

For more information on the Portland Real Estate market- please contact LaDonna Miller- Broker Oregon First Real Estate. ladonnamiller@earthlink.net (503)310-9076.

2010 Renovation Concepts Party at Lisac's Fireplaces

2010-01-14T19:27:00.000-08:00

Lisac's Fireplace's & Stoves hosted a really fun & festive party to officially kick off of the Renovation Concepts 2010 program.

Scott Ongley, Cecelia Ongley, Laura Hertner and the fabulous staff at Lisac's Fireplaces & Stoves hosted such a wonderful festive party. The array of food was incredible with Scott Ongley cooking scrumptious skewer's of shrimp & pork tenderloin on one of their outdoor kitchen grills. The evening was topped off with incredible cheesecake towards the end of the event.

Lisac's had a number of great gift drawings as well as the standard Renovation Concepts drawings to honor members who had sent business leads since the last party.
In addition, Lisac's hosted a festive treasure hunt in the showroom and the lucky winners took home a brushed steel "Elegant Flame" perfect for outdoor evenings on the patio.

Interstate Flooring won the "New Company Sponsorship for the month of January 2010". This is a new feature of the Renovation Concepts program that will launch with the NEW Renovation Concepts website at the end of January. Each member company that wins this gift drawing at each Renovation Concepts party, will have their business featured on the NEW Renovation Concepts Blog. This is a great opportunity for Renovation Concepts members to highlight their businesses and inform visitors to the website about new products and features of their company. There will be 10 Corporate Sponsorships in 2010.

Enjoy the photos:

1. Lisac's Staff- Laura Hertner, Cecelia & Scott Ongley: www.LisacsFireplaces.com

2. New Members: Christine & Larry Jenks from Zion Metal Works www.ZionMetalWorks.com

3. JB Construction: Jim & Maria Bruce: wwww.jbconstruction.com

4. New Members: Jeremy Kushner- Railpro, Rick McCutcheon- THE WALL & guest Loren Hall- Insite Productions. www.railpro.us, www.ByTheWall.com & www.InsiteWebServices.com.

Check out additional photos of Steve Gemmell of Earthquake Tech, Pavel Skobkarev of Huggybear Cupboards, Luke Morley of Lakeside Lumber, Nancy Faunt of Nancy Faunt Interiors, Rod Faunt of LandServices, Inc, Wendy Vaughn of Bolliger Window Fashions, Jodi Rodhe of Pacific West Roofing, Debbie VanBaardwyk of Interstate flooring and Brian Jarvis of Pacific West Roofing & Artisan- Greg Simons of Build Design Inc. To view these additional photo's please visit: Renovation Concepts on Facebook.com

For more information on Lisac's Fireplaces & Stoves please contact Scott Ongley or Laura Hertner at (503) 261-1000.

Earth Advantage TOP 10 Green Building Trends to Watch in 2010

2010-01-09T06:38:00.000-08:00

This was an excellent article by Sean Penrith at Earth Advantage in Portland, Oregon. I think that he is correct and I think that each of these trends will be important for homeowners who wish to live more sustainable lives.

TOP TEN GREEN BUILDING TRENDS TO WATCH IN 2010- By Sean Penrith

While we know the building industry had a rough year in 2009, not all of the industry has been in the doldrums. Green building has been a bright spot in an otherwise lackluster year, and the Northwest design and building communities have been at the forefront.

Consider the collaboration on the Oregon Sustainability Center, which may be one of the first “living” office buildings. On the residential side, according to Multiple Listing Service data, the market share for certified sustainable new homes has actually risen this past year in greater Portland and Seattle.

So what can we expect to see in the coming year in green building? Here are our picks for emerging trends of 2010, in no particular order.

1. The smart grid and connected home. While utilities will continue to make upgrades to the grid for more effective generation, storage and distribution of power, the big news is in the home.

The development of custom and web-based display panels that show real-time home energy use, and even real-time energy use broken out by individual appliance, will go a long way towards helping change homeowners’ energy behavior and drive energy conservation. In the same way that the Toyota Prius miles-per-gallon indicator has motivated some owners to modify driving habits, these home “dashboards” may create “extreme energy” buffs intent on reaching individual energy goals specified for the home by rating systems such as the Energy Performance Score.

2. Energy labeling for homes and office buildings:

The advent of more accurate energy rating systems for homes and office spaces – similar to the miles-per-gallon sticker on your car – has caught the attention of energy agencies and legislators around the country. Not only can it make a building-to-building or home-to-home comparison easier, but a publicly available score on the
Multiple Listing Service (MLS) could galvanize owners to make needed energy improvements while adding value to their building. A post-improvement audit can also measure the effectiveness of upgrades, a useful tool for gauging results of stimulus funding for retrofits. In Oregon and Washington, the Energy Performance Score has been written into recent bills to explore mandatory energy labeling at the time of any transaction.

3. Building information modeling (BIM) software:

The continued evolution of CAD software for building design has produced new add-on tools with increasingly accurate algorithms for energy modeling as well as embedded energy properties for many materials and features. This will prove instrumental in predicting building performance. BIM developers will soon be offering more affordable packages aimed at smaller firms and individual builders. Contractors are
predicted to show the greatest increase in usage of BIM compared with any other group,according to market research firm McGraw Hill Construction.

4. Buy-in to green building by the financial community:

Lenders and insurers have come to see green homes and buildings as better for their bottom line and are working to get new reducedrate loan products, insurance packages, and metrics into place. Lenders and insurers are realizing that green home owners are more responsible, place higher value on maintenance, and are less likely to default due to lower operating costs of homes and office buildings.

5. “Rightsizing” of homes:

As we’ve seen during the current downturn, a larger home no longer translates into greater equity. Given that the forecast for home valuation remains conservative,
that energy prices are expected to rise over time, and the Federal Reserve is expected to raise interest rates mid-year, homeowners will likely feel more comfortable building smaller homes and smaller add-ons.

6. Eco-districts. Portland is already on the bandwagon with this one, encouraging the creation of greener communities where residents have access to all most services and supplies within walking or biking distance. These areas would also incorporate green spaces and green certified buildings. While we have such neighborhoods in the cities, the creation of walkable, low impactcommunities in the suburban setting is also gaining steam.

7. Water conservation:

Because indoor and outdoor residential water use accounts for more than
half of the publicly supplied water in the United States, the EPA finalized the WaterSense specification for new homes in December of 2009, which reduces water use by about 20 percent less water compared to a conventional new home. Verification groups that certify single and multifamily homes will likely also train the same staff to verify WaterSense compliance when requested by builders or homeowners. Mandatory energy labeling in Europe already documents water efficiency in buildings -- it may soon be incorporated into U.S. performance scores. Water will be the essential resource in the next decade.

8. Carbon Calculation:

With buildings contributing roughly half the carbon emissions in the the
environement, the progressive elements in the building industry are looking at ways to document, measure, and reduce greenhouse gas creation in building materials and processes. Lifecycle analysis (LCA) of building products is underway by third party technical teams, while others are working with federal and state building authorities to educate staff, create monetized carbon credits, and develop effective carbon offset policies. This effort will be heightened once a federal cap-and-trade mechanism is launched in this country.

9. Net Zero Buildings. A net zero building is a building that generates more energy than it uses over the course of a year, as a result of relatively small size, extreme efficiencies and onsite renewable energy sources such as wind, solar or geo-exchange systems. While the Architecture 2030 Challenge sets forth net zero as the goal for all buildings in 2030, we are already within striking distance on many fronts. Building extreme efficiency into a structure is highly cost effective, and achieves the bulk of the net zero effort. Oregon already has several net zero
homes, and the planned Oregon Sustainability Center is an example of a net zero office building.

10. Sustainable building education: While the slowdown afforded many builders the opportunity to learn about green building and establish credentials, the momentum for green building is being supplied by homebuyers, homeowners and building owners.

The continued demand, especially in progressive cities, will supply new learning opportunities, not just for designers and builders but for the entire chain of professionals involved in the building industry, from real estate to finance, and insurance. These peripheral professionals seek to know more about the features
and benefits of sustainable construction in order to place an appropriate value on a green building. In this way they can be assured that there will not be a disconnect between the homeowner’s or builder’s perceived value and the appraiser’s perceived value, and all parties can benefit from the greening of the building industry.
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For more information contact:
Tom Breunig
Director of Marketing
Earth Advantage Institute
503 968 7160 x36
tbreunig@earthadvantage

For more information on Real Estate in the Portland market- please contact LaDonna Miller- Broker with Oregon First Real Estate. email-ladonnamiller@earthlink.net or contact me at (503) 310-9076.

REO Short Sales Aren't Always Bargins

2009-12-06T05:39:00.000-08:00

This is an excellent article on the real issue of whether Foreclosure, REO or Short Sale properties are really a great value in the first place and whether a Buyer might be better off buying a well priced home that is currently on the market. This article was from Inman News a well respected voice in the Real Estate Industry.

Today's buyers seem to have one thing in common: Everyone wants a great deal. So the real issue is whether the foreclosure, REO or short-sale property you're eyeing is a bargain or a money pit.

The buying public seems to think that "great deal" equals foreclosure, short sale or bank-owned property. The truth is that these properties may appear to be bargains, but in many cases you could be buying someone else's problems. If you're looking for a bargain property, here are some key issues to consider:

1. What is your time line for purchasing?

You may find the perfect short-sale property, and the seller may accept your offer. The challenge is that you don't have a deal until the bank approves the short sale. At many large lenders a single processor may have up to 500 files on his or her desk at one time. Realtors are reporting that it can take six or more months to get an offer approved. The wait can be extremely frustrating. It can also be costly.

For example, if prices are still declining in your area and price range, the offer you made six months ago may be too high. Also, if you qualify for a loan now, will you still qualify six to eight months from now if mortgage interest rates have increased? More importantly, can you afford to make a higher monthly payment? If possible, search for a short sale or an REO where the bank has preapproved the sales price. It still may take a long time to close, but not as long as it would if the price was not preapproved.

2. Are you prepared to be in a multiple-offer situation?

Since so many buyers are searching for distressed properties and the approval process takes so long, multiple offers are common. The lender will not tell you about other offers. They may, in fact, tell you that your offer will "probably" be approved -- but you cannot rely on this representation.

If another offer comes in at a higher price and at better terms, the bank is obligated to take the best offer. If the property is a short sale, the seller's signature on the document merely opens the negotiation -- it does not finalize it. Furthermore, the seller/lender may continue to market the property even after they have signed a contract with you. This is simply smart business, as so many borrowers are having trouble closing transactions due to appraisal issues.

3. Ask the agent if the seller participated in the "Cash for Keys" program
The best candidates for good bargains are those properties where the sellers are still occupying them. Many banks have a program called "Cash for Keys." This program pays the owners of foreclosure and short-sale properties money to keep the owner from trashing the property when they move out. I have seen copper piping ripped out of properties, concrete poured down the plumbing, and appliances stolen or destroyed. Cash for Keys is designed to minimize these behaviors.

4. Beware of vacant properties

Never purchase any property without doing a physical inspection. Also, if it takes more than 90 days to negotiate the transaction or if the house has been vacant, have the property re-inspected prior to signing off on the final deal. The reason for this is that the longer a house stays vacant, the more likely it is to have problems.

For example, pack rats and mice are more likely to move into vacant properties. They can chew through the wiring and generally wreak havoc with the home's electrical systems. Also, if the dishwasher is not run at least once a week, the seals can dry out. If you live in an area where the pipes are not winterized and there are freezing temperatures, a pipe may burst. You may not discover the problem until you turn the water back on after closing.

5. Is the deal more important than your lifestyle?

A property can be a great deal in terms of the price, but is it worth it if it's in a poorly rated school district or if the commute is an hour from your workplace? What if the property has a terrible floor plan, is in the flight path for a major airport, or occasionally gets a whiff of the sewage treatment plant? When you purchase, it's important that you take all of these issues into consideration rather than focusing exclusively on the price. A property with any of these types of problems will be harder to sell in the future.

It's important to consider the price in conjunction with the quality and the convenience of your lifestyle once you move in. For example, an extra 30-minute commute over a number of years can easily chew through thousands of dollars in terms of your vehicle costs, not to mention the wear and tear from the additional stress of commuting.

There are good distressed property deals out there. Nevertheless, don't limit your search. Have your agent show you seller-occupied homes that are not distressed properties. Thirty-five percent of all properties are owned free and clear. These properties are often lovingly maintained, in top-notch condition, and in more desirable locations. In the long run, they may be a much better bargain.

Bernice Ross, CEO of RealEstateCoach.com, is a national speaker, trainer and author of "Real Estate Dough: Your Recipe for Real Estate Success" and other books.

For more information on purchasing property in Portland, Oregon please contact LaDonna Miller-broker Oregon First Real Estate (503) 310-9076 or ladonnamiller@earthlink.net

www.RenovationConcepts.net or www.PortlandResidences.com

Green Building to Support Nearly 8 Million U.S. Jobs Through 2013

2009-12-03T05:05:00.000-08:00

Check out this great article from Builder Magazine- The information source for the Home Building Industry that states that Green Building to Support Nearly 8 Million U.S. Jobs Through 2013. This is such exciting news because for once the United States has the opportunity to rebuild our crumbling economic base by taking advantage of this trend.

We as a nation are at a crossroads and we need to move quickly to invest in technology and resources to build this industry. I am so passionate about this because we need to start replacing JOBS that have been sent to China for manufacturing, customer service and technology jobs that have been sent to India and start to invest in an industry that will be American Based and create Jobs here in America for Americans so that we can start to rebuild our declining economy. To me this is both very exciting and a real opportunity!
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Green construction to contribute $554 billion to U.S. economy, new report says.
By:Jennifer GoodmanRelated ArticlesSave / Share

Despite a challenging economic outlook, green building will support 7.9 million U.S. jobs and pump $554 billion into the American economy--including $396 billion in wages--over the next four years, according to a new report.

The U.S.Green Building Council (USGBC) study by Booz Allen Hamilton also determined that green construction spending currently supports more than 2 million American jobs and generates more than $100 billion in gross domestic product and wages.

The economic impact of the total green construction market from 2000 to 2008, the study found, contributed $178 billion to U.S. gross domestic product; created or saved 2.4 million direct, indirect and induced jobs; and generated $123 billion in wages.

The study considered the total impact of green buildings, from the architects who design them to the construction laborers who pour their foundations to the truck drivers who deliver materials, in recognition of how extensive the impact of green building is, says Gary Rahl, officer of global government market for McLean, Va.-based Booz Allen Hamilton.

“The study demonstrates that investing in green buildings contributes significantly to our nation’s wealth while creating jobs in a range of occupations, from carpenters to cost estimators,” said Rahl. “In many ways, green construction is becoming the standard for development. As a result, it is expected to support nearly 8 million jobs over the next five years, a number four times higher than the previous five years.”

The study, which was released at the USGBC’s Greenbuild Conference in Phoenix last week, validates the work that green building pros do every day, said USGBC founder Rick Fedrizzi.

“Our goal is for the phrase ‘green building’ to become obsolete, by making all building and retrofits green--and transforming every job in our industry into a green job,” said Fedrizzi.

The report also lists the types of jobs created as a result of green building spending, the
average salaries for these positions, and the estimated educational attainment required for each position. It can be downloaded here.

Jennifer Goodman is Senior Editor Online for EcoHome.

For more information on Green Building Trends in Portland Oregon, please contact LaDonna Miller-President- Renovation Concepts, LLC. (503) 310-9076 ladonnamiller@earthlink.net

Sofa Table Chair in Portland is offering 15% off all Holiday Decor

2009-11-26T06:10:00.000-08:00

Sofa Table Chair a Renovation Concepts Member in Portland Oregon will be having a great sale this "Thanks-giving Day" holiday.

For those who are in the festive mood and excited about the upcoming holidays- they should check out the great Holiday Decor at Sofa Table Chair. Susan Walter owner of Sofa Table Chair is an accomplished designer and both of her store locations reflect her eye for design.

I am a huge fan of Sofa Table Chair. If you visit Sofa Table Chair mention this Blog post when you ask for the 15% Discount off all Holiday Decor.

Here are the two Sofa Table Chair locations:

1916 NE Broadway, Portland, Oregon 503-231-2782
5656 Hood St, Suite 109, West Linn, Oregon 503-557-0420

www.SofaTableChair.com

For more information on Renovation Concepts please contact LaDonna Miller-President & Founder at (503) 310-9076.

Have a wonderful Holiday!

A Special "THANKS" to Steve Boeh at Bolliger Window Fashions

2009-11-13T09:37:00.000-08:00

This week, Steve Boeh & Wendy Vaughn hosted the last Renovation Concepts party of 2009. It was a Fun & Festive event, the food was fabulous there were some amazing gift drawings and a wonderful time was had by all.

Check out all of the photos!

Photo #1: Wendy Vaughn of Bolliger Window Fashions in Portland, OR. Denise, Lisa & Sandra of Hunter Douglas.

Photo #2: Amy Estrin owner of The Whole 9 Yards, Susan Walter owner of Sofa Table Chair & Wendy Vaughn of Bolliger Window Fashions

Photo #3: Lexie Wrisley of Pental Granite & Marble, Rod Faunt owner of Landservices Inc. and Beckie Blakey of A Cut Above Exteriors.

Photo # 4: James Labenski, the Famous Gene Darco & Tony Darco- of GENE DARCO PAINTING in Portland.

For additional photos of the party please visit my Facebook page

For more information on Top Building & Design Related professionals please visit www.RenovationConcepts.net or contact LaDonna Miller- President of Renovation Concepts and Real Estate Broker with Oregon First Real Estate (503) 310-9076 or ladonnamiller@earthlink.net

$8,000 Homebuyers Tax credit Extended

2009-11-11T13:38:00.000-08:00

Last year, President Obama implemented the first $8000 Tax Credit for qualified First Time Home Buyers. This program was extremely effective in stimulating the Housing Market Nationwide.

As I meet with Remodelors, Trade contractors and Designers and others in the Building & Design industry in Portland, Oregon, everyone that I speak to all over the city of Portland who is in the building & design industry, feels like as they look back over 2009, one consistent comment that I hear from everyone, is that 2009 has been steady year, and is definately not the free fall that everyone in the real estate & building industry had experienced over the past 2 years.

I commend President Obama and Congress for having the wisdom to implement the First Time Buyers Tax credit last year, and to have the insight to revise the NEW Homebuyer tax credit to be more inclusive. I strongly believe that these measures have had an enormous effect on our economy and has helped many small independent and medium businesses in the building industry stay in business and not have to close their doors.

Here is the official post from CNN News with details on the extended program.

$8,000 homebuyers tax credit extended
President Obama reups popular tax credit through June 2010 and expands it to include people with higher incomes and some who want to trade up into new homes. By Les Christie, CNNMoney.com staff writer
November 6, 2009: 3:18 PM ET

The $8,000 credit was scheduled to lapse on Dec. 1 but will now be in effect through the end of June. Homebuyers must sign a contract before April 30 and close by June 30. The income limits were also raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.

The bill also made more homeowners eligible to claim the credit on their taxes. First-time buyers -- those who have not owned a home in the past three years -- still qualify for an $8,000 rebate. But now people who want to trade up can also qualify. Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.

"The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules," said Gibran Nicholas, chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers.

Who qualifies?
Nicholas provided four scenarios illustrating how the tax credit rules for existing homebuyers will apply:

• Harry owned a home in 2001 and 2002 but sold it to relocate for a job. He would qualify for the $8,000 first-time-buyer credit because he has not owned a home in the past three years.

• Sue purchased a home in 2004 and has lived there since. If she decides to buy a new home, she would qualify for the $6,500 tax credit because she has lived in the same residence for five consecutive years in the past eight.

• Jane purchased her home in 2002, lived there for five consecutive years before she rented it out in 2007. She would qualify because she was an owner/occupier for at least five consecutive years in the past eight.

• Mark purchased a home in 2006 and lived there for the past three years. He would not qualify because he is neither a first-time homebuyer nor someone who lived in the same primary residence for five consecutive years out of the past eight.

How it helps the economy
Legislators and industry experts expect that the credit will encourage buyers such as Jane and Sue to move up their purchase plans.

"This bill will shift demand from the second half of 2010 into the first half," said Pat Newport, a real estate analyst with IHS Global Research. "As a result, home sales and prices will get a boost in the first half of 2010, with payback in the second."

That's not a bad thing, according to Bill Kilmer, vice president of advocacy for the National Association of Home Builders. It's important to stabilize real estate markets quickly to help bring the economy out of its tailspin.

The original $8,000 tax credit appears to have helped accomplish that goal: Home prices have inched up the past few months, according to the S&P/Case-Shiller Home Price Index.

Would it have happened anyway?
But critics still see the program as being ineffectual because it rewards buyers who would have purchased a home anyway. Newport estimates that fewer than 400,000 of the 2 million who have claimed the original credit made their purchases solely because of the tax advantages.

Furthermore, buyers do not, in reality, receive the entire benefit. "The credit helped prices stabilize," said Newport. "So the credit has been split between seller and buyer. The sellers are getting higher prices and buyers paying more than they would have without it."

The housing industry, however, is pleased with the extension, although the credit has not been quite as effective as they hoped.

The industry thought the credit would provide a ripple effect, with sales to first timers triggering as many three additional "move-up" sales.

That did not happen, according to Lawrence Yun, NAR's chief economist.

"It did not have the chain reaction impact it was supposed to," he said. "Instead, many first-timers turned to vacant, foreclosed or other distressed properties the sellers of which were unlikely to be move-up buyers."

So, the tax credit helped prop up the low end of the market without having much impact on the rest of the spectrum. Expanding the benefit to existing homeowners should boost those segments. That should produce additional benefits, according to Yun.

"Preventing further price decline or even nudging prices up a bit stabilizes housing wealth, which makes homeowners more comfortable in their spending," said Yun. "They're more likely to go out to the stores or buy a new car. That provides a boost to the overall economy."

For more information on purchasing Real estate in the Portland, OR. Please contact LaDonna Miller- Oregon First Real Estate- ladonnamiller@earthlink.net or (503) 310-9076 or visit www.RenovationConcepts.net or www.PortlandResidences.com

Senators Agreed to Extend First Time Home Buyer Credit Until April 2010

2009-10-29T21:00:00.001-07:00

This was breaking news from Builder Magazine. This is great news for the Real Estate & Building industry as well as First Time Home Buyers!

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. The Commerce Department said Wednesday that new home sales fell 3.6 percent in September, and some industry representatives blamed uncertainty about the tax credit.

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, according to a summary of the legislation being circulated among lawmakers.

For more information on Real Estate in Portland please contact LaDonna Miller- Broker Oregon First Real Estate (503) 310-9076 or ladonnamiller@earthlink.net

The Whole 9 Yards 18th Anniversary Sale

2009-10-14T07:19:00.000-07:00

The Whole 9 Yards known for being the "Best Fabric" store in the Portland area is having a 18th Anniversary Fabric Sale this week.

This Anniversary sale is being held Tuesday-Saturday October 13th-17th. This is a BIG deal because this is 20-50% off all fabulous fabric that they offer in stock.

This is an opportunity to save on the entire selection of in-stock upholstery, drapery slipcover & bedding fabric at their eastside location with free parking.

Sale Hours: Tuesday-Friday 10- 6 pm & Saturday from 10- 5 pm

If you have ever visited the Whole 9 Yards, you know the extensive choices of beautiful fabric and wide selection of choices available. This is a annual event you will want to attend.

For more information: please contact Amy Estrin- owner at The Whole 9 Yards. (503) 223-2880.

Address: 1820 East Burnside, Portland, OR. 97214 www.W9Yards.com

If you visit Amy Estrin at The Whole 9 Yards, Please tell her that you heard about this on the Renovation Concepts Blog.

A Super Fun & Festive Renovation Concepts Party at Pental Granite & Marble

2009-10-01T23:20:00.000-07:00

For the past three years, the Fall season always brings a great event at Pental Marble & Granite, and of course this year was no exception.

One month ago, when I met with Neil Czelder, Lexie Wrisley & Lisa Rattan at Pental Granite & Marble to plan the next Renovation Concepts party. We all sat around the conference table at Pental and the concensus in the room was "Let's try something new, lets plan a creative event that would allow each member company in the Renovation Concepts program the opportunity to showcase their business or service in a totally entertaining and unique way".

It was from this starting point that a brilliant format was developed. The plan was that each member company would do a 2-3 minute commercial on their business and then all votes would be cast by each person in the audience and there would be three top awards given for best commercials.

This event at Pental Granite & Marble was so much fun! I was blown away by the ingenuity demonstrated at this event by each member company. Each business owner really put alot of thought and creative energy into this event. The result was really creative commercials that were brilliant and super funny. It really was a festive event for all involved!

I must say that in four years of hosting Renovation Concepts events, this was one of the best Renovtion Concepts party's and will most likely be a theme event each year. So thanks to Neil Czelder and his brilliant staff for making this such a great evening! It is a sincere pleasure to work with each of you!

Here are the photos:

Photo #1- The famous Pental Marble & Granite Staff- from left to right Cindy Mahaffey, Lexie Wrisley, Neil Czelder, Lisa Rattan

Photo #2- Award Winner #1 Commercial Gene Darco- President of Gene Darco Painting and his wonderful staff. Photo left to right- Gene Darco, Travis Still, Tony Darco & Kelly Darco.

Photo #3: Award Winner #2 Commercial was David Lipkind- Shelbyville Remodeling who was totally entertaining with his harmonica and hip east-side style.

Also in this photo was Darci Shaver of Interstate Flooring.

Photo #4: Award Winner #3 Commercial was Amy Estrin- The Whole 9 Yards.

Hats off to all of the Renovation Concepts members who made this such a great event!

Enjoy the photos!

Aging Boomers revolt against "McMansions"

2009-09-28T22:47:00.000-07:00

This was an informative article on what Aging Boomers are searching for published by the National Home builders Association.

Aging Boomers Want More Modest Homes and Easy Living

The current housing downturn has taken some steam out of housing demand from the 55+ population, but a “55+ Housing: Builders, Buyers and Beyond” survey conducted in February by NAHB and the MetLife Mature Market Institute identifies significant opportunities in this market for both builders and remodelers at a time when a weak economy has forced households across the age spectrum to reassess how much housing they can afford.

The research was conducted largely to determine how well builders were meeting the preferences of this age demographic, and the results found that the industry was largely on the same wavelength as its potential customers.

The 1,500 consumers participating in the survey showed a strong preference for single-family detached homes in a suburban setting. Despite recent housing price declines, members of this group have retained considerable amounts of equity or other financial assets, giving them the wherewithal to purchase the relatively modest-sized homes that are shaping up as the mainstay of this market.

Low-maintenance and the availability of various services emerged as key concerns for 55+ households, and unlike their counterparts from just a few years ago, these consumers exhibited a strong desire for technology-driven amenities, particularly high-speed Internet access.

Compared with survey responses from 3,000 builders who specialize in the 55+ market, consumers were not as aware of many universal housing features as they should be. And like the general population, they started losing some of their enthusiasm for green building principles when it came time to start paying for products that are priced at a premium. Builders, the survey found, will have to lead and educate 55+ prospects in both of these areas.

At a Sept. 23 “55+ Housing by the Numbers — Part II” webinar focusing on the newly released survey findings, NAHB Chief Economist David Crowe noted that the market has gained some ground since the polling was conducted early this year, when consumers were watching their savings dwindle and builders were seeing sales grinding to a halt.

“But the study does reflect the very latest in the changing perceptions of what is most important in housing for this age cohort,” Crowe said.

A ‘McMansion Revolt’

From a builder’s perspective, a viable 55+ market is taking shape, according to Steve Bomberger, president of Benchmark Builders in Wilmington, Del.

“We are seeing purchasers looking for smaller or more modestly sized homes than in the past,” Bomberger said. Previously, it was common for the husband to come into the sales office and complain that the homes were too small. “We don’t hear that anymore,” he said. “Most 55+ households are not looking for the grandiose styles of the past; there is a McMansion revolt in the 55+ market.”

Survey results confirmed that most 55+ consumers are not interested in buying a larger home. Although preferences for size tend to increase with household income, the current home of those surveyed measures a median 1,886 square feet, close to their preferred median home size of 1,903 square feet.

However, Bomberger observed that it will be “a little tough” to include everything these buyers want in this sized home. More than half (51%) of the respondents preferred three bedrooms, and another 18% four bedrooms or more. They also wanted two baths and a two-car garage.

Bomberger said that his customers “are spending less on luxury.” They typically are looking at ceiling fans, sun room additions and finished basements — “an opportunity to get more space for the buck,” he said.

“It’s all about technology,” he added. “Today’s buyers are techno-charged,” and they are asking for computer niches, structured wiring, multiple television jacks, mounted flat TV screens, programmable thermostats and advanced security systems that include smoke detectors and fire alarms. “They are not afraid of gadgets that have a lot of buttons and a lot of lights,” he said. “Today’s buyer is computer savvy, a big change from 10 years ago.”

Prospective buyers have at least some knowledge of universal design, Bomberger noted, and he said he focuses on applying these features to the overwhelming desire in this age group for single-level living. A single-family home was preferred by 79% of the consumer respondents, and of the 15% who indicated a desire for two stories, about three-quarters said they wanted the master bedroom to be located on the first floor.

Bomberger said he tries to minimize steps at the entryways into the home, although that is not easily accomplished with most garages. As many roll-ups as possible are used for slab-on-grade construction, “and we do our best to minimize steps” into garages and basements, he said. However, he advised, “don’t put it in their face to remind them of future disabilities they may have.” For example, too many grab bars, which can be installed later as they are needed, can be a definite turnoff to these buyers.

“Having everything taken care of is the most important thing” in the minds of these buyers, Bomberger said. They don’t want to have to worry about raking the leaves, shoveling the sidewalks or cutting the grass.

He said that it is important for the builder to know what services their buyers are looking for and then determine what they can and cannot deliver. “We have a high preponderance who would like in-home maintenance and remodeling. This is not our expertise, so we try to refer them to a contractor.”

In a look at services and amenities, the survey found that twice as many consumers want transportation services and minor or major home repairs as those who currently have them; three times as many want van service and partial housekeeping and four times as many want home-delivered meals and personal care services.

The survey reported that builders, in choosing a site, focus on proximity to a shopping center (70%), walking/jogging trails (58%), a hospital or doctor’s office (55%) and churches (53%).

In the meantime, 55+ consumers said they considered the following home features as most important: a kitchen open to the family room (73%), a washer and dryer (rated 4.5 on a five-point scale), ample storage space (4.3 out of 5), windows that open easily (4.2 out of 5) and easy-to-use climate controls (4.2 out of 5).

Survey research has found that 90% of 55+ home buyers are moving either within the same general area or from a different part of the same state. And their primary reason for making the move, cited by 63%, is to be able to realize a maintenance-free lifestyle. Forty-six percent said their motivation for moving was to be closer to family or friends, and 32% said they were attempting to lower their living costs.

Hunkering Down for Tough Economic Times

As virtually every segment of the nation’s housing industry, 55+ housing has seen demand significantly dampened by the current housinig downturn. 55+ households have been stymied in their ability to sell their existing homes by a lack of available buyers. There has also been reluctance to sell at the rock-bottom prices it can take to be competitive in the current marketplace. A sharp decline in 401(k) and other investment retirement plans last fall was further discouraging news for these prospective home buyers.

Ramps and a stepless threshold at the entrance of the Eskaton National Demonstration Home.

February’s surveying found a distinct minority of 55+ households identifying themselves as potential home buyers, but Crowe pointed out that these translate into substantial numbers because of the large size of the post-World War II baby boom that will be fueling increases in the size of this population in the years ahead.

Sixty-three percent of the 55+ consumers who were surveyed by NAHB and MetLife said they were planning to age in place in their current home and 26% weren’t sure, leaving roughly 12% who said that they would be purchasing another home. Of those who indicated that they would be eventually moving, 8% said they planned to buy a home within three years and another 4% said they would start looking after three years.

About 56% of 55+ households currently live in communities where there is no predominant age group, the consumer survey found. Only 9% of the respondents live in an active adult, age-restricted community; 7% live in a community where there are no age restrictions but most buyers are 55+; and 28% reside in an independent living community.

The data indicated, however, that many in the 55+ age group would consider other options. Twenty-two percent of the respondents said they would consider moving to an age-restricted active adult community and 27% would consider a community where 55+ households predominate with no age restrictions. Another 28% would consider moving to an independent living community.

Survey responses found that there is some discrepancy between the cost of the 55+ product being built and the amount that the market will bear. Consumers said they were willing to pay just under a median $190,000 for their home, but builders reported they were producing homes with a median value of $287,000.

Unsurprisingly, not too many 55+ buyers appear to be in the mood for climbing further up the housing ladder. Forty-six percent of the builders surveyed said their customers were purchasing homes at the same value as those they were selling and 31% said they were buying less expensive homes than they formerly owned.

Preferences for financing were similarly conservative in this group. A 30-year fixed-rate mortgage was preferred by 41% and a 15-year fixed was the choice of 38%. Five percent indicated interest in a reverse mortgage.

However, 55+ home buyers are largely prepared to plow some of their wealth into their home purchase to scale down mortgage debt. Twenty-three percent said they would pay for their home in cash and 60% responded that they would make a high downpayment of 30% or more. Sixty-nine percent identified equity from their current home as the source of their downpayment; 28% said it would be drawn from investments.

Forty-one percent of the builders reported using price discounts last year as incentives to promote 55+ housing sales, 35% offered upgrade packages and 22% kicked in a free option, such as a third bedroom. However, 41% offered no special inducements at all.

Leading the Way on Universal Design

Survey findings indicated that builders will have to lead the way on universal design and green building, according to John Migliaccio, director of research for the MetLife Mature Market Institute, although 55+ households can be expected to become progressively more familiar with these concepts.

Undercabinet access is available under the countertop and kitchen sink to provide stool or wheelchair access in the Eskaton home.

“Builders do get the message about the importance of universal design,” Migliaccio told the webinar audience, and they are already providing the basic universal amenities, including: lever-handle doorknobs (80%), wider doorways (77%), wider hallways (72%) and separate showers and baths (65%).

But consumers clearly underestimate the value of these features, he said, rating them quite low compared to builders. Only 30% said they would be eager to get their hands on a lever-handle doorknob and less than half saw much purpose in wider doorways (48%), wider hallways (45%) and a separate shower and bath (48%).

The universal design features rated by consumers as somewhat to very important included: bigger bathrooms (64%), a full bath on the entry level (61%), extra lighting (56%) and non-slip floors (52%). Rated low were: lower electrical switches (15%), seating in the bathroom (22%), a shower without doors (23%) and higher electrical outlets (25%).

Migliaccio said that builders should keep in mind that most consumers are typically not living in a home or community designed for 55+ residents and may not have had the opportunity to experience universal design features. As they become increasingly more familiar with them, universal design features will eventually become as popular as cell phones and computers, he predicted.

Going Green

On the green home building front, many environmental features curried favor with the 55+ consumers surveyed, he said, including: energy-efficient appliances (79%), solar heating (63%), a water filtering system (58%) and allergen- and chemical-free building materials (42%).

But 55+ respondents revealed a disconnect in their willingness to pay for green amenities. About three-fourths said they would be willing to pay for high-efficiency heating, ventilation and air conditioning equipment, low E-glass, energy-efficient appliances and sealed joints. But far fewer were interested in paying for the preservation of open space (46%), low VOC paints (37%) and alternative building materials such as oriented strand board and engineered wood (37%).

Ninety-four percent of the builders reported that their buyers want more energy-efficient new homes; 55% said buyers specifically want Energy-Star rated homes.

The research in “55+ Housing: Builders, Buyers and Beyond” is the second part of a series. Released in April, the first-part, “Housing for the 55+ Market: Trends and Insights on Boomers and Beyond,” includes an in-depth profile of the 55+ market based on figures from the U.S. Census Bureau’s American Housing Survey from 2001 through 2007.

For further information, e-mail Ann Marie Moriarty at NAHB, or call her at 800-368-5242 x8350.

RMLS Market Action Updates for August 2009

2009-09-16T17:55:00.000-07:00

RMLS just published their Market Action report with the latest statistics and we have 7.8 months worth of inventory on the market. Many consider this a very normal real estate market inventory level.

August Residential Highlights

In August, sales activity in the Portland metro area continued to outpace last year’s same-month sales totals.

Pending sales were up 13% and closed sales rose 4% compared to August 2008. However, new listings fell 14.1%. See residential highlights table below.

On the other hand, closed sales dropped 7.4% (1,841 v. 1,988) compared to last month (July 2009). Pending sales fell 0.7% (2,156 v.2,170). New listings dropped 3.3%
(3,780 v. 3,907). At the month’s rate of sales, it would take approximately 7.8
months to sell the 14,295 active residential listings, up from 7.3 months in July.

This was the first rise in inventory after six months of decline. However,
inventory is still 21.2% below the August 2008 level of 9.9 months.

Year-to-Date

Comparing January-August 2009 with the same period in 2008, closed sales are down 15.6% and pending sales decreased 7.2%. New listings also dropped 22.4%.

Sale Prices

The average sale price for August 2009 was down 10.6% compared to August 2008, while the median sale price declined 10.8%. See residential highlights table below.

Month-to-month, the average and median sale price were mixed when compared with July levels; the average sale price was up 2.7% ($296,300 v. $288,600) and the median sale price was down 0.04% ($249,900 v. $250,000).

For more information on Real Estate in Portland Oregon please contact LaDonna Miller-Broker Oregon First (503) 310-9076 email: ladonnamiller@earthlink.net

Economist suggest builders keep homes Small & Affordable

2009-09-02T12:38:00.000-07:00

This was an interesting article from Builder Magazine that informs builders that based on new economic predictions it is wise to build homes that are both Smaller and more Affordable.

Economic Insight: Keep Homes Small, Affordable
Economists note the economic “damage” to consumers in terms of income, employment, and confidence from this recession.
By: Alison Rice

Here is what builders need to know for the coming months: Keep building smaller, more affordable homes, even as the economy recovers, because that’s what people will be most likely to buy.

Hammered by “heavy employment losses,” not to mention pay cuts and furloughs, “estimates of consumer incomes are running much lower” than previously projected, according to Nigel Gault, chief U.S. economist for IHS Global Insight in Lexington, Mass.

“The new revised figures have taken some $200 billion out of labor compensation estimates—that’s almost 4 percent off consumer income,” Gault explained last week during a Web presentation on the likely recovery for the U.S. economy. “It leaves consumers in worse shape than thought in terms of spending.”

For that reason, smart builders will want to concentrate on lower-priced homes that these economically-battered buyers can actually afford. “Wages and incomes are extremely constrained,” Gault said about employment situation. Unemployment, for example, is expected to reach a peak of 10% next year. That’s because employment growth—i.e., companies adding or replacing jobs—tends to lag behind other economic indicators as wary firms remain hesitant about hiring people.

Building less pricey homes also should offer some protection against additional home value drops. “We are not convinced yet that home prices have completely bottomed out,” Gault said. “… We suspect there’s probably a little further [for home prices] to go on the downside because foreclosure rates are still very heavy.”

The presentation also contained some good news for builders. Single-family housing seems to be on the upswing after hitting the bottom earlier this year, and the picture for mortgage lending is also brightening. “Mortgage credit has turned,” said Brian Bethune, chief U.S. financial economist for IHS Global Insight. “Mortgage credit declined in the first quarter of 2009, but there are clear signs of improvement in the second quarter.”

Alison Rice is senior editor, online, at BUILDER magazine.

For more information on purchasing a smaller home in Portland please contact:

LaDonna Miller-Broker- Oregon First (503) 310-9076 or www.RenovationConcepts.net

New Housing Starts strenghen Builder confidence!

2009-08-20T14:43:00.000-07:00

Here is an article from NuWire Investor that confirms the news that was published by the National Home Builders Association that builder confidence is strengthing and returning. This is great news and hopefully a signal that the tide is turning!

New Housing Starts May Indicate Light At The End Of The Tunnel
Published on: Wednesday, August 19, 2009
Written by: Austin Kilgore

Helped by the first-time home buyer tax credit, housing starts and building permits increased in July. Builder confidence is also strengthening, revealing what many hope is a light at the end of the dark tunnel that has been this year's housing market. See the following article by HousingWire's Austin Kilgore for more on this.

While overall housing starts and completions projections in July are down from their 2008 levels, the rate of single-family housing starts and building permits issued are both up from their June level.

Builder confidence also continues to improve and is at its highest level since June 2008.

The seasonally adjusted annual rate for completions of all housing types was 802,000 in July, according to a report released by the US Census Bureau and the Department of Housing and Urban Development (HUD). This is down 0.9% from the rate in June 2009 and 26.4% below the July 2008 rate. The rate of single-family housing completions in July was 491,000, 4.1% lower than the June 2009 rate.

While housing completions paint a representative picture of new home inventory entering the market, housing starts and permits provide more of a forecast for new housing inventory in the pipeline. Both indicators edged up in July for the single-family market.

The seasonally adjusted annual rate of all housing starts in July was 581,000, down 1% from June 2009 and 37.7% below the July 2008 rate. The rate of single-family housing starts in July was 490,000, up 1.7% from June. The rate of all housing building permits issued was 560,000, 1.8% below June 2009 and 39.4% below July 2008. Single-family building permits were 5.8% higher than the June 2009 rate of 458,000.

Builder confidence appears to be returning, or at the very least, improving along with the more positive outlook on housing starts and permits. After rising two points in July to 17, The National Association of Home Builders (NAHB)-Wells Fargo Housing Market Index for builder confidence in August was an 18, its highest point since June 2008. Any figure over 50 would indicate that more builders view sales conditions as good than poor.

While August showed a slight improvement, the index remains low. Builders are asked to rate traffic of prospective buyers and about their sales and sales expectations.

“Home builder expectations have been buoyed by the success of the first-time home buyer tax credit and its anticipated boost to buying activity leading up to the Nov. 30 expiration date,” NAHB Chairman Joe Robson, a home builder from Tulsa, Okla., said in a statement. “The question is what happens after that – whether there will be enough momentum to keep us moving toward a recovery?”

For more information on the housing market in Portland please contact LaDonna Miller-Broker Oregon First at ladonnamiller@earthlink.net or (503) 310-9076

2009-08-12T14:55:00.000-07:00

The latest RMLS statistics for the month of July are just out. The inventory is down to 7.3 months from a height of 19.2 months in January 09. We are getting very close to the cut-off for the first time Buyer credit for $8,000. All first time buyers who want to receive this credit will need to find a hhome and close on this property by the end of November.

Closed sales in the Portland metro area for July 2009 eclipsed last July’s total
by 8.6%, marking the first time same month closed sales have increased since
April 2007. Pending sales also grew 8.3%. New listings dropped 25.4%.

Comparing July 2009 with June 2009, closed sales increased 11.9% (1,988 v. 1,776) and pending sales were up a slight 0.3% (2,170 v. 2,164). New listings fell 8.2%
(3,907 v. 4,257).

Inventory was down to 7.3 months, dropping for the sixth consecutive month, down from 10 months last July.

Inventory is falling at a time where it has historically risen. Along with an
upswing in closed sales, the drop can be attributed to the fact that the number
of homes on the market (14,503 in July) has seen little fluctuation in 2009 (see
Active Residential Listings graph on page 3).

Year-to-Date

Comparing January-July 2009 with the same period in 2008, closed sales are down 18.7%and pending sales decreased 10%. New listings dropped 23.4%.

Sale Prices

The average sale price for July 2009 was down 15.2% compared to July 2008, while the median sale price declined 13.3%. See residential highlights table below.

Month-to-month, the average and median sale price were mixed when compared with June levels; the average sale price was down 3.7% ($288,600 v. $299,800) and the median
sale price was up 0.04% ($250,000 v.$249,900).

For more information on the real estate market in Portland please contact LaDonna Miller at Oregon First. email: ladonnamiller@earthlink.net or (503) 310-9076.

Loan Modification Myths

2009-08-09T13:08:00.000-07:00

This was a great post on Loan Modifications that was posted on Inman News. Great information for anyone considering this type of approach.

According to Harris, a common myth is that loan modifications are limited to FHA loans. This myth apparently began when the Obama administration issued guidelines for Freddie Mac- and Fannie Mae-owned or serviced loans. The truth of the matter is that you can modify any type of loan whether it's a jumbo, fixed-rate, adjustable-rate, FHA, HELOC, etc. You can also modify just the first mortgage, just the second mortgage, or both. In many cases, the issue is the second mortgage, which is often at a higher rate. Harris reports that second mortgage holders are becoming more willing to do loan modifications, often because they will receive nothing if the first mortgage holder forecloses.

Another myth regarding loan modifications is that the seller must be delinquent. Harris says that to qualify for a loan modification, the seller needs to show "the desire to stay and the ability to pay." Sellers must also demonstrate financial hardship. This can take the form of a hardship letter (some examples of hardship letters).

2. FDIC and FHA guidelines for loan modification
In addition to demonstrating hardship, the owner must also meet the lender's qualifying ratios. To make this determination, lenders use a HTI ratio (housing expense to income). The HTI ratio calculation is straightforward: HTI equals net housing expenses divided by total gross monthly income. Total gross monthly income includes the person's base salary and excludes overtime or bonuses.

The maximum housing expense to income (HTI) ratio varies based upon whether the loan is an FDIC- or FHA-insured loan. The current FDIC guidelines vary between 31-38 percent. FHA guidelines recommend 29 percent. If lowering the interest rate doesn't produce the appropriate HTI ratio, then the next option is to extend the term of the loan, typically from 30 years to 35 or 40 years.

Sometimes the lender will consider a principal reduction. According to Harris, only 1.8 percent of all loans received a principal reduction during the first quarter to 2009. The lender is under no obligation to provide a principal reduction, only to "consider" this as an option.

To see how this process works, Quantrix.com has online software that illustrates the differences in the FDIC and the FHA models. By quantifying how much the lender will net by doing a loan modification vs. a foreclosure, the Quantrix tool allows lenders to determine which option provides them with the best return.

3. How lenders structure loan modifications
Harris explained that a typical scenario for a loan modification involves an owner who has a mortgage with a 7 percent or 8 percent interest rate. The owner is struggling to make payments and may have had several late payments. Provided that the lender agrees to the hardship and the loan modification request is packaged correctly, the lender may reduce the interest rate to 3 percent for the first three years.

In year four, the rate increases to 4 percent, in year five to 4.5 percent, and then becomes a fixed rate of 5 percent at the beginning of year six through the term of the loan. The lender waives all late fees and prepayment penalties. Arrears are added to the loan balance.

A slightly different scenario involves an owner with a high-interest-rate loan (12 percent or more). The lender agrees to reduce the interest rate to 3.5 percent for five years. The loan then adjusts to 5.5 percent for the remaining terms of the loan.

Helping consumers work through their problems can generate referrals. Is it also possible to earn money from doing loan modifications? See next week's column to learn more.

Bernice Ross, CEO of RealEstateCoach.com, is a national speaker, trainer and author of "Real Estate Dough: Your Recipe for Real Estate Success" and other books. You can reach her at Bernice@RealEstateCoach.com and find her on Twitter: @bross.

For more information on Real Estate in Portland contact LaDonna Miller-Broker Oregon First Real Estate. ladonnamiller@earthlink.net or (503) 310-9076.

For additional information on Financing please contact Theresa Springer- Pacific Residential Mortgage. www.TheresaSpringer.com

THANKS TO INTERSTATE FLOORING FOR HOSTING A GREAT RENOVATION CONCEPTS EVENT!

2009-08-05T22:06:00.000-07:00

Debbie VanBaardwyk owner of Interstate Flooring and her incredible staff John Hill, Darci Shaver, Lynne Francis and Betty Jo Moore hosted a really fun Renovation Concepts party at their showroom in North Portland. A great time was had by all!

Interstate Flooring specializes in a wide selection of Green products including hardwood floors, cork flooring, carpeting, and a wide selection of tile including tile from Pental Granite & Marble. For more information or to schedule a time to visit their showroom please visit www.InterstateFlooring.com or (503) 473-8689

Interstate Flooring is located at 4075 N. Interstate Ave. Portland, OR. (503) 473-8689.

Here are some photo's from tonights event:

Photo # 1: Lexie Wrisley- Pental Marble & Granite, Lisa Rattan- Pental Marble & Granite, Wendy Vaughn- Bollinger Window Fashions, Betty Jo Moore from Interstate Flooring.

Photo #2: Rod Faunt- Landservices, Inc, Nancy Faunt- Nancy Faunt Interiors

Photo #3: Lisa Rattan- Pental Granite & Marble & LaDonna Miller- President Renovation Concepts, LLC.

Photo #4: Sharon & Sam Miller- Crouchley Plumbing

For more information on the Renovation Concepts program please contact LaDonna Miller- President Renovation Concepts, LLC. (503) 310-9076 or ladonnamiller@earthlink.net

Latest RMLS Market News for June 2009

2009-07-15T15:52:00.000-07:00

Here are the latest RMLS statistics for your review. The great news is that when you compare inventory levels from this year alone we have gone from 19.2 months in January to only 8.4 months of inventory on the market currently. This is excellent news for those homeowners who are thinking about listing their homes at this time.

For more detailed information please view the RMLS Market News:

This June, same-month pending sales were up for the first time since December 2006 in the Portland metro area, and inventory reached its lowest point since August 2007.

Comparing June 2009 with the same month in 2008, pending sales were up 8.4%, while closed sales decreased 5.4%. New listings also dropped 18.3%. See residential
highlights table below.

Further, comparing June 2009 with May 2009, closed sales increased 24.5%
(1,776 v. 1,427) and pending sales were up 10% (2,164 v. 1,967). New listings
also rose 9.7% (4,257 v. 3,879).

Inventory fell to 8.2 months, dropping for the fifth consecutive month and reaching it’s lowest point since August 2007. Active listings typically rise at this time of year, but were virtually unchanged since May (14,491 v. 14,493). Conversely,
actives increased 10.1% from May to June in 2007, and 4.2% in 2008.

Second Quarter Report

Comparing the second quarter of 2009 (April-June) with that of 2008, closed sales fell 15.3% (4,625 v. 5,461) and pending sales dropped 3.2% (5,784 v. 5,972). New listings decreased 23.8% (12,165 v. 15,973).

Sale Prices

The average sale price for June 2009 was down 14% compared to June 2008, while the median sale price also dropped 13.5%.

Month-to-month, the average and median sale price were mixed when compared with May levels; the average sale price was up 2.9% ($299,800 v. $291,400) and the median sale price was down 0.04% ($249,900 v. $250,000).

For more information on Real Estate please contact LaDonna Miller- Oregon First Real Estate (503) 310-9076 or ladonnamiller@earthlink.net

DOE & President Obama announce New Energy Efficiency Initiatives

2009-07-03T17:29:00.000-07:00

This was an interesting article in Builder Magazine regarding President Obama's and the Department of Energy's allocating $346 million to improve energy efficience in homes and commercial buildings. These type of programs and initiatives will help create jobs and boost programs like Energy Trust and Earth Advantage here on a local level in Portland.
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Administration Announces New Energy-Efficiency Initiatives

DOE allocates $346 million to improve energy efficiency in homes and commercial buildings, implements new lighting standards.
By: Katy Tomasulo Related Articles

June 29, 2009--President Obama and Energy Secretary Steven Chu announced new initiatives to promote energy efficiency and cost reductions.

According to a statement from the DOE, $346 million of the American Recovery and Reinvestment Act will be allocated to “expand and accelerate the development, deployment, and use of energy-efficient technologies” in commercial buildings and new and existing homes. This includes funding for:

Advanced building systems research that will study interactions of buildings as a whole.

Residential buildings development and deployment, including providing technical support to train workers and create jobs, develop a new workforce to improve the nation’s homes, and “provide builders with technical assistance and training through states, utilities, and existing programs to increase market share of new homes achieving substantial whole-house energy savings.” The DOE also will work with municipalities to encourage energy-efficient retrofits.

Commercial buildings initiative, including expanding and accelerating partnerships with companies that commit to achieving exemplary energy performance in their buildings.

Buildings and appliance market transformation, including expanding Energy Star to accelerate development of efficient products and into new areas, and expanding the DOE’s appliance standards program to evaluate technologies and develop new test procedures.

Solid-state lighting research and development designed to advance SSL technology and coordinate development.

The actions also include new standards for residential and commercial lamps and lighting equipment, including reducing electricity consumption of general service fluorescent lamps by 15% and of incandescent reflector lamps by 25%.

For more information please contact LaDonna Miller-Broker Oregon First Real Estate (503) 310-9076 or ladonnamiller@earthlink.net

2009-06-10T09:48:00.000-07:00

This was an interesting article from Eco Home Magazine. I personally believe that a mass market approach to sustainability and new energy sources, is vital to our long term success and our nations only chance to lessen the Unites States dependence on foreign oil sources. A more sustainable approach to building products, the actual structures built by builders, and increased energy efficiency are some of the best solutions for individual homeowners. Saving energy, being good stewards of our planet, controlling individual expenditures on monthly utility bills, and the creation of new jobs in forward industries will create many viable opportunities for many Americans. In my opinion, all of these steps will provide long term stability for our country.
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Bailout Package Provides Boon to Renewable Energy Industry
Solar industry says these tax credits could make U.S. largest solar market in world by 2016.
By: Nigel F. Maynard Related Articles

Green building advocates say the recently passed economic bailout package could provide a significant boost to the use and acceptance of alternative energy sources and energy efficiency in the United States, thanks to the legislation's provisions for renewable energy tax incentives.

But builders and remodelers may benefit as well as homeowners interested in high-performance housing have more financial incentives to invest in such energy-saving features. That's particularly true for solar energy technology, whose high cost often discourages homeowners and builders from including it in homes. Currently, less than 1 percent of U.S. energy is generated by solar power, placing the U.S. behind many other industrialized nations in terms of renewables. For example, roughly half of all solar power installations occurring around the world are in Germany.

This new legislation could change those trends. The solar industry says that these new tax incentives could make the United States the largest solar market in the world by 2016.

“This bill is a major step in our long journey toward energy independence and ensures that solar energy will be a significant part of America’s energy future,” says Rhone Resch, president of the Solar Energy Industries Association (SEIA) in Washington, D.C. “This long-term extension of the solar tax credits will create a domestic solar industry with hundreds of thousands of jobs while providing clean, affordable, carbon-free energy to millions of American families, businesses, and communities.”

“By passing this bill, Congress has finally given the solar energy industry ‘policy certainty’ that will attract investment, expand manufacturing and lower the cost of solar energy to consumers,” added Roger Efird, chairman of SEIA and president of Suntech America, a Chinese solar power manufacturing company. “This will allow companies like mine to move forward with expansion plans to serve the growing U.S. market.”

The cause for celebration stems from the "Emergency Economic Stabilization Act of 2008," which included an extension of the residential tax credits for renewable energy as well as energy-efficient improvements for new construction and remodeling. The bill reinstates—and in some cases increases—tax incentives that were allowed to expire when President Bush signed the energy bill in December of last year.

For example, the bill extends for eight years a tax credit of 30 percent for both residential and commercial solar installations. It also eliminates the $2,000 monetary cap for residential solar electric installations. The installation must be put in service after Dec. 31 of this year, however.

Tax incentives apply to other renewable energy sources too. The legislation offers a one-time tax credit of 30 percent of the total investment for residential ground loop or ground water geothermal heat pump installations, with a maximum credit of $2,000 for a single residence. The legislation also provides a credit of 10 percent of the total investment. To qualify for the tax credit residential systems must meet Energy Star requirements, and legislation is retroactive to residential systems installed after Dec. 31, 2007.

“We believe this incentive will encourage many more homeowners and business owners to install geothermal heat pumps,” says Tim Shields, chairman of the board of WaterFurnace, a Fort Wayne, Ind.-based manufacturer of various types of geothermal and water source heat pumps. “Geothermal heat pumps are made right here in the U.S. and the machines used to put the renewable heat exchangers in the earth are all made right here. Every system installed requires skilled U.S. labor, and more installations mean more jobs. This is truly a homegrown solution to the energy crisis and a very good way to address the financial crisis at the same time.”

The economic package includes an extension of the residential tax credits (for energy-efficient improvements) that expired at the end of 2007. The extension is for improvements made between Jan. 1 and Dec. 31, 2009, the EPA/DOE Energy Star Web site says, adding that improvements made in 2008 are not eligible for a tax credit. Consumer tax credits are available for insulation, replacement windows, water heaters, and certain high-efficiency heating and cooling equipment.

“If you are building a new home, you do not qualify for the tax credits for ‘eligible building envelope components’ (windows, doors, insulation, roofs) or "qualified energy property" (HVAC and non-solar water heaters). However, the tax credit for photovoltaics, solar water heating, and fuel cells is available for homeowners building new homes,” the Energy Star Web site says. The solar water heating and photovoltaic system tax credit is for 30 percent of the cost of the system, up to $2,000.

Home builders get some benefits too. Builders are eligible for a $2,000 tax credit for a new energy-efficient home that achieves 50 percent energy savings for heating and cooling over the 2004 International Energy Conservation Code (IECC). But at least one-fifth of the energy savings must come from building envelope improvements. There is also a $1,000 tax credit to the builder of a new manufactured home which achieves 30 percent energy savings for heating and cooling over the 2004 IECC.

Nigel Maynard is senior editor, products, at BUILDER magazine.

Remodeling & Design Event in Portland this weekend

2009-06-06T12:14:00.000-07:00

Sunday June 7th, 2009 from 1-4 pm- there will be a great Renovation Concepts event at Lakeside Lumber for homeowners who are searching for information on new design, product & remodeling trends. There will be panel discussions on Remodeling, Design, Green Building, Real Estate/Financing/Insurance as well as $2500 in gift drawings. This event is FREE to the general public.

If you are planning a remodeling or design project in the near future, this Renovation Concepts event is a great opportunity to view design portfolios and review product information & speak one on one with top design & building professionals.

Please plan to attend these informative Design & Building panel discussions

Green Building Seminar & Panel discussion - Sunday 1:30-2:00 pm Featuring Mark Tiffee-President of A Cut Above Exteriors- speaking about energy efficient/Green Seal certified windows & details regarding Federal Tax Credits.
Learn more about how Rinnai On-Demand water heaters can help you save 20-25% energy savings.

Design Seminar & Panel Discussion - Sunday 2:00 pm-2:30 pm

Featuring design trends by Susan Walter- owner of Sofa Table Chair, Amy Estrin- owner of The Whole 9 Yards, Nancy Faunt Interiors, Wendy Vaughn- designer for Bolliger Window Fashions & new color trends by Mary McMurray- owner of Art First Colors for Architecture.

Remodeling Seminar & Panel Discussion - Sunday 2:30-3:30 pm

Learn about the Remodeling process from Jim Bruce of JB Construction
Discuss Landscaping trends with Rod Faunt- Land Services Inc
NEW Painting trends by Michael McDonough of Upper V Painting.
Electrical trends- Jim Ferris- President- Red’s Electric
Roofing products & trends: Stan Robinson & Brian Jarvis- owners of Pacific West Roofing
Fireplace trends- Laura Hertner- Lisac’s Fireplaces

Real Estate / Financing / Insurance Panel Discussion - Sunday 3:30 pm-4 pm

Real Estate- LaDonna Miller- Broker w/Round Stone Properties, LLC- Come ask questions and learn more about current Real Estate Market conditions & market trends for 2009.

Finance- Thinking of Remodeling this year? Come hear Theresa Springer- Broker Pacific Residential Mortgage speak about financing your remodeling project and the various loan programs available to you.

Insurance- Come and meet Erin McCulloch & Sue Muir of Farmers Insurance in Lake Oswego.
Date: Sunday June 7, 2009 1-4pm
Where: Lakeside Lumber

10600 SW Tualatin Sherwood Rd.

Tualatin, OR. 97062
Phone: (503) 635-3693
Directions: Follow I5 South- take exit 289 Tualatin/Sherwood Rd follow 2 miles west to the Lakeside Lumber showroom.

For more information please contact LaDonna Miller- President of Renovation Concepts, LLC. ladonnamiller@earthlink.net (503) 310-9076

Breaking News: SEC Charging Ex-Countrywide CEO Mozilo with Fraud

2009-06-04T18:21:00.000-07:00

SEC charging ex-Countrywide CEO Mozilo with fraud
Related Articles

This was a breaking article that was published in Builder Magazine this week. I for one fully support the government coming down hard on unscrupulous CEO's who cash out leaving an aftermath in their dust. I think that the SEC should start investigating all of the obvious companies that were involved.

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By MARCY GORDON and GREG RISLING

WASHINGTON - The government is charging Angelo Mozilo, the former chief executive of mortgage lender Countrywide Financial Corp., and two other company executives with civil fraud.

The Securities and Exchange Commission's case also accuses Mozilo of illegal insider trading, an agency spokesman said Thursday.

Countrywide was a major player in the subprime mortgage market, the collapse of which in 2007 touched off the financial crisis that has gripped the U.S. and global economies.

Mozilo is the most high-profile individual to face formal charges from the federal government in the aftermath of the crisis.

Mozilo has denied any wrongdoing. His attorney did not immediately return an e-mail message for comment Thursday afternoon.

Civil fraud charges also were filed against Countrywide's former chief operating officer David Sambol and ex-chief financial officer Eric Sieracki.

Paul Kranhold, a spokesman for Sambol, declined to comment because he hadn't seen the charges yet. An e-mail message to Sieracki's attorney, Shirli Fabbri Weiss, was not immediately returned.

The SEC and federal prosecutors have undertaken wide-ranging investigations of companies across the financial services industry, touching on mortgage lenders, the Wall Street investment banks that bundled home mortgages into securities sold to investors, and other market players.

The SEC's scrutiny of Mozilo's stock sales began in the fall of 2007 with an informal inquiry.

The filing of the agency's civil lawsuit is a striking turn for Mozilo, the man who 40 years ago co-founded what grew into the nation's largest mortgage lender. He moved the company in 1969 from New York to the housing hotbed of suburban Los Angeles, guiding Countrywide through numerous boom-and-bust housing cycles.

After the mortgage crisis hit, Calabasas, Calif.-based Countrywide was forced to cut thousands of jobs and saw its shares plummet. Its downward spiral ended in it being bought by titan Bank of America Corp. in July 2008 for about $2.5 billion. Countrywide itself is the target of multiple lawsuits related to the mortgage meltdown.

Mozilo sold about $130 million in Countrywide stock in the first half of 2007 through a prearranged 10b5-1 trading plan. These plans, popular among corporate executives, allow a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of significant nonpublic information.

North Carolina's state treasurer, who asked the SEC in 2007 to investigate Mozilo's stock sales, raised questions about changes made to Mozilo's plan in the months before the company's stock plunged, which allowed Mozilo to significantly increase his sales of Countrywide shares.

Mozilo had sold company shares through prior arrangements since 2004; the pace of his sales began to quicken in October 2006 when he put a new plan into effect. Mozilo has said that he did so to reduce his stake in Countrywide and diversify his personal investments in an orderly fashion before his retirement, which was slated for December 2009.

For more information on finance information please contact: Theresa Springer- Mortgage Broker- Pacific Residential Mortgage- http://www.renovationconcepts.net/finance/theresa.html

For information on real estate in Portland- please contact LaDonna Miller-Broker Round Stone Properties, LLC. (503) 310-9076 or ladonnamiller@earthlink.net

New House National Energy Bill for a National Building Code

2009-05-26T19:44:00.000-07:00

This is an article by the National Builders Association about the new House Energy Bill that would create a National Building Code. By reading this article you can really see how this might be a very heated topic. On one hand- builders do not want more layers of new codes to adhere to and on the other hand, one of the biggest obstacles to making green products more affordable is that these products have not hit mass market acceptability. I feel like if the new National Building code is passed, if the products that builders use to make their homes more energy efficient are green products. If builders on a national scale were purchasing energy efficient products then the price would go down making it more affordable because of the increased demand. So in the end- this new House Energy Bill might be for the benefit for everyone. Homeowners would be living in better homes, we would be good environmental stewards and builders would benefit because in time the costs would decrease because of demand.
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House Energy Bill Would Create National Building Code

By a 33 to 25 vote, the House Energy and Commerce Committee last week approved legislation that would limit greenhouse-gas emissions and create a national building code that completely supplants the national model code development process.

Prior to consideration of H.R. 2454, the American Clean Energy Security Act, NAHB sent a letter to members of the committee expressing the association’s concerns over the federal preemption of states’ rights to determine building codes.

“NAHB is concerned that H.R. 2454 violates state and local rights to establish building codes and efficiency targets within their jurisdiction,” the letter said. “We regret that the committee did not consider NAHB’s testimony presented on April 24, 2009, and that we must oppose this legislation. H.R. 2454 is unnecessarily prescriptive, falls short of creating an effective energy policy that is constitutional and endangers housing affordability.”

The House committee approved new measures to establish a national energy code administered by the Department of Energy (DOE) that comes complete with enforcement penalties and civil action against home owners and builders occupying non-compliant homes and buildings.

NAHB, along with a handful of other real estate groups, supported an amendment offered by Rep. Steve Scalise (R-La.) to strike the egregious language, but it failed on a party-line vote of 31 to 20.

The new building code provisions in HR. 2454 provide for the following:

New national energy efficiency targets taking effect on the date of the bill’s enactment that require states and localities to prove code compliance at 30% above the 2006 International Energy Conservation Code (IECC) level. By Jan. 1, 2014, the new target would be 50% above the 2006 IECC. Between years 2017 and 2029, the code target increases 5% every three years until it reaches 75% above the 2006 IECC by 2029.

The Department of Energy secretary can set interim code targets, as long as they are higher and based on the life-cycle of the home, not on economics or the payback to consumers.

Within one year after the date of enactment, a national building code will be established. States are required to adopt the national code within one year from that date, they can adopt a state code that is equally stringent or they can adopt California's Title 24 building code within two years.

If after one year the DOE doesn't have a certification from a state that its code meets the targets, then the national energy code automatically becomes the applicable building code for that state or locality.

Federal violations will be levied against builders or owners of a building if they permit occupancy of a home or building that is out of compliance with the national energy targets, even if the state refuses to adopt the new code, because the national building code will be in effect regardless.

If a state or locality is out of compliance with the codes, it will not receive emission allowances under any cap and trade plan. Also, states will lose federal funding from other parts of the bill on a sliding scale for each year of non-compliance.

If a state or locality fails to enforce either a compliant code or the national building code, then the DOE will enforce codes federally through "inspections" and enforcement fees.

The DOE will also assess a civil penalty for violators of this section. Each day of unlawful occupancy is considered a separate violation. If the home is constructed out of compliance with the provisions of this bill and it has been conveyed by a knowing builder or a knowing seller to an unknowing purchaser, then the builder or seller is the violator. The U.S. District Court has jurisdiction for all legal issues.

For more information please contact LaDonna Miller- Broker- Round Stone Properties, LLC. (503) 310-9076 or ladonnamiller@earthlink.net

Obama Administration announced its Foreclosure Alternatives Program

2009-05-21T09:52:00.000-07:00

This is a great news that was published in the National Association of Realtors weekly update regarding the Obama Administration's plan to uniform the process for Short sales that will help struggling homeowners. I am personally so impressed with everything that President Obama has done thus far to help stablize the complex issues facing our country. This move called the "Foreclosure Alternatives program" has been applauded by the National Association of Realtors as a program that is another step in the process of offering homeowners additional options.

Here is the press release for your review from the National Association of Realtors.Uniform Process for Short Sales Will Help Struggling Homeowners, Say Realtors®
WASHINGTON, May 14, 2009

Help is on the way for many homeowners who are facing foreclosure, thanks to new details under the Making Home Affordable Program announced today by the U.S. Treasury and the U.S. Department of Housing and Urban Development.

The Making Home Affordable Program is designed to help homeowners obtain modifications to their loan so they can afford to stay in their home. Where a modification is not possible, new incentives encourage the “quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future,” according to U.S. Treasury Secretary Timothy Geithner. The National Association of Realtors® expects that a uniform process for handling short sales and financial incentives will facilitate this process. View a summary of the incentives and process (PDF)

“NAR is pleased that the government is stepping in to help prevent foreclosures by streamlining the short-sale and deeds-in-lieu process,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “NAR has been calling for uniform short sales procedures and other initiatives that will help today’s homeowners in challenging economy.”

Short sales occur when a bank agrees to let homeowners who have fallen behind on their mortgage to sell their home for less than they owe on their mortgage. Visit www.treasury.gov for detailed information on the program changes.

“Many families are finding themselves with a mortgage that is higher than their current home value, and they are struggling,” said McMillan. “As Secretary Geithner noted, and as NAR has been advocating for many months, stemming the foreclosure crisis and stabilizing the housing market are critical to our economic recovery.”

“We have heard from Realtors® that the extensive delay in the short sale process had caused many buyers to go elsewhere and have left many would-be sellers with no option but foreclosure. We are all pleased that the government has stepped in to help homeowners and those wishing to buy a home,” McMillan said.

For more information on Real Estate in the Portland area please contact
LaDonna Miller- Broker Round Stone Properties, LLC. (503) 310-9076 or ladonnamiller@earthlink.net (503) 310-9076

A Fun & Festive Renovation Concepts Event held at A Cut Above Exteriors

2009-05-14T07:36:00.000-07:00

Last night- Mark Tiffee the President of A Cut Above Exteriors and his wonderful staff hosted a great Renovation Concepts Event at their beautiful showroom located on NW Cornell, and as always a great time was had by all!

Renovation Concepts Events provide an excellent forum for members to build strong relationships with other top notch building & design professionals in the Portland Metro area. Plus the members in the Renovation Concepts program are awesome. I am so proud of the level of expertise and wide variety of members that are represented in the Renovation Concepts program.

Here are some photo's from the event last evening at A Cut Above Exteriors.

Photo #1: Mark Tiffee- President of A Cut Above Exteriors & Ron Walter- Sofa Table Chair. www.ACutAboveExteriors.com & www.SofaTableChair.com

Photo #2: Harriet Lovins of C.A.D. Color & Design- Wendy Vaughn- Bolliger Window Fashions. www.BollingerWindowFashions.com

Photo #3: Beckie Blakley & Laura Dayton- A Cut Above Exteriors. www.ACutAboveExteriors.com

Photo #4: LaDonna Miller- President of Renovation Concepts & Stan Robinson- Pacific West Roofing. www.RenovationConcepts.net & www.PacificWestRoofing.com

Photo #5: John Hill, Darci Shaver & Betty Moore- Interstate Flooring.

For more information on these and other Renovation Concepts members- please visit www.RenovationConcepts.net or contact LaDonna Miller (503) 310-9076 or ladonnamiller@earthlink.net

Good-bye McMansions

2009-04-24T17:14:00.000-07:00

This was a great article by Inman News regarding Opportunities and Strategies for Real Estate Investing in the Coming Decade. I really do believe that his point is valid regarding the lack of demand in the next several years for the famous McMansions. Because there will be a greater and greater demand for sustainable projects- one of the features regarding sustainable projects is not just the types of building materials that go into making a home more sustainable but also the actual footprint of the dwelling itself. McMansions are by nature not energy efficient and cost alot to maintain both in terms of energy usage/costs as well as commute costs.
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Goodbye, McMansions
Book review: 'After the Fall'
By Patrick S. Duffy, Friday, April 24, 2009.

Inman News

Cover image courtesy John Wiley & Sons, Inc.Book review
Title: "After the Fall: Opportunities and Strategies for Real Estate Investing in the Coming Decade"
Author: Steve Bergsman
Publisher: John Wiley & Sons Inc., March 2009, 201 pages, $24.95 list ($16.47 on Amazon.com).

With the housing market still in tatters but showing some signs of life and the commercial markets starting their own freefall, many investors continue to consider real estate one of the last places to put their dollars to work.

In his new book, "After the Fall: Opportunities and Strategies for Real Estate Investing in the Coming Decade," veteran real estate and travel writer Steve Bergsman argues that now is precisely the time to start considering what types of real estate sectors -- whether residential, commercial or leisure -- should be on your shopping list, both today and in the future.

Bergsman, who has also written "Maverick Real Estate Financing: The Art of Raising Capital and Owning Properties Like Ross, Sanders and Carey," "Maverick Real Estate Investing: The Art of Buying and Selling Properties Like Trump, Zell, Simon, and the World's Greatest Land Owners," and "Passport to Exotic Real Estate: Buying U.S. And Foreign Property In Breath-Taking, Beautiful, Faraway Lands," certainly seems to know his niche, having written on the subject for 25 years.

In this latest work, he carefully examines specific types of real estate for updates and provides unvarnished gut checks on their relative health based on scores of interviews with a variety of industry experts.

While many authors of books on real estate focus on housing, Bergsman instead starts out by analyzing the commercial sector, including the markets for office, industrial, retail and multifamily residential space.

For each chapter, the author takes us through a brief business journey beginning with an overview, followed by "Where We Are Today," "Where We Were," "Where We Are Headed" and "Fundamentals."

Readers can easily thumb through to whichever chapters they deem most relevant for analysis on the past, present and future for their sectors of interest. In addition, a "Bonus Box" at the end of each chapter focuses on a recent trend for a particular land use sector, such as "The Office Condominium," "Flex Space" (for industrial uses) or "Locations for Knowledge Workers" (for retail uses).

In the case of the commercial real estate markets, Bergsman paints a future portrait of haves and have-nots, in which the largest investors will favor larger urban, international centers such as New York, Washington, D.C., or Los Angeles, while largely ignoring tertiary, largely domestic markets such as St. Louis or Minneapolis.

By 2012, however, the author thinks it will actually be the sleepy, stable apartment market that will be one of the best places for institutional dollars, having likely rebounded from several years of weakness in that sector's underlying fundamentals and a dearth of new construction.

No matter the specific commercial market sector, however, one key trend expected to keep expanding is sustainability, especially for new office developments. Although the certification for LEED (Leadership in Energy and Environmental Design) has been online only since 2000, its impact has been enormous, with experts predicting future premiums for LEED-certified projects -- and future upgrades for existing buildings wishing to remain on the radar screens of many investors.

Over time, as the cost for green building declines and is more palatable for value-conscious consumers, residential builders will also start offering more robust and complete energy-efficient features and options -- especially in urban locations where consumer awareness of green building techniques is higher, Bergsman suggests.

Of course, that won't happen until we see a sales rebound in the single-family home market, which Bergsman's sources think will be delayed until late 2009 or 2010, with prices remaining under pressure through at least 2011 or 2012.

One sub-sector expected to resist the outgoing tide is senior housing, which already went through its own boom-and-bust cycle earlier in the decade and, by 2010, will enjoy a strong surge of favorable demographics as boomers begin to retire in larger numbers.

Looking ahead, two residential sectors Bergsman expects to underperform the market include: condominiums (especially those in popular vacation areas such as Las Vegas or South Florida) and, at least until the next decade, second homes.

However, due to future demographic trends pointing to an aging population, smaller families and a growing preference for returning to the city centers, condos located in urban areas that haven't been overbuilt could return to health as early as 2010, he said.

One popular way to clear excess inventory in all real estate sectors is the distressed real estate market, with investors looking at both property as well as soured loans from banks.

With a hodgepodge of wealthy families, groups of friends and hedge funds looking at opportunities, this activity is continuing to build and will likely peak in 2011 or 2012.

Finally, although most real estate sectors are expected to return to basic fundamentals for most of the 2010-20 years, one heralded star of the housing boom -- the exurban McMansion built on the far fringes of metropolitan centers -- could likely become its most visible victims of the bust.

Featuring large lots at the expense of a long commute and few public transit options, some industry observers think such single-family homes will eventually be subdivided and become housing for the poor -- which, ironically, is exactly what happened to buildings in various downtown areas as a car-crazy populace moved out to new suburbs during the mid-20th century (see Inman News report on urban, suburban and rural growth and planning trends in the aftermath of the housing boom).

Of the 57 million existing single-family homes on large lots, nearly 40 percent, or 22 million, could have considerable trouble finding buyers in the years ahead as larger economic, political and cultural forces change the way Americans live and view residential real estate as an investment class.

In fact, this same type of uncertainty could be what lies ahead for all types of real estate asset sectors.

If you're looking for a comprehensive overview to get up to speed and figure out on what to focus and what to avoid, "After the Fall" certainly makes a compelling start.

For more information on real estate in Portland please contact LaDonna Miller-Broker Round Stone Properties www.RenovationConcepts.net or ladonnamiller@earthlink.net (503) 310-9076.

Considering Refinancing your Home loan?

2009-04-23T08:31:00.000-07:00

This is an excellent article from Inman News. The article was titled, "Eight things to do before you Refinance". I thought that this writer raised some great points for homeowners to consider. I hope you find this informative!

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With 30-year interest rates well below 5 percent, and 15-year interest rates between 4 percent and 4.5 percent, it's time to start seriously thinking about refinancing your mortgage.

But before you high-tail it to the nearest mortgage lender and fill out a mortgage application, there are eight things you should do:

1. Check out the interest rate you have on your current loan. When interest rates dip, the natural inclination is to start filling out loan applications left and right. But too many times, homeowners are focused solely on the new interest rate instead of how much they'll save by refinancing. While you may get water cooler-bragging rights, you should refinance only if it's going to save you money.

2. Find out how much your home is really worth. There's no way to sugarcoat it: Home values have sunk around the country an average of about 20 percent in the past year. In some places, such as Las Vegas, Miami, Phoenix and the San Francisco Bay Area, the decline has been twice as steep. It's vital to assess whether your home still has any equity (the difference between what you owe and what the home is worth) or if you are "underwater" with your mortgage (meaning that you owe more to your lender than the property is worth. Whether you have equity will determine what kind of refinance is open to you.

3. If you're underwater with your mortgage, assess how far underwater you are. While federal requirements have changed with regard to refinancing loans owned or serviced by Fannie Mae, Freddie Mac or FHA, if your loan is more than 105 percent of the value of the property, you may not be able to refinance without bringing cash to the table. (You may still be eligible for a loan modification, however.)

4. Get a copy of your credit history and credit score. Since the credit crisis began, lenders have raised the credit scores required to get approved for the best loan programs and best interest rates. The best place to go for a copy of your credit history and credit score is AnnualCreditReport.com. It's the only place where the three credit reporting bureaus provide a free copy of your credit history each year, plus you can pay $7.95 for a copy of your credit score. Choose the Equifax credit score, since it's the one closest to the score used by most lenders. (You can also go to MyFico.com, and purchase your credit history and FICO score for $15.95. You may also find their online community to be helpful in terms of suggestions on how to raise your credit score.)

5. Start identifying potential lenders. Shopping around for a loan takes a little more planning and effort than it used to, as lenders have jacked up the fees they charge to underwrite and process the loan. Your best bet is to talk to a national lender, a credit union (if you belong to one or can join one), a local mortgage broker (call your real estate agent if you don't know one and ask for several recommendations), and perhaps an online lender.

6. Find out if your second lender will subordinate to your first lender. If you have a first and a second mortgage (also known as a home equity loan), find out whether the second lender will subordinate to the new first lender. That will allow you to refinance your first mortgage, while leaving your second loan in place. Many second lenders will not agree to this, and if yours doesn't, you may not be able to refinance at all unless you pay off the second loan. One possibility is to refinance your first mortgage with the lender who owns your second loan.

7. Focus on the big picture, not just the interest rate. While the interest rate you'd get is important, it's also important to calculate how much you'd pay in fees, and how long it will take to pay yourself back the cost of the refinance with your monthly savings. For example, if you're going to save only $50 per month, and it costs you $5,000 to refinance, it'll take you 100 months -- or more than eight years -- to pay back the cost of doing the loan. You won't start saving until well into the eighth year of paying down the mortgage. So, unless you're cutting the term of the mortgage significantly (going from a 30-year to a 15-year), or you're able to pay off the costs in a relatively short period of time (say, less than a year or 18 months), it may not pay to refinance.

8. Get your paperwork together ahead of time. Before the housing crisis, you could almost do a refinance over the phone. In fact, you could call the loan officer you worked with regularly and put in your order for a refinance. You could do a no-cost refinance without providing much in the way of proof of earnings, or account statements or copies of tax returns. The forms would be delivered to your home, and then you'd sign them and send them in. Today, you've got to have your paperwork in order before you can refinance. Gather your W-2, a current paycheck, copies of your last two federal and state tax returns, copies of your bank accounts, retirement accounts, and other assets. Then call the lender.

For more information on Refinancing please contact Theresa Springer- Mortgage Broker in the Renovation Concepts program. Here is her contact information:

Theresa Springer- Mortgage Broker- Pacific Residential Mortgage Theresa.Springer@pacresmortgage.com (503)352-7110

For information on Real Estate in Portland please contact LaDonna Miller-Broker with Round Stone Properties, LLC. ladonnamiller@earthlink.net or (503) 310-9076

Tankless Water heaters

2009-04-15T12:15:00.001-07:00

This is a great article on Tankless Water-heaters that was in the latest edition of Eco-home Magazine. What is good to know is that as homeowners look at the various ways that they can cut down on heating bills, this article states that homeowners can save between 20-25% on their heating bills.

Another interesting fact is that the Department of Energy estimates that Americans can save 78% in utility costs, avoid 4.2 million tons of carbon dioxide emissions, and achieve energy savings of 3.9 billion kWh and 270 million therms of natural gas by using high-efficiency tankless water heaters in five years.

For more information on installing a Tankless Water-heater please contact Terry Miller owner of Crouchley Plumbing (503) 260-2981. Crouchley Plumbing is in the Renovation Concepts program. www.RenovationConcepts.net
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It’s no wonder tankless water heaters are becoming a staple of green building. Unlike tank-type water heaters that keep gallons of water at usable temperatures 24/7, tankless heaters provide hot water on demand, saving energy and money. In fact, the Department of Energy estimates that tankless water heaters can be 24% to 34% more efficient than tank units. According to Jack Banker, manager of tankless sales for Rheem, homeowners can save about 20% to 25% on their heating bills.

This technology isn’t new—it’s been in use in Europe, South America, and Asia for decades—but the units have only recently begun to gain traction in the United States as Americans look to cut energy costs. Technology is catching up with demand, too, as vendors are responding with whole-house tankless systems that offer capabilities beyond the capacity of early point-of-use units.

Efficient Options
The basic operation of tankless water heaters is fairly straightforward: When someone opens the hot side of a fixture, water flows into the tankless unit and past a sensor that triggers the heater to bring the water to a pre-set temperature for delivery to the fixture. The quick recovery rates on tankless water heaters allow them to operate on demand, and as long as that fixture is asking for hot water, the tankless unit will continue to heat and deliver it.

Not long ago, availability of tankless units was limited to small-capacity point-of-use systems, which would only provide enough hot water for the location where it was installed, such as a for a bathroom or kitchen sink. Now the majority of manufacturers offer whole-house systems, which can provide enough hot water for large homes with multiple bathrooms. As a result, the tankless water heater industry has grown on average about 25% per year since 1999, says Mat Katz, retail marketing manager for Bosch.

Over the years, vendors of tankless water heater units have improved their products’ performance by merging gas condensing and tankless technology, adding direct-vent technology, and integrating temperature and carbon dioxide sensors. In addition, the units have gotten more compact and more efficient.

The efficiency of tankless water heaters depends on a variety of factors, including the design and the fuel source. Gas units are about 80% to 85% efficient because residue heat is lost through the vent pipe, while electric units are nearly 100% efficient because they convert almost all the electrical energy they consume into heat. However, some homeowners prefer gas tankless water heaters because they are said to heat water more quickly. (A common complaint of tankless technology is that users must wait a few seconds for the ambient-temperature water to be expelled, the temperature to rise to the set point, and the hot water to flow through the sensor. Some vendors are circumventing this problem by allowing their systems to be installed with a circulating pump.)

Whether the best option is to go with a gas or an electric tankless water heater also depends on fuel prices and availability of natural gas in a particular area. The desired location of the tankless water heater plays a role as well. Electric tankless water heaters can be installed closer to the point of use, even for whole-house models, which can reduce the wait time for hot water; a gas unit must be installed where it can be connected to a gas line and vented outdoors. Some of these gas units offer direct-vent technology, which pulls combustion air from outside the home and discharges it through an outside vent. As a result, the tankless water heater unit isn’t discharging conditioned air from inside a home to the outdoors.

A range of capacities is available for both gas and electric models. Some units are designed for homes with multiple bathrooms, while others are suitable for smaller homes with a single shower.

Green builders also can select the most efficient models based on national recognitions and standards. Energy Star recently established a residential water heating program to recognize gas, whole-home tankless water heaters with an energy factor (EF) of 0.82 or better, gas condensing units with an EF of 0.80, and electric heat pump water heaters with an EF of 2.0. So far, however, Energy Star has not recognized electric tankless water heaters, which typically have an EF of 0.98 to 0.99 compared to 0.91 to 0.95 for an electric tank unit, because it is still a small market and the energy savings are too low, according to Energy Star.

Builders also can earn two points toward LEED certification if the gas unit has an EF of at least 0.80 or an electric tankless unit has an EF of 0.99. The National Green Building Standard awards points for whole-house tankless units that are either direct-vented or power-vented to improve indoor air quality and minimize contamination from combustion byproducts.

All of that efficiency, however, comes at a price. Banker estimates that most tankless water heaters cost two to two-and-a-half times more than a traditional tank model. Federal and local tax incentives and rebates, along with incentives available from many utilities, can help offset the sticker shock.

While the return on investment depends heavily on water usage and energy prices, homeowners can expect to recoup their initial investment in about four to six years. In addition, the life span of a tankless water heater is two to three times longer than a traditional water heater.

Infrastructure & Installation
While both gas and electric tankless water heaters are generally considered more energy efficient than tank models, builders should note that tankless units actually consume more energy than tank water heaters, but for shorter periods of time. To accommodate these significant surges of energy, gas units must be connected to a large gas line and electric models require extra breakers to support the heating modules in the system.

“I think the infrastructure to support them is the biggest challenge when you’re using this technology compared to a conventional tank,” says Aaron Siegel, vice president of sales and marketing for Eemax. “Everything else is a gigantic plus.”

Unlike 200-pound tank water heaters, tankless units can be installed virtually anywhere. Most tankless units weigh only 40 to 60 pounds, and some are so compact they can fit in a closet or in between wall studs.

Space savings and efficiency are the top reasons Mike Moon of Urban Renaissance Group is installing tankless units in the Walnut Hill Townhomes in Tennessee. “I find buyers understand that tankless water heaters are an upgrade and add value over conventional water heaters,” he says. “This helps differentiate our product from the competition.”

Tankless water heaters currently comprise about 4% of the total U.S. water heating market, but the demand is growing. Over the last eight years, the industry has increased 20% to 40% a year, according to Rinnai. In addition, the Department of Energy estimates that Americans can save 78% in utility costs, avoid 4.2 million tons of carbon dioxide emissions, and achieve energy savings of 3.9 billion kWh and 270 million therms of natural gas by using high-efficiency tankless water heaters in five years.

As more builders look for energy-efficient technology, tankless water heaters may one day be the norm, rather than the exception, in homes nationwide.

Amy Fischbach is a freelance writer based in Overland Park, Kan.

NAHB Steps Up Efforts to End Severe AD&C Credit Crunch

2009-04-13T18:49:00.001-07:00

This was an interesting article by the National Home Builders Association which speaks about how banks and lending institutions have been facing severe restriction in terms of funding for land development, land acquisition and home construction. One one hand lenders have got to be cautious and on the other hand credit has got to be extended so that builders with good credit can continue to build.

I think you will find this article interesting!
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Expanding efforts this spring to restore the flow of credit that is needed for the production of housing, NAHB is seeking case studies from its members who have run into problems with their lenders.

“Turmoil in the housing credit and broader financial markets is now affecting every corner of our nation’s economy, but the effect on financing for housing production is especially severe and is resulting in economic hardship in communities throughout the country,” 47 members of the U.S. Congress said in a March 27 letter to Treasury Secretary Timothy Geithner.

“Home builders are experiencing an untenable constriction in terms and availability on land acquisition, land development and home construction (AD&C) loans and builders with outstanding loans are facing mounting challenges,” the letter said. Lawmakers were asked to send the letter by delegations of builders who made visits to Capitol Hill last month during the annual NAHB Legislative Conference.

Stories from builders on their difficulties with lenders will provide documentation as the industry seeks relief from today’s severe AD&C credit crunch, which is a major impediment to the housing recovery that is needed to restore the health of the nation’s faltering economy.

The stories will be used to convey the seriousness of the issue to regulators, legislators and others who are in a position to help resolve the current situation.

Of particular interest to NAHB are stories coming from builders or developers in relatively stable markets that illustrate vividly the inappropriateness of specific regulatory actions.

NAHB members are encouraged to share their financing experiences by filling out the online template located at: www.nahb.org/adccasestudy.

“Lenders are now making demands on existing loans that appear unrelated to sensible regulatory requirements,” the letter to Sec. Geithner said. “These demands are increasingly impairing previously performing loans and, in some cases, forcing builders with viable projects into insolvency, and frustrating the purpose of the Troubled Asset Recovery Program (TARP), which was to allow lenders to extend credit to deserving borrowers and stabilize the economy.”

The letter was forwarded to Sheila Bair, chairman of the Federal Deposit Insurance Corporation; John Dugan, comptroller of the currency; John Bowman, acting director, Office of Thrift Supervision; and Federal Reserve Chairman Ben Bernanke.

NAHB has noted that while policy makers have correctly been expending the necessary resources to prevent banks from foreclosing on home owners, that same approach is not being taken on loans to home builders and developers.

The small home building businesses that have disproportionately fallen victim to the cascading freeze in home building credit depend almost entirely upon commercial banks and thrifts for housing production credit.

As it continues to meet with decision makers in Washington to resolve the crisis, NAHB will be recommending several solutions:

Regulators should encourage lenders to work with residential construction borrowers who have loans in good standing by providing flexibility on re-appraisals, loan modifications and perhaps forbearance, to give builders sufficient time to complete projects and sell their inventory. By not extending loans, banks are depriving builders of the opportunity to find buyers as the housing market enters its peak selling season.

Institutions that have received funds from TARP or the new Financial Stability Plan (FSP) should be required to account for how these funds are being used in lending on new projects and/or working out more flexible terms to facilitate continued funding and eventual repayment of performing AD&C loans.

Up to $20 billion in TARP and FSP funds should be allocated specifically for AD&C loans to provide banks with additional capacity to accommodate loan modifications and workouts.

The monies would be voluntarily requested by banks. In order to access the capital, the recipient would have to demonstrate to their regulator that the net present value of working out a loan would be higher than a foreclosure or sale to a hedge fund or other opportunistic investors. Forbearance approved by the regulator would be provided for a limited period of time detailed in the plan to allow the parties to have sufficient time to execute the workout.

Institutions would classify such forbearance on an affected loan as a performing asset as opposed to a troubled debt under capital regulations.

In addition, the TARP funds could be used to buy down an interest rate for a home buyer who is purchasing a home from a builder whose AD&C project is subject to the plan.

For more information on providing NAHB with case studies on financing problems, e-mail John Dimitri, or call him at 800-368-5242 x8529.

For information on the AD&C credit crunch and solutions to alleviate it, contact David Ledford, x8265.

For more information on real estate in Portland, please contact LaDonna Miller-broker- Round Stone Properties, LLC. (503) 310-9076 or ladonnamiller@earthlink.net

Check out this wonderfully restored home by JB Construction

2009-04-03T11:11:00.001-07:00

Congratulations Jim & Maria Bruce on your wonderfully restored home in NW Portland that was featured in the Oregonian this week.

Jim Bruce, owner of JB Construction & member in the Renovation Concepts program, recently purchased this home with his wife Maria and did a complete remodel to this 1901 home. This home was recently also featured on the "Tour of Remodeled Homes" in March 09.

Check out the article published this week in the Oregonian. Here are some quotes from the article.

"Maria loves it even more now that they've bought and renovated a classic house in the area, this one just within the border of Northwest Portland's Alphabet Historic District.We didn't want to live in a huge house nor in a tiny house, because I have four sons and have all this stuff that my kids do not want, of course," Maria says, waving her hands around her immaculate home filled with Oriental rugs, original paintings and exquisite furnishings gathered over the years.

For more information on purchasing an older home in Portland please contact LaDonna Miller-Broker Round Stone Properties (503) 310-9076 or ladonnamiller@earthlink.net.

If you are looking to remodel an existing home please contact Jim Bruce at JB Construction (503) 453-7826.

For a list of some of the top building & design professionals in Portland please visit www.RenovationConcepts.net

Builders Urge Congress to Remedy AD&C Lending Crisis

2009-03-30T18:45:00.000-07:00

This was an informative article published by the Nation Builders News which is part of the National Home Builders Association. This article describes in detail how credit to builders are making this crisis worse. I found it disturbing to read that examiners are conducting more frequent bank examinations, and requiring institutions to update appraisals on AD&C projects and to increase loan loss reserves. Overly conservative appraisals are presenting further challenges by limiting home sales and refinancing opportunities and exacerbating pressure on outstanding mortgage and housing production loans.

"Alleviating the acquisition, development and construction (AD&C) lending crisis that has been choking off credit for home builders with devastating results took center stage on March 24 as more than 500 builders from across the country converged on Capitol Hill for the annual NAHB Legislative Conference.

“Our message to members of Congress was right to the point,” said NAHB Chairman Joe Robson. “The economy will not rebound until we get credit flowing again to the housing sector. It’s time to put the housing industry back to work and get the economy moving again.”

Also, hundreds of NAHB members who were unable to attend the day-long conference participated by calling the Capitol Hill offices of their representatives and senators to deliver the same message.

Builders visiting with their lawmakers urged their members of Congress to sign onto a bipartisan draft letter sponsored by Reps. Brad Miller (D-N.C.) and Gary Miller (R-Calif.) to Treasury Secretary Timothy Geithner and other regulators calling attention to the drastic impact that the ongoing financial crisis is having on the nation’s home builders.

The congressional letter notes that lenders are now making demands on existing AD&C loans that appear to exceed sensible regulatory requirements.

“These demands are increasingly impairing previously performing loans and, in some cases, forcing builders with viable projects into insolvency, and frustrating the purpose of the Troubled Asset Recovery Program (TARP), which was to allow lenders to extend credit to deserving borrowers and stabilize the economy,” the letter says.

“Financial institutions should not be compelled to turn performing loans into ‘troubled’ assets,” the letter continues. “In many cases, rather than shutting off credit, lenders would be far better served by working with borrowers to extend performing loans. Again, it is not in anyone’s interest — not lenders, not builders, not the economy as a whole — to force sound and viable borrowers into insolvency.”

Examiners are conducting more frequent bank examinations, and requiring institutions to update appraisals on AD&C projects and to increase loan loss reserves. Overly conservative appraisals are presenting further challenges by limiting home sales and refinancing opportunities and exacerbating pressure on outstanding mortgage and housing production loans.

The heightened regulatory scrutiny is having an impact on borrowers, and many builders are rapidly drawing down interest reserves and having to put up additional equity as appraised values decline.

The latest setback for home builders is the rising number of bank and thrift failures. Builders with outstanding loans that are placed under the control of the Federal Deposit Insurance Corporation are frequently unable to contact a decision maker to deal with routine, but time-sensitive matters related to loan draws or extensions.

NAHB believes that in the vast majority of these cases the institutions would be better off working with the borrower to modify or extend the loan, rather than requiring additional equity or curtailing credit.

In their meetings with representatives and senators, builders called for action on the following NAHB legislative priorities:

Housing’s Impact on the Economy. Noting that housing and related industries account for about 15% of gross domestic product in normal economic times, lawmakers were urged to support efforts to keep housing at the top of the federal agenda; the national economy will not recover until the housing sector does.

Housing Tax Incentives. President Obama’s fiscal 2010 federal budget proposal would cap the value of the mortgage interest and real estate tax deductions for home buyers and home owners. This would increase the cost of housing for many middle-class families, particularly in high-cost areas such as California, the Northeast and other major metro markets. Chipping away at these deductions is not the answer to raise additional revenues in the current economic climate; it will only hurt the ailing housing market and economy. NAHB urged lawmakers to reject this proposal in the President’s budget because it would undermine the nation’s housing markets, which are reeling under the current recession.

Within 48 hours following the Legislative Conference, the House and Senate Budget Committees each approved their respective $3.5 trillion fiscal 2010 budget proposals using Obama’s blueprint as a guideline. Unlike the Obama plan, the House and Senate versions would not cap the value of itemized deductions such as the mortgage interest and real estate tax deductions.

Housing Finance System Reform. While it is essential to correct the regulatory shortcomings that contributed to the ongoing crisis in the credit and housing finance markets, NAHB urged lawmakers to carefully study proposed legislative solutions to ensure that they will not impede the availability of financing for creditworthy mortgage borrowers or unnecessarily limit homeownership opportunities.

NAHB also recommends retaining a specific charter for institutions specializing in housing finance (thrift charter) and establishing housing finance focus and expertise in any future bank regulatory structure. Finally, NAHB called on Congress to continue to provide support to the primary and secondary mortgage markets in order to ensure available and affordable mortgage credit in all geographic areas and under all economic conditions.

“Card Check” Legislation. NAHB opposes the Employee Free Choice Act, commonly known as the “card check” bill. Now pending in both chambers of Congress, the legislation would allow workers to form a union if a majority sign pro-union cards, without a secret-ballot election; stiffen penalties for employer violations; and require mandatory arbitration if an employer and union fail to reach an agreement on an initial contract within 90 days. NAHB opposes all efforts to eliminate the secret ballot election as part of unionization.

In a significant development, Sen. Arlen Specter (R-Pa.) announced on the day of the Legislative Conference that he will vote to block the bill, dealing a serious blow to proponents of the legislation, which requires the support of at least 60 senators to move forward. With Specter’s announcement, all 41 Republicans in the Senate are expected to hold firm in opposition to the legislation.

Seller-Funded Downpayment Assistance Reform. Reps. Al Green (D-Texas) and Gary Miller (R-Calif.) on Jan. 16 introduced H.R. 600, the FHA Seller-Financed Downpayment Reform Act of 2009. The bill would reverse the prohibition on seller-funded downpayment assistance and implement key reforms by establishing eligibility thresholds based on a borrower’s credit score. NAHB urged House members to cosponsor H.R. 600 in order to reinstate and reform this critical tool to strengthen the Federal Housing Administration's role in the support of homeownership".

For more information on purchasing new construction homes in Portland, please contact LaDonna Miller- Broker Round Stone Properties, LLC (503) 310-9076. email:ladonnamiller@earthlink.net

Another GREAT Renovation Concepts Event at Lisac's Fireplaces & Stoves

2009-03-27T13:21:00.001-07:00

If you are reading this blog post and are considering a remodeling or design project in 2009, please visit www.RenovationConcepts.net for a list of top notch building & design professionals in the Portland area.

Here are some fun & festive photo's from Lisac's Fireplaces & Stoves.

Photo #1: Laura Hertner & John Gibbons- Lisac's Fireplaces & Stoves- (503)261-1000 www.lisacsfireplaces.com

Photo #2: Susan Walter- Sofa Table Chair- www.SofaTableChair.com (503) 231-2782/ Eric Hernanz- Hernanz Painting www.hernanzpainting.com (503) 525-2955

Photo #3: Nancy & Rod Faunt. Nancy Faunt Interiors- www.fauntinteriors.com (503) 312-7356 or Landservices Inc (503)644-8575

Photo #4: Patricia Uber- Terra Clean- www.TerraCleanWorld.com (503) 293-5355/ Jim Ferris- Red's Electric- (503)233-6467

Photo #5: Susan Walter- Sofa Table Chair/ Eric Hernanz-Hernanz Painting/ Mark Tiffee- A Cut Above Exteriors- www.ACutAboveExteriors.com (503)643-1121/ Mary McMurray- Art First Colors For Architecture www.artfirst.net (503) 287-4354

Photo #6: Darci Shaver- EASE (503)206-4972/ Beckie Blakey- A Cut Above Exteriors/ Sue Muir- Farmers Insurance (503) 699-0189

Photo #7: Wendy Vaughn- Bolliger Window Fashions- www.bolligerwindowfashions.com (503) 281-1236 & Susan Walter- Sofa Table Chair- www.SofaTableChair.com

Photo #8: Sue Muir- Farmers Insurance (503) 699-0189

For more information on these businesses please visit: www.RenovationConcepts.net or contact LaDonna Miller-Broker Round Stone Properties (503) 310-9076

A LEED Certified Residential Home in SW Portland

2009-03-20T13:57:00.000-07:00

Here is a great article published by the Daily Journal of Commerce highlighting a residential LEED certified home in SW Portland. This home will be featured in the Ultimate Open house an HBA event in April 09.

Renovated home may be LEED platinum
Ultimate Open House in April will showcase Portland home’s green elements
POSTED: 04:00 AM PDT Thursday, March 19, 2009
BY SAM BENNETT

From the outside, the home at 8020 S.W. Elmwood St. doesn’t stand out from the other Ranch style homes in its Southwest Portland neighborhood.

But the home’s accomplishment in sustainable design is unique. The home is expected to receive LEED platinum certification in the Home Renovation category, and if successful it will be the first in Oregon and only one of 10 in the United States to have that designation.

“Anytime you hit this level of performance, it’s something special,” said Randy Hansell, the LEED Home program manager for the Earth Advantage Institute. “It’s innovative to take an existing home and do what they’ve done with it. They were really able to do some great things.”

The home will be part of the Home Builders Association of Metropolitan Portland’s Ultimate Open House on April 18, 19, 25 and 26. The home is expected to receive LEED platinum certification in time for the open house, and it is listed for $850,000. The renovation was designed by Paolo Design Group.

Stephen Aiguier of Green Hammer Construction, which was the builder on the project, said the “gut rehab” project on Elmwood Street was a perfect fit for his firm since it specializes in green building projects.

An important step in meeting LEED platinum standards was adding new walls inside the home’s exterior walls, in order to use low-density spray foam insulation between the new walls and existing walls. Though the walls took up additional space, the home actually was converted from three bedrooms and two baths to five bedrooms and three baths. The simplicity of the Ranch style home, which includes a basement level, made the renovation easier than it would have been for a multi-floor craftsman home, Aiguier said.

For heating and cooling, the home uses a closed-loop, ground-source heat pump that extracts heat from the earth by warming a ozone-safe refrigerant that flows through pipes underground. In the summer, the cool temperature below ground cools the refrigerant. A heat recovery ventilator keeps the air inside fresh – which is necessary because the home is nearly airtight, according to Rebecca Novis, a project coordinator with Green Hammer. The home also keeps out cold air by using Pella fiberglass windows.

The home is expected to earn LEED points by using as much of the existing framing as possible. When new framing was needed, Green Hammer bought lumber from a supplier in Lewiston, Idaho. In the kitchen and bathrooms, cabinets are made from Forest Stewardship Council certified plywood, and countertops are made from manufactured quartz called Caesarstone. The home also features low-flow faucets and toilets. The existing flooring was saved, as was the home’s siding.

A 3-kilowatt photovoltaic solar panel system will feed energy into the grid in the summer, Aiguier said.

The home’s landscaping uses drought-tolerant, native plantings. Because turf requires water in the warm months, there is none used in the front or back yards. Rainwater that doesn’t sink through the sloped, semipermeable driveway will make its way to a bioswale at the base of the driveway.

During construction, 99 percent of construction waste was recycled, Novis said. Happy Fish Restoration oversaw the removal of invasive plants from the area near Ash Creek, which runs through the property’s backyard, and DeSantis Landscapes was the landscape architect.

Though the home has not gone through the LEED certification process, Aiguier said he feels confident that it will reach the platinum level. Every room in the home has some LEED point-earning components – from the cork flooring to low-VOC paint. Even the lower level entrance has a built-in shoe-storage space, which prevents contaminants from being tracked in.

For information on other green homes for Sale in the Portland area please contact LaDonna Miller-Broker Round Stone Properties, LLC. (503) 310-9076 ladonnamiller@earthlink.net

Banner Bank in Portland offers 4% fix rates in attempt to reduce Builders Inventory

2009-03-17T13:30:00.001-07:00

Inman News published this article about Banner Bank offering interest rates of less than 4%.

"A small bank in the Pacific Northwest is hoping to boost sales for builders who owe the bank millions by offering mortgages to new homebuyers at less than 4 percent interest.

Banner Bank began offering the low rates through a subsidiary on March 7 in Portland, Ore., and surrounding markets, and plans to expand the program next month to Seattle and Spokane, Wash., and Boise, Idaho.

In announcing the "Great Northwest Home Rush" program, Banner subsidiary Community Financial Corp. said borrowers with good credit and 20 percent down payments could qualify for 30-year fixed-rate loans with a "note rate" of as low as 3.875 percent.

That translates into a 3.973 percent annual percentage rate, or APR, when the best rate available from most lenders is closer to 5 percent. Even prospective homebuyers bringing no money to the table could obtain 4.875 percent fixed-rate loans, the bank said.

The catch is that the loans are available only for properties purchased from a list of several hundred homes and lots developed by about 75 builders who have millions in outstanding loans with Banner. The list includes homes and lots in Redmond and Vancouver, Wash., and several cities in Oregon including Beaverton, Bend and Portland.

As many as $50 million in low-interest loans will be made in the Portland area through March 22, said Ken Larsen, Banner's senior vice president, real estate lending.

"We've had pretty nice success with it in Portland," Larsen said, selling 30 of 300 available homes on the first day. "We want to reach out to people who are sitting on the fence and waiting for the bottom, and help them out. Noboby will know where the bottom is until two months later."

Banner's program is not unlike a proposal put forward by building industry groups that the government subsidize mortgage rates for all qualified borrowers.

The National Association of Home Builders and other members of a "Fix Housing First Alliance" group had hoped the $787 billion stimulus bill signed into law on Feb. 17 would bring 30-year fixed-rate mortgages down to 2.99 percent on sales closed by June 30, and to 3.99 percent on closings between June 30 and Dec. 31 (see story).

The National Association of Realtors, which supports a temporary government interest-rate buy-down program, has estimated that a 1 percent reduction in mortgage interest rates boosts buying power by 10 percent and can generate 500,000 or more sales.

Although the Federal Reserve is purchasing billions of mortgage-backed securities issued by Fannie Mae and Freddie Mac -- a move that's credited with bringing rates on conventional, conforming loans to near-historic lows of around 5 percent -- the stimulus bill did not include the interest-rate subsidy program advocated by the industry.

Some economists and real estate professionals worry that buyer incentives and even some foreclosure-prevention initiatives might unnecessarily prolong the housing downturn by preventing home prices from returning to levels where they are supported by market fundamentals.

Sean O'Toole, chief executive officer of ForeclosureRadar.com, a company that tracks properties through the foreclosure process in California, said lowering interest rates generally increases prices, as homebuyers buy based on monthly payments rather than price.

"What will happen to prices after the 4 percent deals are gone and someone needs to resell? They'll drop to prices people can afford at then-current rates, leaving all those folks with 4 percent loans underwater," he said. If lower interest rates mean higher sales prices, that will also mean higher property taxes for homebuyers, O'Toole said.

The low-interest loans Banner is providing consumers will give them more buying power, Larsen said, but he doesn't see the potential for the program to artificially inflate home prices.

"We just have a small piece of the market, and I'd argue that prices can't get much lower for the new stuff," Larsen said.

The bank can't expect to make much, if anything, on the low-interest mortgages themselves. But the loans may help Banner control rising losses in its residential construction and land-loan portfolio because the money it loans to consumers will also come back through the door as debt payments from builders.

"Our intent was to sell our builder inventory and help our builders out," Larsen said. "They've got units that, until they sell them, they can't start on the next one."

Banner never engaged in subprime lending, but did provide construction and land loans to dozens of builders during the boom. The Walla Walla, Wash.-based bank's publicy traded parent company, Banner Corp., recently reported that it had about $150 million in bad residential construction and related lot and land loans on the books at the end of 2008.

Although one- to four-family construction and land loans represented only 23 percent of Banner's loan portfolio, they constituted 82 percent of nonperforming assets, bank officials said.

Other banks in the region have had similar problems. Two of Banner Bank's competitors, Silver Falls Bank and Pinnacle Bank, were closed by Oregon regulators and placed into receivership by the FDIC last month after losses on commercial construction and real estate loans soared.

In January, Banner reported a $78.5 million fourth-quarter loss and a $128 million loss for the year, and the government took a $124 million stake in the company in November through the Troubled Assett Relief Program (TARP). But company officials say they have reduced their exposure to residential construction loans, and that Banner remains well capitalized.

According to a regulatory filing, Banner cut back construction and land development loan originations by 36 percent in 2007, to $855 million, and made even more drastic cutbacks in 2008. By the end of last year, Banner said it had reduced the outstanding balance of one- to four-family residential construction loans by $233.9 million, down from a peak of $655 million in the summer of 2007.

Nevertheless, at the end of September, two dozen developers who owed Banner Bank more than $1 million each had stopped making payments on their debts, the company said.

Among those defaulting on their loans were a developer with 196 unfinished lots in a subdivision near Seattle, who owed $18 million, and the builder of a partially completed, 49-home subdivision in "a desirable suburban location" near Portland who owed $11 million.

Banner has also been forced to take back more and more of the property put up as collateral by developers. The $10 million in real estate-owned property on Banner's books at the end of September included a subdivision with a book value of $4.5 million "secured by 74 fully developed and marketable single-family building lots" in Salem, Ore.

By the end of the year, the dollar value of REO inventory and repossessed assets on Banner's books had more than doubled, to $21.9 million, the company said.

With new-home construction in many regions having essentially ground to a halt, there will inevitably be a shortage of new homes once a recovery sets in because there will be a lag before builders can catch up with demand, Larsen said.

"Nobody is building new homes right now, and once these are gone, they're gone," he said.

Banner's low rates have caught the interest of the news media, including columnist Laura Rowley, who called the incentive program "a model of how the Troubled Asset Relief Program is supposed to work," in her "Money & Happiness" column published by Yahoo! Finance.

Larsen said the attention the program has received is not unwelcome, but comes as something of a surprise, given that many builders offer incentives to buyers. It may be that the program is easier for consumers to grasp than seller contributions or interest-rate buy-downs, he said.

For more information on Real Estate in Portland please contact LaDonna Miller-Broker- Round Stone Properties, LLC. (503) 310-9076 ladonnamiller@earthlink.net

Energy Star Federal Tax Credit Information

2009-03-09T16:05:00.000-07:00

This is a great article from the National building news the official publication for the National Home Builders Association. This article states that the new energy tax credits that President Obama has implemented as part of the stimulus package will generate $6 billion dollars in remodeling work by the end of 2010.

"Energy Star has published comprehensive information on how the housing industry and consumers can take advantage of the federal tax credits for energy-efficient home improvements in the new economic stimulus package. The credits are expected to significantly increase demand for green renovation projects this year and next, according to federal officials.

Congressional economists project that the new provisions will generate an estimated $6 billion in remodeling work by the end of 2010.

The credits will be the centerpiece of new marketing efforts for remodeler Scott Sevon, CGR, GMB, CAPS, GMR, CGP of Sevvonco Inc. in Palatine, Ill. “We will be featuring information for consumers on our Web site, brochures and other promotional materials,” he said. “We want to make sure they can come to us for accurate information.”

Remodelers trained in and experienced with making energy-efficient upgrades are well-positioned to take advantage of increased consumer interest in consuming less power. They can also use the tax credits to encourage home owners to undertake a more complete renovation that can be certified under the National Green Building Standard as part of NAHBGreen, the NAHB National Green Building Program.

The Internal Revenue Code Section 25C for existing homes, which had expired at the end of 2007, was reinstated as part of the economic rescue package passed by the Bush Administration last fall. Installing energy-efficient windows, doors, roofing and insulation as well as furnaces, air conditioners and heat pumps all qualified for the credit.

But remodelers found that the terms of the 25C credit — equal to only 10% of the cost of each product and with a lifetime cap of $500 — weren’t quite strong enough to get home owners off the fence and into a contract.

Under the stimulus legislation signed by President Obama, the percentage of the cost and lifetime cap have been tripled to 30% and $1,500, respectively, and the deadline for installing them has been extended through the end of 2010.

In addition to expanding the 25C tax credit, the IRS 25D credit for renewable energy products has also been expanded and is even more generous for specific improvements — including geothermal heat pumps, solar panels, solar hot water heaters, small wind energy systems and fuel cells. The 30% tax credit applies to these products but there is no cap on their cost through 2016. In addition, these credits also apply to new construction, as well as to remodeling and renovation projects.

The newly expanded tax credits are in alignment with industry research showing that remodeling and retrofitting the nation’s older homes will have a far more significant impact on reducing residential energy consumption than meeting even the most aggressive efficiency goals for new homes, according to Greg Miedema, CGR, CGB, CAPS, chairman of NAHB Remodelers.

A December 2008 survey by Whirlpool Corporation revealed that 84% of consumers said that energy efficiency is significantly more important than water use or other potential savings when it comes to home appliance efficiency. Seventy-two percent of respondents seek the Energy Star label when making purchasing decisions. (Click here to read a related story in this issue of NBN.)

“These new tax credits are another way that the home building industry can combat the potential effects of global climate change by encouraging home owners to make energy-efficient improvements to their homes,” said Miedema.

A 2008 California study showed that homes built before 1983 were responsible for 70% of the greenhouse gas emissions related to single-family envelope energy consumption.

The study also found that spending $10,000 to retrofit a 1960s home could save 8.5 tons of carbon at a cost of $588 to $1,176 per ton, depending on existing tax credits and incentives. By comparison, increasing the energy efficiency of a new home 35% over current state requirements would cost about $5,000 and would reduce emissions by 1.1 tons at a cost of $4,545 per ton.

The bottom line is that retrofitting existing homes with energy-efficient features is four to eight times more carbon- and cost-efficient than adding further energy-efficiency requirements to new housing, the study showed.

Tax Credit How-to

Details on qualifying improvements are available on the Energy Star Web site.

Remodelers should familiarize themselves with the model types and products that qualify for the tax credit so they can advise their customers. However, they do not need to give their clients the product sales receipts to verify the claim. Certification statements in the manufacturer's product information may suffice.

Home owners can claim the 25C and 25D credits on Form 5695 when they prepare their income tax returns. They should also retain records that include:

Name and address of the manufacturer
Identification of the component
Make, model or other appropriate identifiers
Statement that the component meets the 25C standards
Climate zones for which the criteria are satisfied
Additional information for storm windows, if applicable
A declaration that the certification statement is true

For more information, e-mail Calli Schmidt at NAHB, or call her at 800-368-5242 x8132

For information on contractors in the Renovation Concepts program who can help you do energy efficient upgrades please visit www.RenovationConcepts.net or contact LaDonna Miller- (503) 310-9076 or email ladonnamiller@earthlink.net

Portland Ranked as TOP 5 Housing Market

2009-02-26T06:08:00.000-08:00

This was great news for Portland Oregon! This is the latest data from S&P Case Shiller which ranks Portland as one of the Top 5 Housing markets in the nation.

Check out this article from MSN Real estate.

For more information on real estate in Portland please contact LaDonna Miller-Real estate broker Round Stone Properties, LLC. (503) 310-9076 or ladonnamiller@earthlink.net.

An Opportunity of a Lifetime

2009-02-26T05:28:00.000-08:00

An Opportunity of a Lifetime

Warren Buffet says, "A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful." While Mr. Buffet was writing about buying stocks, the same can be said for housing today.

Housing issues have permeated the economy both locally and nationally. This week, one index that tracks housing prices, S&P/Case-Shiller Home Price Index, indicated home values fell the most since 1968, declining 18.5% in December from the year before.

Looked at from a different perspective, this means home prices have fallen to levels not seen in six to twelve years, depending on individual markets. Following the Case-Schiller report was the report from the National Association of Realtors (NAR) recently. The NAR reported that home prices for the month of January fell by 14.8%.

The bright spot though in contrast was that the number of homes sold in December increased. Home buyers from coast-to-coast have been buying distressed properties at the rate of 45% of total sales.

Recognizing that now is the time to buy, everyone – from those looking to purchase their first home to seasoned real estate investors – is buying homes today. Bruce Norris, the head of an investment group in Southern California, expects to buy at least 100 homes this year as, "This is the buying opportunity of our lifetime."

Fundamentals Point to Strength
The basic fundamentals of the housing market point to higher prices ahead. Almost half of the properties being sold today are existing homes that are either owned by banks or homes on which banks are accepting short sales, allowing them to be sold for less than what is owed.

New homes or homes under construction are near all-time lows. The country's demographics point to more potential buyers coming into the housing market than projected inventory in coming years. This all points to higher prices on the horizon as demand will be greater than supply. This is supported by the fact that the inventory of unsold homes fell 2.7% in January.

Why Buy Now?
Three very important reasons to buy now are:

Interest rates are near all time lows;
Home prices have declined to levels not seen in years; and
Qualified first-time home buyers are now eligible for up to an $8,000 tax credit.
Lower Prices Don't Always Equate to Lower Payments
One final point to consider. Even if you believe that home prices will continue to decline, it's very difficult to believe that interest rates will remain at these low levels.

Did you know that even if home prices were to decline 10% but also during that time, interest rates available for home loans were to increase by 1.00%, your monthly principal and interest payment would actually be higher? It's true. So, if you are thinking of buying or the end of your lease is near, get busy and get in the game. To quote Mr. Buffet again, "If you wait for the robins, spring will be over."

In the Portland metro area the RMLS statistics for January show that we have 19.2 months of inventory on the market. Month to month the average sales price are both down when compared to December levels the average sales price dropped 1.2% from $297,000 to $300,000.

Portland has not seen the dramatic drops like other cities in California, Miami or Las Vegas by any stretch. I agree with the author of this article, now is the time when smart investors are purchasing property.

If you have questions on real estate in Portland please contact me at LaDonna Miller-Broker Round Stone Properties, LLC. (503) 310-9076 or ladonnamiller@earthlink.net

Obama threw a $75 billion dollar lifeline to millions of Americans on the brink of foreclosure

2009-02-18T16:17:00.000-08:00

The following was an article from the Associated Press which speaks about Obama's lifeline to homeowners who are facing foreclosure. A shocking statistic that this article noted was that of the nearly 52 million Americans with mortgages, 27% or 13.8 million owe more than what their homes are worth. This plan will seek to help people refinance their loans to have lower monthly mortgage payments. Also provide incentives for mortgage lenders to cut monthly payments for 4 million people in jeopardy of going into foreclosure and a third major step is to help people whos mortgages have sunk below market value on the principal owed.

I applaud Obama's efforts.
______________________________________________________________

Obama throws $75 billion lifeline to homeowners

"A for sale sign stands outside a bank-owned home in North Las Vegas, Nev., Wednesday, Feb. 18, 2009. President Barack Obama unveiled an ambitious $75 billion plan Wednesday to keep as many as 9 million Americans from losing their homes to foreclosure.

By MARK S. SMITH and ALAN ZIBEL (Associated Press Writers)
From Associated PressFebruary 18, 2009 7:37 PM EST

MESA, Ariz. - President Barack Obama threw a $75 billion lifeline to millions of Americans on the brink of foreclosure Wednesday, declaring an urgent need for drastic action - not only to save their homes but to keep the housing crisis "from wreaking even greater havoc" on the broader national economy.

The lending plan, a full $25 billion bigger than the administration had been suggesting, aims to prevent as many as 9 million homeowners from being evicted and to stabilize housing markets that are at the center of the ever-worsening U.S. recession.

Government support pledged to mortgage giants Fannie Mae and Freddie Mac is being doubled as well, to $400 billion, as part of an effort to encourage them to refinance loans that are "under water" - those in which homes' market values have sunk below the amount the owners still owe.

"All of us are paying a price for this home mortgage crisis, and all of us will pay an even steeper price if we allow this crisis to continue to deepen," Obama said.

The new president, focusing closely on the economy, in his first month in office, rolled out the housing program one day after he was in Denver to sign his $787 billion emergency stimulus plan to revive the rest of the economy. And his administration is just now going over fresh requests for multiple billions in bailout cash from ailing automakers.

Wall Street has shown little confidence in the new steps, declining sharply on Tuesday before leveling off after Wednesday's announcement. The Dow Jones industrials rose 3 points for the day.

Success of the foreclosure rescue is far from certain.

The administration is loosening refinancing restrictions for many borrowers and providing incentives for lenders in hopes that the two sides will work together to modify loans. But no one is required to participate. The biggest players in the mortgage industry temporarily had halted foreclosures in advance of Obama's plan.

Complicating matters, investors in complex mortgage-linked securities, who make money based on interest payments, could still balk, especially those who hold second mortgages or home equity loans. Their approval would be needed to prevent many foreclosures.
"The obstacles have not gone away," said Bert Ely, a banking industry consultant in Alexandria, Va.

Another cautionary note came from John Courson, chief executive of the Mortgage Bankers Association. "It seems to offer little help to borrowers whose loan exceeds their property value by more than 5 percent," he said, noting that that requirement would limit the plan's success in some of the hardest-hit areas in California, Florida, Nevada and Arizona and parts of the East Coast.

Indeed, Obama himself said, "This plan will not save every home."

The goal is to lower many endangered homeowners' payments to no more than 31 percent of their income. But that depends on a high degree of cooperation by lenders who have been increasingly wary of new lending as the crisis has deepened.
Still, the Obama administration, after talking with mortgage investors, appears confident that it is providing the right mix of incentives and penalties to make sure mortgage companies take part. Obama said he backs legislation in Congress to allow bankruptcy judges to modify the terms of primary home loans - an idea ardently opposed by the lending industry.

"Taken together, the provisions of this plan will help us end this crisis and preserve, for millions of families, their stake in the American Dream," Obama said. Yet, he also added: "We must also acknowledge the limits of this plan."

He called on lenders, borrowers and the government "to step back and take responsibility" and said: "All of us must learn to live within our means again."

There's broad economic anxiety across the nation, an Associated Press-poll indicated.
Nearly three in four people say they know someone who has lost a job in the past six months as a result of the tough economic conditions, according to the poll, released Wednesday. And more than half say they worry about being able to pay their bills and about seeing their retirement investments decline. So far, Obama's job approval rating still is high, at 67 percent, and he is scoring strong marks for his handling of the economy.

The president unveiled his housing plan at a Phoenix-area high school in a state with one of the country's biggest foreclosure rates.

Nationally, Moody's Economy.com says that of the nearly 52 million U.S. homeowners with mortgages, about 13.8 million, or nearly 27 percent, owe more than their homes are worth after many months of declining prices.

How soon will the new plan show results?

"You'll start to see the effects quite quickly," Treasury Secretary Timothy Geithner told reporters in Phoenix, noting that rules governing the changes will be published March 4.

In theory, homeowners facing foreclosure or borrowers owing more on their homes than their mortgages are worth would have more opportunities to refinance their loans so that they have lower monthly payments. Lenders would voluntarily participate in the government programs.

The $75 billion Homeowner Stability Initiative would provide incentives to mortgage lenders to cut monthly payments in an effort to persuade them to help up to 4 million borrowers on the verge of foreclosure. The goal: cut monthly mortgage payments to sustainable levels, using money from the $700 billion financial industry bailout passed by Congress last fall.

Another part would specifically help people with dwellings whose market value has sunk below the principal still owed on the mortgages. Such mortgages have traditionally been almost impossible to refinance. But the White House said its program will help 4 million to 5 million families do just that - if their mortgages are owned or guaranteed by Fannie Mae or Freddie Mac.

To boost confidence, the Treasury Department said it would double its support to the two mortgage giants that the government essentially took over last fall.

It said it would absorb up to $200 billion in losses at each company by using money Congress set aside last year and will continue purchasing mortgage-backed securities from them. Fannie Mae and Freddie Mac are projected to need a combined government subsidy of about $66 billion, well short of the new promise of up to $400 billion.
document.

Obama emphasized that his plan focuses on helping families who have "played by the rules" stay in their homes.

But, he said, it will do nothing to help "the unscrupulous or irresponsible." He cited so-called speculators who took out risky loans on multiple properties to make money by selling them during the housing boom, lenders who took advantage of naive buyers by glossing over the fine print, and people who willingly bought homes that were way beyond their means.

"This plan will not save every home," Obama said.
---
Associated Press Writers Alan Zibel, Mark S. Smith, Jennifer Loven and Martin Crutsinger in Washington contributed to this report.

For more information on Real Estate in Portland, Oregon contact LaDonna Miller-Broker Round Stone Properties, LLC.

(503) 310-9076 or ladonnamiller@earthlink.net

Forbes Magazine ranks Portland as a steady market

2009-01-16T07:53:00.000-08:00

There was a recent post from the Portland Metropolitan Association of Realtors that linked to an recent article in Forbes magazine. Portland was one of the cities noted in this article as being a stable market to purchase property. Because of METRO and the planning of the city of Portland builders were not allowed to expand as rapidly as cities like Sacramento, Atlanta, Los Angeles to name a few. Consequently although we have increased inventory our market is fairing much better than other markets.

Check out Portland ranks according to this Forbes article- Portland, Ore.
Job-growth projections 2008-2017: 1%

"Portland's conservative building patterns and vacancy fluctuation, which rank 17th and 19th, respectively, help make for a steady market. It won't likely ever be the sort of market where flippers can make huge profits, but this kind of stability is a bonus on downtimes".

For more information on real estate in Portland please contact LaDonna Miller-Broker Round Stone Properties (503) 310-9076 ladonnamiller@earthlink.net

Oregon census projects a doubling of our population by 2025

2009-01-07T17:54:00.000-08:00

Here are some interesting statistics sent from the Home Builder's Association today.

"Oregon and other western states continue to see population growth, while states in the Northeast and Midwest are seeing declines according to a recent report on KATU. This bodes well for the home building industry and Oregon economy. Those people need someplace to live and that means buying homes, which will help soak up the inventory of homes for sale.

Since 2000, Oregon's population has grown 11 percent to 3.8 million people. And the growth was still occurring in 2008, according to the Portland State University Population Research Center. Through their July 1 population estimates (their last one conducted), Oregon added over 45,000 new residents. Finally, looking even further out, the Oregon census projects a doubling of our population by 2025.

If you have any questions regarding Real Estate in Portland please contact LaDonna Miller-Broker Round Stone Properties, LLC or ladonnamiller@earthlink.net (503) 310-9076.

Think twice before buying REO, short sale

2009-01-06T17:32:00.000-08:00

This is a great article on short sales that was published in Inman News.

Buyers want bargains. Some even limit their search to REOs and short-sale listings.
REO, or real estate-owned, refers to a property that a mortgage lender acquired through a foreclosure. It's owned by the bank. A short sale refers to a situation where the sellers still own the property but they can't sell for enough to pay off the mortgage(s) and costs of sale.
There are pros and cons to buying distressed sale properties. They often sell below market price. However with REOs, there is usually very little information about the property and no seller disclosures.

Banks that hold REO properties usually have an infrastructure in place to deal with these transactions. Lenders are motivated to get REOs off their books so they can put the money to better use.

But, there's no emotion involved. What's important to the lender is the bottom line. So be prepared to negotiate. Save a concession or two to add to your offer, like a higher price or a quicker close.

Unless the listing agent convinces the bank to do fix-up before selling, the property could need work. If so, it won't appeal to as many buyers and could be a good opportunity for buyers with vision.

Short-sale properties also tend to have a lot of deferred maintenance. If the sellers are having trouble making the mortgage payment, there may be no funds for fix-up.
A big frustration for buyers and agents working short-sale transactions is that many lenders don't have systems in place to deal with them. This situation is improving as more short sales move through the pipeline.

Some lenders are easier to deal with than others. Lenders who hold mortgages in their own portfolio are usually quicker to make a decision. Lenders who sold their loans may need investor approval before accepting an offer.

HOUSE HUNTING TIP: Buying a listing that's subject to lender approval requires patience on the part of the buyers, sellers and their agents. It can take three to four months to get an answer. There's no guarantee that a short-sale offer will be approved, and it's not uncommon for lenders to reject a purchase offer without giving a reason why.

Most lenders won't even consider taking less than they're owed until there is a signed purchase agreement and the buyer's deposit has been placed in an escrow or trust account. The lender needs a settlement sheet prepared by the closing agent before they'll consider the package. Bank approval usually depends on the net price, the buyers' ability to pay under the terms of the contract and a bank ordered appraisal of the property.

Short-sale properties that have more than one loan secured against them can be problematic. They require approval from more than one lender. In some cases, the market value is so low that the sale won't generate enough money to pay off the first loan and nothing at all to pay to the second mortgage holder.

Sometimes lenders will grant conditional approval. For example, approval might be conditioned on the seller converting an amount owed to the lender(s) to an unsecured loan that would be paid off over time. If the seller won't agree, the transaction fails.
An offer to buy a short-sale property should include a provision that allows the buyers to withdraw from the contract without penalty if the seller is unable to verify lender approval by a certain date. Be aware that until a deal is approved, the lender will review other offers that might be made.

THE CLOSING: One benefit of a short sale over an REO listing is that the buyers may be able to obtain more information about the property, particularly if the sellers are still living there.
Dian Hymer is a nationally syndicated real estate columnist and author of "House Hunting, The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide," Chronicle Books.
***

Tougher Rules for those Employed in Real Estate/Mortgage industries

2008-12-31T05:15:00.000-08:00

This was a great article from an real estate/finance industry website called Inman News. They provide the best editorial that I have seen on the real estate industry. I thought that this was a great article about the need for tougher rules for those employed in real estate. Some great points mentioned in this article were:

1) More regulation of real estate brokers to raise the bar to entry and level of professionalism
2) Recent changes by RESPA to focus on free market ideals of transparent pricing, an informed consumer and competition between service providers.
3) Mortgage brokers need to be held to the same ethical code as Realtors.
4) Elimination of "Junk Fees" Closing costs are too high

"Tougher rules for those employed in real estate -- especially lenders -- is practically a given, Inman News readers say, but many hope that trade associations like the National Association of Realtors and the Mortgage Bankers Association will have the biggest say in drafting and implementing them.

In a survey of more than 700 Inman News readers, most saw lenders as the likeliest target of new regulations, followed by title insurers, real estate brokers and real estate agents.
"If brokers and agents were in the lending business, then more regulations would be in order," said one reader. "But they are not, so put the regulations where they were needed in the first place (on lenders)."

But others said they'd welcome more regulation of real estate brokers and agents in order to raise the bar to entry and the level of professionalism.
"I would like to see higher standards for the (agent) licenses," said one survey respondent. "It's so easy to get a license. Make it tough so only competent agents are coming into the market."
"Under the leadership of the National Association of Realtors and local (Realtor) associations we should aggressively begin to change our entry and participation requirements to drive down our labor force count," read another typical comment. "Then, we should self-police with new standards for training and behavior."

Real estate brokers could also stand to be better trained -- especially about loan programs, another Inman News reader said. "The days of, 'Speak to my loan officer ... I do not get involved with your loan choices,' are over for Realtors, I think."

Asked who should legislate new rules or regulations, 37.2 percent preferred that trade associations take the lead, while 34.6 percent said the federal government should be in charge. But nearly as many -- 34 percent -- said rules and regulations are best left to states.
There is "too much bias at the state and trade association levels" for them to be effective in imposing new regulations, said one supporter of a lead role for the federal government.
"Trade associations have shown they are not able to promote consumer protection," said another reader. "Definitely NOT trade associations," said another typical comment.
But federal regulators have been lax in serving as a "watchdog" over lenders, another survey respondent complained. One reader recommended a "new federal oversight organization to keep everyone in line."

Many experts believe that one of the primary drivers of the housing boom was the ability of mortgage originators to approve questionable loans without any exposure to the risk involved. Trillions in loans were bundled into securities and sold to sometimes clueless secondary market investors. The resulting easy access to credit drove home prices up past the point where they were supported by fundamentals like income, rents and supply and demand.

While the secondary market for recklessly originated loans has collapsed, plans to reorganize federal oversight of the entire financial system to prevent a similar calamity are under way. In addition, a slew of new federal regulations on lenders have already been adopted. They include new guidelines for subprime and exotic loans, tougher enforcement of the Truth in Lending Act, an independent regulator of Fannie Mae and Freddie Mac, and a national licensing system for residential loan originators.

Other efforts to get the system working again -- such as recent changes by the Department of Housing and Urban Development's to Real Estate Settlement Procedures Act (RESPA) -- are focused on restoring free market ideals of transparent pricing, an informed consumer, and competition between settlement service providers.

When asked what type of regulations they expect, Inman News readers ranked "tougher RESPA rules" second only to new rules governing mortgage originators.
Congress passed RESPA more than 30 years ago, largely to prevent settlement services providers like title insurers from paying illegal kickbacks for business referrals. Now HUD is using RESPA to introduce standardized loan disclosure forms and incentives for lenders to package settlement services with loans. By helping consumers shop for the best deal on a complete loan package -- not just the loan itself -- HUD hopes to spur competition.

Industry groups like the National Association of Mortgage Brokers and National Association of Home Builders have filed suit to block implementation of some aspects of the rule changes. Industry critics, including NAR, the Mortgage Bankers Association and the American Land Title Association, have also complained that HUD has overestimated how much consumers will comparison shop, and underestimated unintended consequences that could restrict competition, such as industry consolidation.

Some Inman News readers are equally skeptical about HUD's so-called "RESPA reform."
"RESPA was in place prior to the crisis, the problem is everyone ignored it because no one was watching," said one reader. "Mortgage brokers need to be held to the same code of ethics as a Realtor."

"This mess was driven by greed," said another reader skeptical of new regulations. "It is not the rules for the agents or brokers or even the title companies that (caused) the foreclosures."
But others support efforts to drive down costs for consumers, increasing their home-buying power.

"Elimination of junk fees is a must," said one survey respondent. "Closing costs are too high and so is mortgage insurance." The new RESPA rule barring homebuilders from offering incentives to buyers who use their affiliated mortgage and title insurance companies will create "much needed advocacy for the consumer," another reader said.

Regulators and consumer advocates have long complained that homebuyers pay too much for required settlement services like title insurance. A 2007 report by the U.S. Government Accountability Office concluded that consumers have a "weak position in the title insurance market," and recommended that regulators step up oversight and enforcement to ensure price competition and prevent illegal activities.

With the sale of LandAmerica Financial Group's underwriting companies leaving just two players in control of about 74 percent of the title insurance business (see story), the need for reform may be more urgent than ever.

Asked if the upheaval in housing markets will encourage title insurers to offer a "low-cost, straightforward title insurance policy," only 16.4 percent of survey respondents said it would. Most (52.9 percent) said they didn't know, while another 30.7 percent responded, "No."

For more information on Real Estate in Portland please contact LaDonna Miller-Broker Round Stone Properties (503) 310-9076 ladonnamiller@earthlink.net www.RenovationConcepts.net or www.PortlandResidences.com

National Association of Realtors congratulates the Obama team on initial success

2008-12-26T11:31:00.001-08:00

The following article was from the National Association of Realtors. I have also attached the letter that was sent to Treasury Secretary Paulson for your review.

"Credit Crisis & Real Estate Markets Report NAR Welcomes Lower Interest Rates and Urges Action to Address Remaining Problems On December 18, 2008, NAR President Charles McMillan wrote to Treasury Secretary Paulson, Federal Reserve Board Chairman Bernanke, and Federal Housing Finance Agency Director Lockhart congratulating them on the initial success of government actions designed to reduce mortgage interest rates.

President McMillan also sent the letter to the Obama-Biden Transition Team. NAR has aggressively pushed for lower rates since the meetings in Orlando. The letter also identifies remaining problems and urges the federal government and the mortgage lending industry to address remaining problems that are impeding the delivery of mortgage credit and resulting in too many foreclosures.

First, the Treasury Department should make additional TARP funding subject to conditions that the recipients agree to make more loans, prevent foreclosures, and/or improve the short sales process. Second, all participants in the mortgage lending industry should adopt and implement foreclosure avoidance programs. Where foreclosure cannot be avoided, short sales should be facilitated. Third, mortgage lenders and private mortgage insurers should reexamine underwriting standards and remove those that are unnecessarily strict. Finally, credit bureaus should improve compliance with the Fair Credit Act.

For more information on real estate in the Portland area please contact LaDonna Miller-Broker Round Stone Properties, LLC. (503) 310-9076 or ladonnamiller@earthlink.net or http://www.renovationconcepts.net/

Latest Portland RMLS statistics for November 2008

2008-12-22T13:24:00.000-08:00

Here are the latest real estate statistics for the month of November for the Portland metro area:

According to RMLS sales activity continued to slow in the Portland metro area during November 08. The number of closed sales dropped 39.9% comparted to November 2007. The 1041 sold properties as the lowest sales total since February 1993. Pending sales fell 31.7% compared to last November. New listings decreased 20.2%.

Comparing November 2008 to October 2008 new listings dropped 25.5% 2687 vs 3605. Pending sales declined 12.6% (1108 vs 1268) and closed sales were down 28.9% 1041 vs 1465.

The inventory of homes grew to a record 15 months, assuming that 15,611 active residential listings are sold at the months rate of sales (1041).

Year to Date: Comparing January- November of 2008 to the same period in 2007 there ahve been 31.8% less closed sales and 30.5% fewer pending sales this year. Additionally there was 8.3% decrease in the number of new listings.

The average sales price for November 08 was down 10.5% copared to November 07 which the median sales price dropped 7%.

Month to month the average sales price & median sales price are both down when compared with october levels, the average sales price dropped 4.9% ($308,300 vs $324,300) & median sales price was down 3.6% ($265,000 vs $265,000).

In spite of these latest statistics homeowners in the Portland metro area can still be very thankful that we live here and own property here vs many other areas in the United States. Real estate is still a great long term investment strategy and Portland is a great city to invest in because of all of the great things that make this area as desireable as it is. I for one would not choose to live anywhere else.

If you have questions on real estate in Portland please contact LaDonna Miller-Broker Round Stone Properties, LLC. ladonnamiller@earthlink.net or (503) 310-9076.

or visit: http://www.renovationconcepts.net/

Happy to say we're not in L.A.

2008-12-20T08:21:00.000-08:00

This was a great post by Greenlight Greater Portland which discussed the expected job losses for the city of Portland. As you can see we will not be as hard hit as other west coast cities like Denver, Los Angeles and San Francisco to name a few.

"Happy to say we're not in L.A."

"Yes, greater Portland-Vancouver is slated to lose jobs next year, some 11,000 of them, according to new projections by Global Insight. The projected loss of 1% of our workforce is no happy news, for sure. But we can be grateful that we aren't facing employment declines such as Denver's 1.5% (19,000 jobs), San Francisco's 1.7% (35,000 jobs), or Los Angeles' 2.1% (120,000 jobs). After a rough '09, greater Portland is expected to rebound more quickly than peer metros, says Global Insight, projecting 7.4% job growth, or a gain of 76,000 jobs, by 2013. Check out the full economic update from Global Insight and Greenlight as well as a related article from the Portland Business Journal".

In fact this same post from Greenlight Greater Portland also highlights the fact that because key leaders in the state of Oregon have been so proactive in attracting companies with a focus on sustainability that continued growth in this sector of the economy will only help to strength our state and contribute towards long term job growth for workers in Oregon. This type of forward thinking will also contribute towards strong real estate values and a healthy local economy for all Oregonians.

Here is a link to a great article from the Oregonian for your review:

How green is your economy?
by Editorial Board, The Oregonian
Saturday December 06, 2008, 6:20 AM
Michael Lloyd/The Oregonian

"SolarWorld, which celebrated its grand opening in Hillsboro in October, is bringing 1,000 jobs, and that is just phase one.The force that drives the flowering Vestas' recent decision to expand its headquarters here shows the powerful pull of Oregon's 'greening' economy

News that a Danish wind turbine giant hopes to expand its headquarters in Portland took many Oregonians by surprise. But it only seemed to come out of the blue.

In truth, it came out of the green. Gov. Ted Kulongoski has all but declared a Code Green emergency to lure renewable energy jobs to Oregon. The state's Business Energy Tax Credit (BETC) is among the best in the country; Portland's concentration of environmental design expertise is deep and growing; the Oregon Institute of Technology has developed the nation's first four-year degree in renewable energy; and the community college system is retooling to produce a front-line manufacturing work force for solar and wind power.

There's at least one blue factor, too, though: The state's clean, reliable hydropower. Manufacturing solar equipment requires abundant water and dependable power. A study by a private economic development consortium, Greenlight Greater Portland, shows our region beats out most of its rivals in providing inexpensive, uninterrupted power.

Already, Oregon has a cluster of 62 solar energy companies, including manufacturers, distributors, designers and contractors. Just counting the bigger solar companies, Greenlight CEO Tim Priest says, 1,700 solar jobs are either available now or coming soon. And the bigger companies are already thinking about Phase 2.

Green-collar jobs have been called blue-collar jobs "retooled to address the environmental challenges of our time." But the new economy also will demand more design, legal and professional expertise. The Vestas headquarters expansion, for instance, involves 850 white-collar jobs, paying $80,000 to $90,000 a year.

True, the Oregon Legislature, state and city have a lot of hard work to do before anyone actually collects one of those paychecks. Many things could still go haywire; Vestas also could change its mind.

True, too, the plunging price of fuel could delay the transformation. But the question about sustainability that Oregon business leaders asked at a conference last year -- "How do you monetize the concept?" -- has been answered:
Jobs, jobs, more jobs.

As America moves toward energy independence under a new administration, almost every business and homeowner may wind up becoming consumers, in some sense, of renewable energy. The urgent question is whether Oregon can position itself as a lead vendor of equipment and expertise. In other words, with apologies to Dylan Thomas, this is our chance to be the green fuse that drives the flowering. Kulongoski wants to ensure Oregon will be. And he's right to be relentless in pursuing this goal. Even as the precise definition of "green job" continues to boggle the economic development gurus, the green revolution is dawning. So we say:
Damn the definitions. Let the dictionaries worry about those. Oregon should go after the work full speed ahead.

The Portland Water Bureau details preventative measures to take to protect your pipes from freezing

2008-12-17T12:23:00.000-08:00

Here were some great plumbing tips from the Portland Water Bureau for homeowners to take to protect their pipes during COLD weather periods:

Outside Plumbing

Caulk around pipes where they enter the house. Close all foundation vents. Cut wood or Styrofoam blocks to fill vent openings, then slide them into the vents. (You'll want to open the vents again in the spring to prevent dry rot.)

Protect outside pipes and faucets. If you have a separate shut off valve for an outside faucet, consider shutting it off and draining it for the winter.

If you don't have a separate valve to turn off faucets, you can wrap outside faucets or hose bibs with insulation. Use newspaper or rags covered with plastic, fiberglass or molded foam-insulating covers (available at hardware stores) to wrap faucet.

Disconnect all garden hoses and drain in-ground irrigation systems according to manufacturer's instructions

Inside Plumbing

Insulate pipes in unheated areas such as a crawl space, attic, garage or basement
If below freezing weather is anticipated (AND IT IS ANTICIPATED), open cupboard doors in kitchen and bathrooms -- this allows pipes to get more heat from inside your home

If you leave home for several days during freezing season (LIKE THIS WEEK!), put your furnance on a low setting - this may not completely prevent freezing pipes, but it can help
Let a slight stream of water run when temperature drops below freezing - faucets farthest from the street should be the ones left running -- use cold water to avoid gas or electric heating charges

Jennie Day-Burget
Public Information Officer

Obama Names HUD Secretary Nominee

2008-12-15T07:35:00.000-08:00

With each passing day Obama seems to be making wise cabinet choices and is assembling a great strategic team to move the housing industry and our country forward. The election brought new hope for a new and fresh direction of our country. It is evident that 2009 will be begin on a high note when Obama starts to make significant strides by putting the building blocks of change in motion. Below is the news post from Builder Magazine on the appointment of Shaun Donovan as the Secretary of Housing and Urban Development.

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Donovan, a former HUD deputy assistant secretary for multifamily housing in the Clinton years, will come to his new post from New York City, where he serves in Mayor Michael Bloomberg's administration. He is currently Commissioner of the New York City Department of Housing Preservation and Development, where he has been responsible for leading the effort to build and preserve 165,000 affordable housing units for 500,000 New Yorkers. He was under discussion by many, although as a long shot, for the job.

"With experience that stretches from the public sector to the private sector to academia, Shaun will bring to this important post fresh thinking, unencumbered by old ideology and outdated ideas," Obama said during his weekly radio address during which he announced Donovan's appointment. "He understands that we need to move past the stale arguments that say low-income Americans shouldn’t even try to own a home or that our mortgage crisis is due solely to a few greedy lenders. He knows that we can put the dream of owning a home within reach for more families, so long as we’re making loans in the right way, and so long as those who buy a home are prepared for the responsibilities of homeownership."

The National Low Income Housing Coalition applauded the selection. “Shaun Donovan is brilliant choice for HUD. He is an expert on the full range of housing issues and has a proven track record of getting things done,” Sheila Crowley, NLIHC's president, said in a statement. “And he enjoys high regard across the spectrum of housing interests, from low income housing and homeless advocates, public officials, developers, and financiers alike.”

Donovan has worked in several other housing-related positions, including managing director of FHA lending and affordable housing investments at Prudential Mortgage Capital Company and a post at the Community Preservation Corp., a New York-based nonprofit lender and affordable housing developer. He also holds master's degrees in architecture and public administration, a point noted in Saturday's announcement. "Trained as an architect, Shaun understands housing down to how homes are designed, built, and wired," Obama said.

The president-elect also acknowledged the importance of housing in the larger economy during his weekly address. "In the end, expanding access to affordable housing isn’t just about caring for the least fortunate among us and strengthening our middle class--it’s about ending our housing mess, climbing out of our financial crisis, and putting our economy on the path to long-term growth and prosperity. And that is what Shaun and I will work to do together when I am President of the United States."

Claire Koltko is associate editor, copy, for BUILDER magazine

Pental Granite & Marble hosts a fabulous Renovation Concepts party

2008-11-20T11:52:00.000-08:00

The Renovation Concepts party held last night at Pental Granite & Marble was a tremendous success. A special "Thanks" to Neil Czelder the general manager at Pental and his awesome staff for hosting a great event.

Pental Granite & Marble is in my opinion one of the most beautiful tile & marble showrooms in Portland. The design possibilities are endless and both designers & customers have come to appreciate the enormous selection of color & material choices available when working with Neil Czelder and his staff.

This Renovation Concepts party was unique because many members of the Renovation Concepts program were encouraged to showcase their products, services and design portfolios. And so consequently the party was vibrant, informative and very festive.

One reason for the continued success of Renovation Concepts year after year is that members of the Renovation Concepts program view themselves as being teamed with industry peers and feel proud to be a part of a program that showcases other businesses in the building & design industry that share the same values, work ethic and commitment to quality & service.

Here are some of the great people & companies involved in the Renovation Concepts program:

Photo #1: Pental Granite & Marble- Mr. Neil Czelder- General Manager at Pental http://www.pentalonline.com/ neil@pentalonline.com (503) 445-8600

Photo #2: Clare Nordhus: Portland Closets- http://www.portlandcloset.com/ (503) 274-0942 clare@portlandcloset.com & Matthew Sellens: Perpetua Hardwood Floors- (503) 287-3301 http://www.perpetuawood.com/http://www.perpetuawood.com/info@perpetuawood.com

Photo #3: Luke Morley- Lakeside Lumber (503) 635-3693 http://www.lakesidelumber.com/ or luke@lakesidelumber.com and LaDonna Miller- President of Renovation Concepts, LLC http://www.renovationconcepts.net/ or ladonnamiller@earthlink.net (503) 310-9076

Photo #4: Amy Estrin- The Whole 9 Yards http://www.w9yards.com/ (503) 223-2880 amyestrin@hotmail.com & Trevor Hammond- Makena Financial http://www.makenafinancial.com/ or trevor@makenafinancial.com (503) 597-2550

Photo #5: Jim & Maria Bruce- JB Construction (503) 453-7826 http://www.jbconstructioninc.com/ or jimbruce@jbconstruction.com & Scott Winkelman- Guest- Drakes 7 dees

Photo #6: Cathy Kemnitz- Pearl Painters- http://www.pearlpainters.com/ or cathy@pearlpainters.com (503) 579-3765 & Cindy Garreton- Guest

Photo #7: Patricia Uber Terra Clean (503) 293-5355 http://www.terraccleanworld.com/ or patricia@TerraCleanWorld.com & Matthew Sellens- Perpetua Hardwood Floors

Photo #8: Luke Morley- Lakeside Lumber (503) 635-3693 http://www.lakesidelumber.com/ or luke@lakesidelumber.com & Curt Nelson guest- Quadrant Systems

Photo #9: Susan Walter- Sofa Table Chair http://www.sofatablechair.com/ (503) 231-2782 or susanwalter@comcast.net & Jackie Watson- Guest with A Cut Above Exteriors

Photo #10: And last but certainly Ms. Faith Cosgrove- Designer The Studio Resource Group http://www.tsrginc.com/ - (503) 296-0030 or faith@tsrginc.com

If you have questions regarding real estate in the Portland metro area please contact LaDonna Miller-Broker Round Stone Properties, LLC.

If you have questions regarding replacing your windows or siding please contact LaDonna Miller- A Cut Above Exteriors (503) 572-1502 http://www.acutaboveexteriors.com/ or http://www.renewalbyandersen.com/

Recent Real Estate Price Trends

2008-11-10T15:41:00.000-08:00

In the past month, I have been the listing agent who finally sold a listing in NW Portland that had been on the market 10 months, as well had the opportunity to represent three different buyers as the Buyers agent. One couple that I have been working with have been keenly watching the market for the past seven months and they have seen prices decrease in value on the homes that they have been tracking anywhere from $90,000 to $135,000.

Speaking with an number of builders it is clear that new construction builders are tired of giving homes away and so consequently builders have really significantly pulled back in terms of the number of permits that they are pulling to construct new homes.

What that means to buyers over the next year is that even though we currently have 10 months of inventory on the market, in the next year the pendulum will swing the other way and we will be faced with a shortage of new housing inventory. Eventually existing home inventory will start to be depleted and we will have a more balanced housing landscape of available properties to choose from.

The facts are there are still families moving to the Portland area and Portland still continues to be a very attractive city to relocate to. My advise to buyers sitting on the fence hoping prices will continue to drop is that buyers should keep a close eye on interest rates and find a great real estate broker to work with and so when they find the right home they will be in a position to move forward. I believe that the window will start to narrow in the next year and so 2009 will be an optimum time to purchase.

For more information on real estate in Portland please contact LaDonna Miller- Broker Round Stone Properties, LLC. (503) 310-9076 ladonnamiller@earthlink.net.

Al Gore Addresses West Coast Green

2008-11-02T20:51:00.000-08:00

This was a great article from a building industry publication called Eco-Home which detailed Al Gore's plan for shifting US energy sources towards renewables and how the building industry can be at the forefront of this movement. I personally believe that we have a responsibility as consumers to make better informed choices about not only the products that we install in our homes but also the footprint of our homes and the impact to heat/cool these structures. Green encompasses both and we need to be keenly aware of how both of these issues impact our environment.

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In front of a supportive and excited crowd the last morning of West Coast Green, vice president-turned-environmental-spokesman Al Gore recognized green building advocates for their leadership, encouraged continued diligence toward developing energy alternatives, and reiterated his ambitious goals for shifting U.S. energy sources toward renewables.

“I salute you for your willingness to devote your enthusiasm to this effort,” Gore told the crowd at the conference after he was welcomed with a standing ovation.

Gore was quick to draw similarities between the financial crisis going on simultaneously in Washington. Instead of a financial bailout, Gore said, “I think we need to bail in renewable energy and green building.” The green building revolution, he said, is the solution to the economic crisis, the debt crisis, the security crisis, and the climate crisis.

Like in D.C., where so many are saying, “We could have prevented this,” now is the time to prevent a meltdown of the environment, Gore stressed. Will our children question what we were thinking and why we didn’t act? Gore would ask later. Or will they ask us how we found the courage to rise up and change what needed to be changed?

“The danger we’re facing is quite grave,” he said. “You are the solution to this crisis.”
The moral example we set for other countries is one of the reasons it is essential for us to act, Gore said. Developing nations, which are responsible for more than half of the world’s carbon-dioxide emissions, cannot be expected to make drastic changes if the United States isn’t doing the same. “They are looking to us to make a decision.”

In another correlation with the current goings-on in Washington, Gore noted that 17 times in the last 20 years Congress allowed renewable tax credits to expire. The focus on the short term is part of “the insanity” that led to the financial crisis, he said, alluding to similar thinking—and similar consequences—with the current environmental situation.
Gore reiterated his recent challenge that the country generate 100% of its electricity from renewable resources within 10 years. He called for a national underground grid that will allow transmission of solar and wind energy affordably from regions where it is plentiful to areas where it is not.

Getting this done will require the American spirit that has served us well in the past, he said. “Now is such a time where we have to take that vision to the planet as a whole.”
“We have to start a major revolution,” he stressed. Twenty-five percent of it will come from the way we manage our forests, 25% will come from efficiency and conservation, and 50% will come from developing new energy sources. That effort will require a massive investment to transform to a new infrastructure that depends on energy that is free forever.

“The current system is just not working,” he said, “but there is opportunity to bring about massive change.”

“You are part of the solution. … You are the front lines,” Gore told the attendees. But he also acknowledged that staring down such a large crisis is not easy. “How do you maintain an adequate feeling of hope and optimism? Being an active part of the solution is a big part of the answer.”

“There will come a time when there is an incredible shift.” We’ll look around and find we are in an effective majority and things will change quickly, he said.

“Take my word: Underneath the surface of conscious awareness, there are millions of people going through a personal transformation. … This is a time unlike any other in all of human history.”

For more information on green products/features that improve the marketability of your home please contact LaDonna Miller-Broker Round Stone Properties, LLC. (503) 310-9076 or ladonnamiller@earthlink.net or www.RenovationConcepts.net

Latest Portland RMLS statistics for September 2008

2008-10-15T06:50:00.000-07:00

The latest RMLS statistics are just in and according to RMLS while the sales activity in the Portland Metro area continues to slide the slope of the decline has leveled off a bit in September.

From August- September closed sales have averaged 12.9% decrease over the past 5 years. This year closed sales fell only 7.3% from August-September.

Pending Sales dropped 10.6% from 1705 vs 1908. New listings also decreased by 4.5% from 4200 vs 4398.

Comparing September 08 vs September 07, Pending sales are down 11.7% and Closed sales dropped 12.1%.

There are 17,006 Active listings on the market currently and this would last approximately 10.4 months.

Sales Prices in September are down 5.6% compared to September 2007 while the median price dropped to 5.8%. Month to month the average sales price & median sales are both down when compared to August levels; the average sales prices have dropped 4.8% from $315,300 vs $331,300 and the median sales price is down from 4.6% $267,000 vs $280,000.

Here are my thoughts on these latest RMLS statistics, while we are all keenly aware that the market is experiencing corrections at this point in time, and we continue to witness increased inventory in our market, and prices may not be appreciating at the rate that they once were two years ago. The fact is the Portland real estate market is still doing very well in comparison to other markets like Las Vegas and the vass majority of cities in California. These cities have experienced massive declines in their over-inflated prices. We are seeing some dips in our real estate values but not nearly to the extent that other markets in many cities across this country have.

The facts are, making the choice to purchase real estate in Portland, Oregon is still a wise long term investment strategy. Why you ask? Because Portland is still one of the most affordable cities on the west coast and offers the BEST Quality of life of any city on the west coast.

Our city constantly is ranked on "Top 10 lists" of great cities nationwide time and time again. In my humble opinion, wise investors are purchasing property now. This is a great time to invest in property in Portland because in the next 15 years our population is expected to be at about 2 million. Homeowners who have purchased in property within 5-15 miles of downtown Portland will see their investments greatly increase in value.

For more information on Real Estate in Portland please contact me at LaDonna Miller (503) 310-9076 or ladonnamiller@earthlink.net or http://www.renovationconcepts.net/

2008-10-08T08:16:00.000-07:00

Theresa Springer- Mortgage Broker with Pacific Residential Mortgage provided and update on the latest Fed Rate Cut and stated that "Good news - the Fed cut the Fed Funds Rate by .50% along with the other major central banks. See the article below.
Remember this does not have a direct affect on mortgage rates, however, it may have an indirect impact and cause the mortgage rates to go up. This rate cut will impact directly commercial loans/lines, home equity lines of credit and credit cards. They should be lower by .50% by close of business today".
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Fed leads global coordinated rate cut, eases by 1/2 pt
Wed Oct 8, 2008 5:32pm IST
By Glenn Somerville

WASHINGTON (Reuters) - The U.S. Federal Reserve led a coordinated round of official rate cuts on Wednesday, easing by a half percentage-point along with the European Central Bank, Bank of England, Switzerland, Canada and Sweden.

In an attempt to stem unprecedented global market turmoil, the Fed cut its key federal funds lending rate by half a percentage point to 1.5 percent and lowered its discount rate by the same amount to 1.75 percent.

The ECB also cut by a half-point to 3.75 percent as did the Bank of England, taking its rate to 4.5 percent.

China cut its key rate 27 basis points and its reserve requirements for banks by half a percentage point.

The Bank of Japan, with rates at just 0.5 percent, did not ease but the Fed said the BOJ expressed its strong support for the coordinated policy action.

"Incoming economic data suggests that the pace of economic activity has slowed markedly in recent months," the Fed said in a statement. "Moreover, the intensification of financial market turmoil is likely to exert additional restraint on spending, partly by further reducing the ability of households and businesses to obtain credit."

Market reaction was surprisingly muted with stock markets only trimming deep losses in response.

MSCI's benchmark world index was down 2 percent compared with losses of 2.9 percent when the cuts were announced. The pan-European FTSEurofirst 300 was down 1.4 percent some 10 minutes after the move compared with losses of around 3.8 percent beforehand.

For weeks, markets have been battered by fears that frozen money markets will stall business activity and send industrialised nations spiraling deep into recession. "The central banks of the world have finally woken up to the gravity of the current situation," said Charles Diebel, head of interest rates strategy at Nomura in London.

"This is a major step to convincing the world that they are serious about stabilising the current crisis," he added. "This is not a panacea to cure all the worlds ills but it will help and certainly should help to give the markets some more breathing space."

Governments have been frantically bailing their banking sectors out, to keep them afloat. The Bank of England praised the country's plan, announced on Tuesday, to boost bank liquidity, saying rate cuts would not be enough to end the crisis. "The Committee notes that cuts in official interest rates could not be expected to resolve the current problems in financial markets and that a significant increase in the capital of the banking sector would be required," the BoE said.

The Fed said that while inflation has been high, recent declines in energy and other commodity prices had tempered inflation risks. It said the vote to cut U.S. rates was unanimous and that inflation expectations appeared to be diminishing which could help support price stability.
"The recent intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability," the Fed said.
Hong Kong earlier slashed the borrowing rate it charges banks by a full percentage point, a day after Australia's central bank delivered its biggest interest rate cut in 16 years, also a full point.

For more information on how all of this effects your ability to get loan financing please contact Theresa Springer at Pacific Residential.

Theresa Springer
Mortgage Senior Loan Officer
Certified Graduate Associate
Innovative Home and Construction Lending
Pacific Residential Mortgage, LLC
www.theresaspringer.com
503-352-7110 Office
503-352-7120 Fax

For information on Real Estate please contact LaDonna Miller-Broker at Round Stone Properties, LLC. ladonnamiller@earthlink.net (503) 310-9076.

Change the Energy of a Room using Fabulous Fabric for the desired effect!

2008-10-01T20:24:00.000-07:00

It has been my observation after touring hundred's of homes in the past several years that a homeowner can drastically change the look and feel of a home through the use of fabric & color.

In my own home, I wanted to transform a room with the use of new colors and textured fabric. So to assist with this task, I consulted with two experts to assist me. My first partner in crime was my dear friend Bea who had generously agreed to help me create and sew these items and the second person needed to assist with this design project was none other than Portland's reigning queen of beautiful fabric- Ms. Amy Estrin the owner of The Whole 9 Yards, located at 1820 East Burnside in Portland.

So last weekend, Bea and I headed east to The Whole 9 Yards. Amy Estrin took us under her creative wing and we all three brainstormed with eachother and pulled ideas and fabric together. About one hour later, Bea and I and left the store elated with mission accomplished!

This week, my friend and expert sewing companion Bea completed the vision by pulling all of our idea's together and completed the sewing project and I am thrilled to say the project was a complete success!

I would like to thank both Bea and Amy Estrin for such a great experience. I would highly recommend Amy Estrin and her fabulous staff to anyone looking to complete a fun creative interior fabric project! Amy's expertise and passion for fabric made this experience so much fun!

For more information please contact Amy Estrin at (503) 223-2880 or email @ info@w9yards.com or visit 1890 East Burnside, Portland, OR. 97214

http://www.renovationconcepts.net/

Business Week Magazine names Alberta Arts neighborhood as one of the country's up and coming places to live!

2008-09-29T19:51:00.000-07:00

The Oregonian published this article today giving press to the Alberta Arts neighborhood in NE Portland. Business Week named this Northeast Portland neighborhood as one of the country's up and coming places to live. This is great press for another great neighborhood in Portland that buyers have to choose from:)
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Alberta neighborhood gets nod from national business mag
by The Oregonian

Monday September 29, 2008, 11:15 AM

The Alberta neighborhood is getting a nod from BusinessWeek, which named the Northeast Portland neighborhood one of the country's up-and-coming places to live.
The biz mag took a look at funky places to live around the country and settled on a handful of neighborhoods that it calls "great buying opportunities."
The story is getting attention in a couple of blogs this morning, including this one and this one.
And just what is BusinessWeek saying about Alberta?
Alberta Street in northeast Portland has developed during the past decade into a neighborhood of thriving stores, coffeehouses, and artist studios. It's a funky place with a co-op grocery store and bicycles parked outside the stores and restaurants. Home prices aren't cheap here, but they're lower than in Portland's swanky neighborhoods. It's possible to buy a decent two-bedroom house for about $300,000. Move away from the main drag and prices start to fall. The Mississippi Avenue neighborhood in north Portland is also going through a similar renaissance.

-- The Oregonian

For more information on real estate in the Alberta Arts neighborhood please contact LaDonna Miller at www.RenovationConcepts.net or www.PortlandResidences.com

email me at ladonnamiller@earthlink.net or (503) 310-9076

Nation's Homebuilders express hope in governments actions regarding Fannie Mae and Freddie Mac

2008-09-08T19:08:00.000-07:00

This was a statement from the National Home Builders Association regarding the fact that they as a group have expressed hope in th emove by the Treasury Department to take over Fannie Mae and Freddie Mac. This has been such a turbulant two year run that this is just another blow to consumer confidence. This was a necessary step but we shall see what transpires when it becomes engulfed in yet more government bureaucracy.

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The nation’s home builders have expressed hope that the government’s action to place Fannie Mae and Freddie Mac into conservatorship will help to increase liquidity for home financing and restore confidence in the global financial markets.
In a statement issued shortly after the Treasury Department announced on Sunday, Sept. 7 that it was taking over the two mortgage industry giants, NAHB Executive Vice President and CEO Jerry Howard said: “At this critical turning point, it is essential that government regulators and all parties involved in the nation’s housing finance system work together to rebuild the nation’s secondary mortgage market — a move that is absolutely vital to provide affordable mortgages for America’s home buyers and to help spur an economic recovery.
“In that regard, NAHB looks forward to working with the current policy makers and stakeholders, as well as the next Administration and Congress on their ongoing efforts to restore the financial health of Fannie Mae and Freddie Mac.”
NAHB has established a high-level task force that will meet next week to discuss the long-term implications of the federal government’s decision to take over the two housing government-sponsored enterprises (GSEs). Moving forward, the task force will develop a series of policy recommendations on how to restore the health of the nation’s housing finance system.
Treasury Secretary Henry Paulson and Federal Housing Finance Agency (FHFA) Director James Lockhart announced on Sept. 7 that FHFA was placing Fannie Mae and Freddie Mac into conservatorship and that the Treasury Department would provide financial support to the companies under authority established in the GSE portion of the Housing and Economic Recovery Act of 2008.
Lockhart stated that the move was required because Fannie and Freddie had become unable to balance the pursuit of their housing mission with safe and sound operations. Paulson cited the risk to the financial system of Fannie’s and Freddie’s large portfolios and said that he would not have opened access to the government backstop without the safeguard of conservator oversight.
Both officials said the immediate objective is to stabilize the mortgage and financial markets, improve affordable housing opportunities and speed a housing recovery.
Conservatorship means that the companies will function temporarily under management appointed by FHFA to operate the firms on behalf of the agency. The idea is to shore up the firms during the conservatorship period so they can return to independent operations on sound footing. As Sec. Paulson stated on Sunday, Fannie Mae and Freddie Mac were open for business as usual on Monday.
The current CEOs, Fannie Mae’s Daniel Mudd and Freddie Mac’s Richard Syron, have been dismissed from their positions (along with the companies’ boards of directors) but will stay on as advisors during a transition period.
The conservator CEO for Fannie Mae is Herb Allison, who worked for decades at Merrill Lynch and most recently served as chairman and chief executive of TIAA-CREF. David Moffett, the new chief executive at Freddie Mac, is a former vice chair and chief financial officer of U.S. Bancorp.
For more information, e-mail David Ledford at NAHB, or call him at 800-368-5242 x8265.

The benefits of Staging a property prior to listing your home on the market

2008-09-07T19:23:00.001-07:00

With 11 months of inventory on the market right now- Staging a home is often worth the price to help your home differentiate your home from the hundreds of other homes on the market.

A couple of months ago when I was marketing a home for Round Stone Construction home, we actually worked with Susan Walter of Sofa Table Chair to purchase furniture. Susan is the owner of Sofa Table Chair and also is a great interior designer. She help bring an empty new construction home to life. I would highly recommend Susan to any homeowner who is interested in purchasing furniture and design pieces to get their home ready for resale.

For more information please contact Susan Walter at http://www.sofatablechair.com/ or 503-231-2782 or email Susan at susanwalter@comcast.net.

If you are interested in listing your home on the market- please contact LaDonna Miller-Broker- Round Stone Properties, LLC. (503) 310-9076 or ladonnamiller@earthlink.net

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This was an article in the Sunday Oregonian on the benefits of staging your home for resale.

Staging home for sale worth the costProperty will often sell more quickly and for higher price click here to read all articles By Paul BianchinaInman News September 05, 2008
If you're selling your home, you obviously want to get it sold quickly and for the highest amount possible. One very important strategy to keep in mind is staging, which is simply the process of arranging the inside of your home so that it shows off to its full potential.
Staging plays up your home's good features, such as enhancing a great view or drawing the buyer's eye to some spectacular wood floors. It also helps to minimize some of the home's drawbacks, such as making a small bedroom look larger. But also understand that staging does not in any way mean concealing structural defects, such as hanging a picture over a water stain or putting curtains over a broken window!
Staging allows a potential buyer to visualize what can be done with the home, which is especially important with a house that's currently vacant. For example, some carefully arranged furniture in a room that would otherwise be empty can really help the buyer see the room's potential. And if you're in a neighborhood of tract houses that all look pretty much the same inside, good staging will set your home apart from the others for sale in the neighborhood.
Finally, good staging makes buyers feel at home. It lets them really imagine themselves in the kitchen with friends, or relaxing in front of the living room fire, or even working on their car in the garage.
Remove Clutter
There are several things that go into staging a home for sale, and probably the single most important one is getting rid of all the clutter. No one wants to see several days' worth of mail and newspapers on the kitchen counter, or a kid's bedroom crammed with toys and games. The same applies to the garage, basement and even the backyard storage shed.
Clutter is not just an overflowing magazine rack. It can be too many pictures on the wall, too many chairs wedged around the dining room table, or an oversized sofa that blocks the living room traffic patterns. It can be too many items of clothing crammed into a closet, or too many of grandma's dishes filling up every inch of a kitchen cabinet.
When decluttering the house, stuffing everything into the closet or in boxes in the garage is not the answer. Remember that a potential buyer is looking in every nook and cranny of the house, and an overflowing closet doesn't make much of an impression. Instead, get the clutter completely out of the house. This could be a garage sale, some donations to a local charity, or simply a trip to the landfill. If you still have items that are cluttering up the house but they are things you'll want for your next home, then rent a temporary storage space and move them there.
Let Buyers Envision Themselves There
In addition to removing the clutter to make the rooms feel more open and the closets and cabinets feel more spacious, you want to always have an eye on what things you can do to help the buyers visualize living there. For example, lots of family photos on the wall will make it hard for the buyers not to feel like they're trespassing in someone else's home.
Likewise, while you may be very proud of your religious affiliations, your choice of political ideologies, or your gun collection and the elk head on the wall, remember that not everyone shares your interests. If you can depersonalize the home to some degree, it will make it easier for potential buyers to see themselves making a life there.
Your home should also be absolutely immaculate when you have it on the market for sale. Clean the counters and the cabinets and the fixtures and the flooring and every other part of the house until it shines. Wash the windows, let in the light, and make sure that beautiful view or that inviting backyard is clearly visible when a buyer walks through. A clean house also gives potential buyers more confidence that the structure of the house has been properly maintained and cared for as well.
Hire professional stager
It often makes good financial sense to hire a professional to do the staging for you. A professional home staging company will thoroughly understand the concepts of space and light and color, and they know how to make rooms show off to their full potential. They also don't have the same personal attachment to the home and its furnishings that you do, so they can make practical, impartial suggestions that you might otherwise overlook or simply not want to face.
The cost of professional staging varies with the size of the house and amount of work involved, but a well-staged home should sell quicker and for more money, which makes that upfront expense a wise financial investment.
Remodeling and repair questions? E-mail Paul at paulbianchina@inman.com.

Which type of Home Buyer are you?

2008-08-31T17:22:00.000-07:00

There was an interesting article from Realtor Magazine that I thought would be informative and fun to the readers of this blog.

What type of home-buyer category are you personally in?

1. Achievers- 25% of the market

Who they are? The pacesetters in business and professional fields. The are ambitious, hardworking, and family oriented; well educated and well read; and "outer directed," taking cues from those they admire.

The homes they want: A high-end home that reflects their success; exercise rooms, studies, gourmet kitchens, sumptuous baths, children's areas, and au-pair rooms are priority features.

2. Authenticks- 20% of the market

Who they are? The most highly educated tribe, comprising white-color professionals, creative entreprenuers, and "off beat business people. "Authentics" are individualistic, community oriented, environmentally conscious, and aware of world affairs.

The homes they want: A home that provides a retreat, where they can unwind and pursue personal interests. Open, airy floor plans and big windows help them feel connected with nature. Their home purchases are in a high-dollar range.

3. Heartlanders- 20% of the market

The guardians of traditional values, family, country and community. Many are small business owners or managers. More conventional than Achievers and Authenticks, they are often less educated.

Traditional American home styles that blend in with the community, such as Cape Cods in New England, and Colonial homes in the South. They're comfortable in subdivision. Open floor plans are OK, but they dislike the wall sized windows and exteriors angularity of postmodern designs.

4. Trenders: 20% of the market

Unmarried, young, and style-conscious. Early career strivers who want to grow to be Achievers.

5. Self-Sufficients: 15% of the market

Blue-color workers tend to be slightly older than Trenders but in the same income bracket and are practical and independent minded.

If you find that one of these housing or demographic categories resonates with you and you would like to find a home that reflects you, please contact me at (503) 310-9076. With 11.2 months of inventory currently on the market you are in the driver's seat in terms of great available inventory to choose from.

For more information on real estate in Portland, Oregon please contact LaDonna Miller (503) 310-9076 or ladonnamiller@earthlink.net

Weekly Mortgage Updates from Makena Financial

2008-08-18T14:36:00.000-07:00

Here is a weekly financial update from Makena Financial.

First, a look at where rates* are this week;

30Yr fixed - 6.375%5 Yr ARM - 6.125%30Yr FHA - 6.5%30Yr investor - 6.875%
Bonds began the week trading lower due to inflation fears after crude shipments from Georgia were halted amid the Russian bombardment of the country. However, some poor economic reports (remember, bad economic news is bad for Stocks and typically causes money to flow from Stocks into Bonds)...including poor earnings reports from Macy's and farm equipment maker Deere & Co....helped Bonds and home loan rates regain some of the early ground they had lost.

Bonds continued to rally in the latter part of the week despite the hotter than expected read on consumer inflation in the July Consumer Price Index (CPI) report. According to the index, consumer prices increased 5.6% over the last year, which is the biggest year-over-year increase since January 1991. However, Bonds shrugged off the bad inflation news and traded higher because this hot reading came during the time that oil prices spiked to $147 a barrel in the month of July. Since then, oil prices have dropped significantly and are now $113 a barrel, which left traders thinking that next month's CPI reading may be tamer. And Bonds and home loan rates continued their rally on Friday in response to some tame inflation news within the Empire State Index Report.

While inflation has been a tough opponent for Bonds and home loan rates, the technical factor known as the 25-day Moving Average (a moving average is the average closing price of a financial instrument over a given time) has been an even tougher opponent of late. Bonds and home loan rates have attempted to improve past this level several times over the last few weeks, finally succeeding on Friday to end the week nearly unchanged from where they began.

Tuesday is an especially important day to stay tuned to the markets as two reports...the wholesale inflation measuring Producer Price Index and the state of the housing market measuring Housing Starts and Building Permits Report...could impact the direction of Bonds and home loan rates.

Thursday is another important day to note as the Philadelphia Fed Report will be released. This monthly survey of manufacturing purchasing managers conducting business around the tri-state area of Pennsylvania, New Jersey, and Delaware is one of the most-watched manufacturing reports. If manufacturing is stronger than expected in this area, Stocks could move higher at the expense of Bonds and Home Loan Rates.
_______________________________
*The above rates assume the following;
Escrow/Impound accounts included
80% financing
Good credit
30 day locking

Enjoy the rest of your day and have a great week!

For more information on mortgage rates please contact Trevor Hammond at Makena Financial trevor@makenafinancial.com (503) 597-2550

For information regarding Real Estate in Portland please contact LaDonna Miller-Broker Round Stone Properties, LLC. (503) 310-9076 ladonnamiller@earthlink.net

New RMLS Statistics for the Portland area

2008-08-13T20:53:00.000-07:00

According to RMLS July sales activity mirrored June's numbers in 2008. However, activity continues to decrease compared to the same month last year.

Looking at July 2008, compared with June 2008, Pending Sales picked up a slightly to .4% (2003 vs 1996). Closed sales fell 2.5% from 1831 vs 1877. However new listings increased .5% from 5237 vs 5213.

Comparing July 2008 with July 2007 shows a different story. Pending sales decreased by 22.3% while closed sales were down 30.2%. New listings also dropped 9.9%.

The average sales price for July 2008 was down 3.5% compared to July 2007. The median sales price dropped 3.9%.

At the months rate of sales, the 18,219 active residential listings would last approximately 10 months if no new listings entered the market.

For more information on real estate in the Portland market please contact LaDonna Miller-Broker with Round Stone Properties, LLC. (503) 310-9076 or ladonnamiller@earthlink.net

Weekly Mortgage Updates from Makena Financial

2008-08-11T12:53:00.000-07:00

Here is the weekly financial update from Makena Financial. By the sounds of things mortgage rates might be rising and so if you are thinking about purchasing a home please contact Makena Financial to get your pre-approval in place. The interest rate you receive will influence the price range of home you will be able to afford.

For more info contact: Trevor Hammond at Makena Financial- trevor@makenafinancial.com or (503)597-2550.

For more information on Real Estate in Portland please contact LaDonna Miller- Broker Round Stone Properties, LLC or ladonnamiller@earthlink.net

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First, a look at where rates* are this week;

30Yr fixed - 6.375%5 Yr ARM - 6.25%30Yr FHA - 6.75%30Yr investor - 6.875%
Despite strong opposing forces early last week, Bonds and home loan rates persevered like the greatest Olympian athletes, and were able to end the week in a similar position to where they began.

Remembering that inflation is the arch-enemy of Bonds and home loan rates, bad news on the inflation front caused Bonds and home loan rates to worsen last Monday as the Personal Consumption Expenditure Index indicated that inflation climbed 0.8% in June, the highest monthly jump in 27 years. Not a huge surprise, given how energy and commodity prices soared in June.

Despite these inflationary pressures, the Fed announced on Tuesday that they have decided to keep the Fed Funds Rate at 2%, and released a statement that hinted they may not raise the Fed Funds Rate in the near future. Why did the Fed do this? The Fed is trying to balance a slowing economy and the threat of inflation, and while raising rates could help fight inflation, it could also slow the economy even more than it is now. The Fed is hoping that keeping the Fed Funds Rate unchanged will help boost the economy, without fanning the fires of inflation. Since this decision kept the fears of inflation strong, Bonds and home loan rates worsened as a result.
However, Bonds and home loan rates persevered and managed to rally like champions later in the week on the heels of several reports. Causing money to flow from Stocks over to Bonds were a far worse than expected Initial Jobless Claims report and Wal-Mart's announcement that sales are expected to slow in August. Since inflation remains one of the strongest opponents for Bonds and home loan rates, I will continue to monitor this closely.

This week, several reports will show us whether or not inflation is getting hotter. Thursday's Consumer Price Index (CPI) report will show us inflation at the consumer level - that is, how much more expensive goods and services are for consumers this month over last month. If CPI shows that inflation is growing, Bonds and home loan rates may reverse course and worsen quickly.

But before the inflation news hit the wires, another market mover will likely be Wednesday's Retail Sales Report, which will show us the total receipts of retail stores. Changes in these numbers are closely followed as a timely indicator of broad consumer spending patterns. This month's report may show us if spending that had been aided by the Economic Stimulus Package has started to wane. Remember: A strong Retail Sales Report would be good for the Stock market - which stands to reason, as it would indicate continued consumer confidence and dollars being poured into the economy. But a strong Retail Sales Report would be bad news for Bonds and home loan rates, as money that pours over into an improving Stock market would be coming out of Bonds, and would in turn cause home loan rates to worsen.

Remember when Bond prices move higher, home loan rates move lower...and vice versa. Bonds will need a boost to break through a tough ceiling that has halted advances on five occasions in the past few weeks. The nature of the reports will determine whether Bonds and home loan rates can make more improvements, or reverse from the overhead ceiling and worsen.
_______________________________
*The above rates assume the following;
Escrow/Impound accounts included
80% financing
Good credit
30 day locking

The Role & Future of Green Building

2008-08-06T20:26:00.000-07:00

This was an excellent article that appeared in Builder Magazine and I thought that this article was very insightful in terms of the future of home building and the green movement. The writer of this article interviewed Green Architect Peter Pfeiffer who is based in Austin, Texas and who was one of the early pioneers of the green building movement.

Peter Pfeiffer addresses issues such as economics and world consumption and the impact of globalization and how with India and China gaining more ground with regards to their own consumption of natural resources and how this increase in consumption has a significant impact on steel, agriculture products, gypsum and alluminum.

Peter states that he believes that home buyers will help push the market, but it's not every home buyer. He states that the more educated and more saavy home buyers will understand that an increased investment will equate to a less expensive cost of living.

He touches on the issue of how will $5 and $6 a gallon for gas will impact home-building. This is becoming a hot issue because of the way that our cities have been built in the last couple of decades will alot of suburbs. He believes that more and more people will move closer in and that the property values of the suburbs will decrease in value. I strongly believe in this theory and the city of Portland has been at the forefront with our Urban Grow Boundary. I personally think that anyone who purchases inner east and inner west will be in a strong real estate position in the next 10 years.

I would recommend reading this article I think that Peter Pfeiffer who is a green architect makes some really interesting points.

If you have any questions regarding real estate in Portland please contact me at (503) 310-9076 or ladonnamiller@earthlink.net or http://www.renovation/Concepts.net

First Time Buyer Tax Credit

2008-08-01T07:56:00.000-07:00

On July 30, 2008 President Bush signed a major housing bill (HR 3221) into law. As part of the housing bill, Congress has created a new, temporary tax credit to provide an incentive for first time home buyers. The $7500 credit will be available for the purchase of a principal residence on or after April 9, 2008 and before July 1, 2009.

Detailed in this Government Affairs Update from the National Association of Realtors is great information on the details for this program including:

1. Who can use the next tax credit?
2. Is there an income restriction?
3. Is the amount of the credit tied to the price of the home?
4. How do you apply for the credit?
5. Are there restrictionf related to the financing for the mortgage on the property?
6. How do you apply for the credit
7. So I can't use the credit amount as part of my downpayment?
8. Repayment of the Credit?
9. What are the terms for repayment?

For more detailed information on this program please contact LaDonna Miller-Broker Round Stone Properties, LLC. (503) 310-9076 or ladonnamiller@earthlink.net or visit http://www.renovationconcepts.net/

Mortgage highlights for last week in July

2008-07-28T13:18:00.000-07:00

Here is the weekly Mortgage update from Makena Financial.

First, a look at where rates* are this week;
30Yr fixed - 6.375%5 Yr ARM - 6.25%30Yr FHA - 6.75%30Yr investor - 6.875%

Bonds and home loan rates tried bouncing back last week after being pushed to their worst levels of the year.

Bonds and home loan rates managed to hold fairly steady in the first half of the week, despite comments from Philadelphia Fed President Charles Plosser, who said "inflation is too high." Remember signs of inflation typically cause Bonds and home loan rates to worsen, but Plosser also stated that the Fed must "back up their words with action" and hike their benchmark Fed Funds rate. Since a hike by the Fed could lessen inflation...and as a result, cause Bonds and home loan rates to improve...Plosser's inflation comments didn't have as much of an impact on the markets as they could have otherwise.

On Thursday, Bonds managed their biggest rebound of the week after several negative economic reports, including a much higher than expected Initial Jobless Claims report and a lower than expected Existing Home Sales report for June, caused money to flow out of Stocks and into Bonds. However, there was good economic news on Friday as New Home Sales for June and Orders for Durable Goods were far better than expected and the Consumer Sentiment Index shocked the markets with a very robust reading. And good economic news about the economy is bad news for Bonds, which caused money to flow right back out of Bonds into Stocks, keeping Bonds and home loan rates from bouncing back any further.

After all the dramatic ups and downs of the week, Bonds and home loan rates ended the week slightly improved.

Several reports that are scheduled for this week could determine whether Bonds and home loan rates can manage a bigger comeback than they did last week. Definitely stay tuned for the Department of Labor's big Jobs Report scheduled for Friday, which will show the number of jobs lost or gained in July. Remember: The Department of Labor averages their numbers, and part of each month's report includes "revisions" to the several prior months' numbers. A positive report could be good news for Stocks, but bad news for Bonds and home loan rates, so it will be especially important to see what numbers are posted on the "scoreboard."

Also keep an eye on Thursday's Gross Domestic Product (GDP) report from the Commerce Department. GDP is the broadest measure of economic activity...and since good economic news typically causes money to flow into Stocks and out of Bonds, this report will be important to watch. Remember when Bond prices move higher, home loan rates move lower...and vice versa. It will be important to see if this week's news can help or hinder Bonds and home loan rates in their attempt to bounce back.
_______________________________
*The above rates assume the following;
Escrow/Impound accounts included
80% financing
Good credit
30 day locking

For more information regarding loans and finance information please contact Trevor Hammond at Makena Financial. trevor@makenafinancial.com or www.MakenaFinancial.com

or for information on Real Estate in the Portland metro area please contact LaDonna Miller-Broker Round Stone Properties, LLC (503) 310-9076 or ladonnamiller@earthlink.net

Homeowners Voice Opinions

2008-07-24T07:06:00.000-07:00

According to the recent Remodeling Magazine "The Consumer Sentiment Tracking Study" published quarterly by the Home Improvement Research Institute surveys homeowners on a variety of remodeling related topics and asks homeowners specific questions about plans for home improvement projects, including who will be involved in the work and what kind of project will you plan to complete.

Here are the results of this survey in terms of What's important to Homeowners:

#1 Energy Savings

#2 An attractive home is important

#3 Good return on home improvements

#4 Like Upgrading with new products

#5 Seek Environmentally friendly products

#6 Good time to invest in my home

#7 Rather spend on my home

#8 Rather have a larger home

#9 Easy to find good contractors

For more information on the real estate market in Portland please contact LaDonna Miller-Broker- Round Stone Properties, LLC (503) 310-9076 or www.RenovationConcepts.net
ladonnamiller@earthlink.net

Research your builder Before purchasing a New Construction home

2008-07-20T21:19:00.000-07:00

This was an interesting article and sign of the times that consumers need to be very careful when purchasing a new construction home. This was an alarming article in today's Sunday Oregonian which described a situation which a couple purchased a new construction home from Ryan Olsen and when he became to leveraged and could not make loan payments to his lenders sub-contractors sued the actual homeowners. Typically a homeowner would purchase early issue insurance from the title company which would protect the home-owner from this exact thing happening.

Before purchasing from a builder always check their building record at the Oregon Construction Contractor's Board'w website to see if the builder has any claims: http://www.oregon.gov/CCB/. With large builders like Legend Homes filing for bankrupcy consumers need to go to extra lengths to protect themselves.

Also as this article points out always insist on the following:

1. Independent verification that subcontractors and suppliers are being paid.

2. Wait a full 75 days after completion to buy a new house.

For more information on Portland real estate please contact: LaDonna Miller- Broker Round Stone Properties, LLC. (503) 310-9076 or ladonnamiller@earthlink.net

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Portland builder's meltdown leaves buyers holding bag
Ryan Olsen's fiscal collapse cost his clients big bucks
Sunday, July 20, 2008

"Expecting their first child last year, Harley Horton and Amy Gard waited for their spacious new "artisan" home to be built just a few paces from the one-bedroom cottage where they were living. But as the baby's November due date approached, work on the house slowed.
Then stalled.
Ryan Olsen, their general contractor, became hard to reach. Then the couple, who were paying Olsen in installments, got another blow: one of Ryan Olsen Development's suppliers sent a lien notice by certified mail for almost $20,000.

The company said it intended to foreclose if the account wasn't settled.
As liens from other suppliers and subcontractors piled up, the couple say they were forced to pay tens of thousands of dollars -- in essence double-paying for work -- to keep their partly completed house. Today the odds that they'll recover that money are slim: Olsen's $15,000, state-mandated construction bond has already been wiped out by other complaints to Oregon's Construction Contractors Board. (That bond was recently raised to $20,000 for general contractors.)

Besides Horton, two other Olsen homebuyers say they were forced to pay subcontractors to avoid losing their homes. When general contractors don't pay those who work for them, those subs and suppliers can go after homebuyers for payment, by putting liens -- legal hooks -- on their properties, provided certain requirements are met.

The lesson for dealing with contractors, especially in a difficult market, state regulators and lawyers say: Insist on independent verification that subcontractors and suppliers are being paid. The state can't help much after your money is gone. The state also says buyers can wait a full 75 days after completion to buy a new house, after the window where liens can be filed has closed.
"You want to make sure if they go under, you don't get burned," said Bill Boyd, manager of dispute resolution services for the contractor's board. "It's still kind of a buyer-beware market."
Litigation is up.

"Every construction lawyer that I know is just extremely busy," said Portland lawyer Alan Mitchell. "A few years ago, when we filed liens, they were usually paid before foreclosure. Now our sense is that most of them are going to foreclosure -- they are going to the mat -- because money is so darn tight."

Horton, whose complaint is still pending, said it didn't occur to him to verify that Olsen was paying off subcontractors. The soon-to-be father was busy, and Olsen's prior disciplinary record was clean when he hired him. "I didn't think it would be an issue," he said.
As a result, he had to pay off almost $50,000 in liens himself, he said, with help from family members who also helped him finish building the house.

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And Horton isn't the only one feeling put out. Between December 2007 and June, complaints filed by subcontractors and suppliers against general contractors in Oregon for nonpayment rose sharply, according to the contractors board.
Olsen failed to respond to most, if not all, of the complaints directed at him -- later telling The Oregonian he hadn't enough money to pay a lawyer to represent him.
He also failed to answer some lawsuits for the same reason, he said, including one filed in April by a couple who accused Olsen of diverting corporate assets for his own use and failing to pay subcontractors.
Olsen, who denies any fraud but did not challenge the claim in court, later lost that $80,000-plus case in a default judgment. He also owes $45,000 to the Oregon Department of Revenue, according to Multnomah County lien records, and $134,000 to the Internal Revenue Service that Olsen said he socked into a subdivision project, expecting he could cover the debt when another house sold.
Horton, meanwhile, is left with mixed feelings about Olsen. "He's a very likable guy . . . and I thought he really cared about his projects," he said. "Unfortunately, he didn't handle this very well."
-- Robin Franzen

Consumers Seek Energy Efficient Upgrades

2008-07-17T12:02:00.001-07:00

Just this week- the Oregonian published an article that stated that Natural Gas prices are expected to rise by 35-40% this year. Today the National Association of Homebuilders published an article which stated that many homeowners are investing in remodeling projects that will help them save energy. From a real estate resale perspective in my opinion these upgrades will offer sellers a competitive edge when selling their homes. I thought this was a great article.

For window replacement: A Cut Above Exteriors offers Renewal by Andersen windows which are the only Green Seal Certified Window in the country.

For more information please contact: LaDonna Miller- Broker- Round Stone Properties (503) 310-9076 or email: ladonnamiller@earthlink.net

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More Home Owners Seeking Energy-Efficiency Upgrades As home owners grapple with skyrocketing energy costs, more of them are turning to remodelers for money-saving solutions, according to a recent NAHB quarterly Remodeling Market Index (RMI).

“It’s no surprise with rising energy prices and other costs draining the piggy bank that home owners want to maximize home performance with green remodeling options,” said NAHB Remodelers Chairman Lonny Rutherford, CGR, CAPS, CGP, president of Legacy Construction, Inc. in Farmington, N.M.

According to the RMI, 33% of the remodelers surveyed said that they are increasingly called on to improve the energy efficiency of their client’s homes.

The Remodeling Market Index measures remodeler perceptions of market demand for current and future residential remodeling projects.

The growing home owner interest in green remodeling comes just as NAHB prepares for the upcoming National Green Building Standard, which includes the only consensus rating system for remodeling. The standard provides a roadmap for green remodeling and assures consumers that remodelers know how to plan and complete authentically green remodels.

According to the survey, remodelers have installed a number of efficiency-enhancing products in recent months, including:

Windows — 73% of surveyed remodelers installed more energy-efficient windows that are insulated to prevent outdoor heat exchange.

Insulation — 65% made upgrades such as insulation replacement and spraying foam or fiber insulation into enclosed walls and roof cavities, while 27% insulated foundations and 52% installed insulated exterior doors.

High-efficiency HVAC systems — 56% of surveyed remodelers installed them.

High-efficiency kitchen appliances ― 47% installed them.

Water-saving faucets and fixtures ― 46% installed them.

“Newer technologies are also quickly gaining in popularity,” said Rutherford. “Thirty-five percent of remodelers reported installing tankless water heaters, which can save on energy costs by heating water on demand instead of continuously eating energy.”

Latest Portland RMLS statistics for June 2008

2008-07-15T15:03:00.000-07:00

According to RMLS the June sales activity was mixed when comparing June 2008 with May of 2007. The numbers of closed sales dropped to 31.3%, Pending sales are down 30% and new listings were also down 16.3%.

Today there are 17,788 Active listings on the market and at this rate they will last approximately 9.5 months which is up slightly from 9.2 months in May.

The average sales price when comparing June 2008 is down 1%.

Month to month average sales prices and median sales prices are both up. Average sales prices rose by 4.1% to $348,800 vs $335,000 last year.

The median sales price increased by .5% to $289,000 from $287,500 in 2007.

For questions on real estate in Portland please contact LaDonna Miller- Broker- Round Stone Properties, LLC. ladonnamiller@earthlink.net or (503) 310-9076

Mortgage highlights for this past week

2008-07-14T15:53:00.000-07:00

This is a blog post by Makena Financial. According to this post there are several factors that will most likely have an effect on the housing market. The Middle East issues, the potential Fannie Mae and Freddie Mac collapse, record high prices for Oil, the Consumer Price Index and inflation issues. The great news in the midst of all of this troubling news is that rates are still great. If you know of anyone who is thinking of purchasing this is a great time to lock into a great rate.

For more information on mortgage info please contact Trevor Hammond- Makena Financial- trevor@makenafinancial.com (503) 597-2550.

For information on Portland Real Estate please contact LaDonna Miller- Broker Round Stone Properties LLC. (503) 310-9076 or ladonnamiller@earthlink.net

___________________________________________________________
First, a look at where rates* are this week;

30Yr fixed - 6.25%5 Yr ARM - 6%30Yr FHA - 6.5%30Yr investor - 6.75%

Bonds and home loan rates ignited and began the week by improving sharply. This early-week rally was sparked by a speech made by Fed Chairman Ben Bernanke, who said that the Fed may continue to provide emergency loans to investment banks to help them overcome credit problems. This led to improvement in the Bond market because the markets saw this as a sign that the Fed is willing to take action to maintain stability and counter any turbulence or explosions that may occur.

And speaking of explosions, some explosions in the Middle East helped douse the rallying flames mid-week after Iran test fired nine medium- to long-range missiles, one of which has the range to reach Israel. The instability of that situation...and new testimony by Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke before the House Financial Services Committee regarding ways Congress can overhaul the financial regulatory system to prevent future crises (the first hearing of its kind)...caused the improvements in the market to fizzle as Traders watched and waited for the finale these events would cause.

As it turned out, last week's finale was a bit of an implosion. Despite Paulson's encouraging words about Fannie Mae and Freddie Mac, Bonds and home loan rates worsened after reports on Friday that the government is considering a plan to take control of both companies if financial problems threaten their collapse. Stock prices of Fannie and Freddie would essentially become worthless if this happens, and Stocks and Bonds both reacted poorly to this news as investor confidence plunged.

Also, another record high for oil (remember higher oil prices means higher inflation, which is the arch enemy of Bonds and home loan rates) added to the implosion and worsening of Bonds and home loan rates on Friday. However, when all the smoke cleared, Bonds and home loan rates still managed to end the week slightly better than where they began.

We could be in for another explosive week, as several reports will show the impact inflation continues to have on the economy. Tuesday will bring the wholesale inflation measuring Producer Price Index as well as the Retail Sales Report, which measures the total receipts of retail stores. Since these numbers reflect consumer spending patterns, this report will show how much of an impact inflation and high oil prices are having on consumer pocketbooks.

On Wednesday, the Consumer Price Index report will be released, and this widely-watched report will reveal the level of inflation at the consumer level since it shows how much more expensive goods and services are this month over last month. Also, on Wednesday, we'll get to see the minutes of the Fed's last Federal Open Market Committee meeting. These minutes could cause some sizzle in the markets especially if they give any indication of what the Fed will do about its benchmark rate, the Fed Funds Rate, at the next meeting.

Thursday we will see a read on the housing market via the Housing Starts and Building Permits Report. We'll also learn how much of an impact inflation has had on manufacturing via the Philadelphia Fed Report, which is a monthly survey of manufacturing purchasing managers conducting business around the tri-state area of Pennsylvania, New Jersey, and Delaware.

Remember when Bond prices move higher, home loan rates move lower...and vice versa. And since inflation also tends to stop rallies for both Stocks and Bonds, we'll be watching closely as always. If this week's reports indicate inflation is heating up, this could cause Bond pricing and home loan rates to worsen in response.

Comments on the Real Estate Market forecast from the National Association of Realtors

2008-07-11T15:57:00.000-07:00

This was an interesting article recap written by Eric Ames of Nuwire Investor. The National Association of Realtors issued their latest real estate market forecast containing both negative and positive news about the market. The latest projections is that the real estate market we are nearing the bottom of the real estate market and that it will begin to change in 2009. The author of this article stated that he believes that prices will level rather than start to gain in value as the National Association of Realtors expects.

For more information on real estate in Portland please contact LaDonna Miller-Broker Round Stone Properties, LLC. (503) 310-9076 or ladonnamiller@earthlink.net.

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"Pending Home Sales Index (PHSI) fell by 4.7 percent in May and existing home prices are projected to fall 6.2 percent this year; however, NAR also projects a recovery in 2009 with a gain of 4.3 percent on existing home prices.

This optimism about the real estate market in 2009 could have a lot to do with the $300 billion housing stimulus bill on the table right now. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” Lawrence Yun, NAR chief economist said in the NAR news release.

As far as regions go, the West appears to be the strongest right now. The PHSI for the West only dropped 1.3 percent in May and is at 97.5. The Northeast, which saw a decline of 2.9 percent in May, is sitting at 77.0. The Midwest decreased by 6.0 in May and is now at 78.6, while the South, which fell 7.1 percent in May, sits at 84.5.

According to this report, it would seem that we are nearing the bottom of the housing market troubles, yet I would advise caution on that front. We must remember that while NAR is a respected organization, they are biased. They want to see the real estate market rebound because their business is assisting real estate agents, and real estate agents obviously want--and need--a healthy real estate market. That being said, I would look at these numbers as an optimistic projection. In reality, things are likely to be a little worse than NAR is projecting, and that is likely especially true with the 4.3 percent housing price gain they are forecasting in 2009.

While I believe that the market is likely to start turning around sometime in 2009, I more imagine something more like a leveling out than a gain. So rather than seeing the sharp price drops, the market will find its equilibrium, where it will probably sit for most of 2009.

In 2010, I think we may start to see some modest price gains, but nothing like before the real estate market crashed. When I do my investment projections, I don’t like to even include appreciation in the numbers, but if you do, I wouldn’t go above 1 to 3 percent. In my mind, if you can’t make the deal work without adding in appreciation, then you shouldn’t do the deal.

Sofa Table Chair Annual Sidewalk Sale on NE Broadway is this weekend- July 18th, 19th & 20th

2008-07-10T11:52:00.000-07:00

Sofa Table Chair a Renovation Concepts member will be participating in the NE Broadway Merchant Sidewalk Sale which will be held July 18, 19 & 20th.

The Sofa Table Chair- West Linn location will be a part of the "Merchants in the Village" Sidewalk Sale which will be held July 25th, 26th & 27th.

Susan Walter tells me that there will be many wonderful mark-downs as well as 15% off of all special orders.

This is a great opportunity for home-owners to purchase new pieces to complete a room or work with Susan Walter and her staff to select new home decor items. Susan has a great staff at both locations who can assist you with your design plans.

For more information please contact Susan Walter at Sofa Table Chair. Susan can be reached at http://www.sofatablechair.com/ (503) 231-2782 email: susanwalter@comcast.net

Sofa Table Chair: 1916 NE Broadway, Portland, OR. (503) 231-2782
Sofa Table Chair: 5656 Hood St. #109 West Linn, OR. (503) 231-2782

The pace of builder bankruptcies has escaled in recent weeks

2008-07-08T15:53:00.000-07:00

This is an article that is published by Building News. The headlines are not great news and one of the articles in this section is specifically about Legend Homes one of the largest builders in Oregon who filed for bankruptcy last month.

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"The pace of builder bankruptcies has escalated in recent weeks, as sales have fallen in many parts of the country. The home building industry clearly faces a market meltdown that threatens the very survival of many companies. With this special report, Builder aggregates stories on recent failures along with information on how to survive these most troubling of times".

Building News interviewed Jim Chatman the President of Legend homes and Mr. Chatman stated that there were several reasons that lead to Legend Homes filing bankrupcy:

1. Legend expanded their market reach beyond Portland’s restrictive urban growth boundary by purchasing real estate in Washington State and California. Unfortunately for Legend, the timing of those purchases coincided with what has turned out to be a dramatic downturn in housing demand, which in turn caused the value of Legend’s land assets to deteriorate.

2. The company filed bankruptcy with an estimated $258 million in assets and $198 million in liabilities. In an interview with BUILDER this week, Chapman said his company was not in default on any of its loans. However, he recounted how some large banks, acting out of what he calls “desperation,” leaned on Legend and its parent company, Matrix Development, through margin calls that can be triggered when the value of properties collateralizing those loans falls and pushes ratios below the terms of the loan contract.

3. Another problem market has been Vancouver, Wash., where Legend owns land that was part of a mixed-use master plan. The commercial developer bailed out of that deal when it couldn’t sign retail anchors for the mall, and so Legend pulled out, too, “and we got sued for specific performance” by J.P. Properties which, according one of Legend’s court filings, obtained a judgment against Matrix Development. The builder was ordered to pay J.P. $540,834. The case is still in litigation. (In a separate action, an association representing homeowners at Legend Homes’ Fountain Court townhouse/condo community in Beaverton, Ore., have filed a $7.1 million breach-of-contract suit against the builder relating to construction defect claims.)

4. To keep moving forward, “we need liquidity; if you don’t have funds, you’re not going to survive.” The builder will ask the court to approve debtor-in-possession financing that Chapman estimates will be between $15 million and $20 million. It’s possible the company might need to liquidate some property, although Chapman doesn’t expect that to happen. Legend has hired outside counsel (the name of which Chapman wouldn’t disclose) to help it restructure its bank and mortgage-related debt.

For more information on the real estate market here in Portland please contact LaDonna Miller
ladonnamiller@earthlink.net (503) 310-9076 www.RenovationConcepts.net

To read the full article- http://www.builderonline.com/economic-conditions/ill-timed-growth-leads-to-legend-homes-fall.aspx

Weekly Mortgage Updates from Makena Financial

2008-06-30T15:09:00.000-07:00

Here are the weekly rates from Makena Financial. Rates are still great and as we have been saying for months now- this is still a great time for buyers. For more information on mortgage rates and information please contact:

Trevor Hammond- Makena Financial- trevor@makenafinancial.com or contact LaDonna Miller- Broker Round Stone Properties for information on Portland real estate (503) 310-9076
ladonnamiller@earthlink.net.

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First, a look at where rates* are this week;

30Yr fixed - 6.25%5 Yr ARM - 6%30Yr FHA - 6.5%30Yr investor - 6.875%

Bonds and home loan rates saw some improvement last week after several items...including a profit warning from UPS (a concern since less shipping indicates less sales and continued weakness in the economy), a price increase from Dow Chemical due to the rising cost of energy, weak Consumer Sentiment...caused money to flow from Stocks to Bonds and helped pressure Stocks to what could be their worst June performance since the Great Depression. After all the week's action - and inaction - Bonds and home loan rates ended the week slightly better than where they began, mostly due to weaker Stocks.
There's a holiday shortened week ahead, as the financial markets will be closed on Friday in observance of Independence Day. But...there could still be lots of action this week, particularly with the Department of Labor's Jobs Report scheduled for Thursday, just ahead of the long weekend. A positive report could be good news for Stocks, but bad news for Bonds and home loan rates, so it will be especially important to watch all the fireworks that follow the headlines.
If inflation continues to shake up the markets or if the news on employment is surprisingly good...the action for Bond prices and home loan rates could change direction and worsen.
Remember that when Bond pricing moves higher, home loan rates move lower.
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*The above rates assume the following;
Escrow/Impound accounts included
80% financing
Good credit
30 day locking

Experts size up Portland's Condo Market

2008-06-29T07:34:00.000-07:00

This was an interesting article on the Portland Condo market that was published in this Sunday's Oregonian. This article addresses the condo market with respect to development at South Waterfront District, the Pearl District and Downtown. In the last 5-10 years developers built highrise after highrise- the Pearl District was booming with condo/loft development and then developers expanded to the Downtown and South Waterfront District.

Then- last year, as everyone knows the market massively shifted and sales at many of these new developments in particular South Waterfront have sat vacant and are not selling. I thought that this article addressed some really great points like:

1. There is 1-2 years worth of condo inventory on the market right now.

2. Homer Williams one of Portland's largest developers stated that because "the ground is still moving" it is not likely that we will see much movement for 6-12 months until we have reached the bottom.

3. Jerry Johnson of Johnson Gardner, an economic consulting and forecasting firm in housing stated that it is the wrong time to buy because prices may continue to go down and it is the wrong time to sell.

4. The PDC manager John Warner stated, "It's unclear when the market will turn around, but given supply and demand it will. It's important to stop thinking of housing as an investment and to start thinking of it as a home. Who is to say the market correction isn't having some positive impact in the long run?"

In my opinion, each of these areas are very desirable areas to purchase if you are looking for a downtown location and have the desire to down-size. There is alot of inventory and it will take time for this inventory to sell. But the real estate market is cylical and the tide will change but these are great areas in Portland and for individuals seeking this type of lifestyle the Pearl District, South Waterfront and Downtown living will always appeal to a certain type of buyer.

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What's next for condos? Six educated guesses
Experts size up Portland's market and predict when it might regain some sizzle

Sunday, April 20, 2008
GAIL DANA
Special to The Oregonian

Portland, historically dominated by single-family houses, did not take easily to condos when a few ambitious developers began testing the market for them in close-in neighborhoods in the 1970s. "Those condos bombed," says Jon Carder, president of Melvin Mark Brokerage.
KOIN Tower, with its upper-level housing, was the next ambitious condo development. Sales were again sluggish. "It was easy in the mid-'80s," says Carder, "to pick up a gorgeous condo there for $250,000." Then condo living met Portland's Pearl District. Condos became chic, prices shot up, buyers appeared as soon as projects were announced and sales offices opened.

The current credit crisis, which began nationally with defaults on subprime loans made to borrowers with troubled credit histories, is now taking its toll in Portland. Some condo projects have been delayed; others switched to apartment projects. Many developers and condo owners are struggling to sell their units.

Here are some opinions from experts about the prospects ahead in the condo market. Comments have been edited for brevity and clarity.
The lender Roger Fletcher, a loan officer with Cosmopolitan Funding Group:

"Developers assumed there would be growth based on past performance. Past performance isn't necessarily indicative of future performance. Financial requirements are tighter. It will take time to adjust. You'll see more buying activity this spring and summer.
"Prices have to adjust downward, so there should be some good long-term loans. Lease options will have to be the new long-term financing."

Mark Edlen, co-founder of Gerding Edlen, a major condo developer:
"Clearly things have slowed down.

"A lot of us felt things were overheated for some time. But product has continued to sell in an orderly manner. The best projects are being successful, and the ones that aren't, aren't."

Homer Williams, condo developer and chairman of Williams & Dame Development Co.:
"This is going to be a slow year. The ground is moving, and people aren't going to do anything when the ground's moving. I don't think it will turn around for six months, maybe 12 months. When the economy hits bottom, we'll see things start to go up.
"Actually, we're not overbuilt in Portland. We have a year to two years' supply of condominiums. But until there's confidence in the mortgage markets, there won't be a change. We're not seeing devaluation of values in Portland. But the market is not robust."

The PDC manager John Warner, Portland Development Commission's senior development manager in the Housing Development Department:

"Real estate is a cyclical market. We may have lost sight of that because there has been such a nice run. What has been a correction seems more painful.

It's unclear when the market will turn around, but given supply and demand it will. It's important to stop thinking of housing as an investment and to start thinking of it as a home. Who is to say the market correction isn't having some positive impact in the long run?"

The statistician
Caroline Latham, owner, RealFacts, a research organization and database specializing in the housing market:

"Many condos were purchased to flip at maybe 35 percent profit in a year. Somewhere between a quarter and a third of condos that have been bought are not occupied. They were bought as investments. They will be back on the market. There is a market for them. More and more people want to live in downtown Portland."

The forecaster Jerry Johnson of Johnson Gardner, an economic consulting and forecasting firm in housing:

"It's easier to do autopsies than forecasts. The market is so slow right now, it's hard to know where it's going. Demand has vanished. It's just an unusually difficult forecasting period.
"This is the wrong time to sell. It's also the wrong time to buy as the market may go down.
"The problem with high-profile condos is that purchasers aren't first-time homebuyers. The price point is high. These people are making the decision to move up. The market may get worse before it gets better. People are deferring decisions because the market seems to be adjusting."

For more information on the Portland real estate market please contact LaDonna Miller-Broker- Round Stone Properties, LLC at ladonnamiller@earthlink.net. or www.RenovationConcepts.net

Many homes in five cities overvalued

2008-06-19T06:44:00.000-07:00

The Portland Business Journal just published an article about cities with overvalued homes. According to the article, "Bend has the second most over valued homes in 330 metro areas in the United States, according to a real estate report from Global Insight which said that Bend has 49.5% overvalued homes. Number 1 was Atlantic City, NJ at 55.6%.

The other four areas in Oregon that ranked in the top 20 list of over valued home areas. Portland, where the median home price is $286,500 ranked number 7 with 36.2% of homes over valued. Eugene with a median home price of $228,500 ranked #11 with 32.8% over-valued. Medford with a median home price of $237,900 ranked #12 with 31.9% overvalued and Salem with a median home price of $199,575 ranked #16 with 28.9% over-valued.

For more information on the Portland real estate market please contact LaDonna Miller at (503) 310-9076 or ladonnamiller@earthlink.net or visit www.RenovationConcepts.net

RMLS Market Action Updates for May 2008

2008-06-17T16:52:00.000-07:00

The latest RMLS Market Action statistics are out and there is currently 9.2 months of inventory on the market with 17,066 active listings in the Portland metro market.

In addition, for the second consecutive month both the average sales price and the median sales price declined. The average sales price for May 2008 was down 4% compared to May 2007 while th emedian sales price dropped 3.2%.

Oregon was one of the last states to experience a downturn and now we may be about to experience what other markets have been experiencing for quite some time. This is a great time for buyers.

If you have questions about real estate inventory please contact LaDonna Miller- Broker Round Stone Properties, LLC. (503) 310-9076 ladonnamiller@earthlink.net or www.RenovationConcepts.net

Weekly Portland Real Estate Finance Update

2008-06-09T15:33:00.000-07:00

Here is the weekly Finance Update by Trevor Hammond at Makena Financial. For more information on rates contact www.MakenaFinancialStrategies.com or trevor@makenafinancial.com or (503) 597-2550 or for information on Portland Real Estate values please contact LaDonna Miller-Broker Round Stone Properties, LLC or www.RenovationConcepts.net (503) 310-9076 or ladonnamiller@earthlink.net

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First, a look at where rates* are this week;

30Yr fixed - 6.25%5 Yr ARM - 5.5%30Yr FHA - 6.5%30Yr investor - 6.875%

"THERE IS NO BARRIER TOO HIGH, NO VALLEY TOO DEEP... NO DREAM TOO EXTREME, NO CHALLENGE TOO GREAT" ~ Charles Swindoll

And that motivating phrase was a great motto for last week, as both Bonds and home loan rates ended up being greatly challenged as they dreamed of breaking through technical barriers to attempt some improvement. Lots of intra-week action ensued - but when the dust settled,

Bonds and home loan rates rallied in the face of challenges and ended the week very close to where they began.

Bond prices and home loan rates started the week to the upside, as Wachovia announced they were removing their CEO and Stocks faced some selling pressure on the news, moving money into Bonds and helping rates improve. But the rally was very short lived, as Wednesday's "unofficial" Employment Report by giant payroll processor ADP indicated 40,000 new private sector jobs were added in May...and while this good economic news gave Stocks a boost, it pulled money right back out of Bonds and caused home loan rates to worsen. Thursday's positive economic news that unemployment claims for the week were lower than expected caused Bonds and home loan rates to worsen even further, as traders began to speculate on what the "official" Jobs Report by the Department of Labor would contain.

And on Friday morning, along came the big enchilada, the monthly Jobs Report. The Unemployment Rate increased to 5.50%, up from 5% last month - the largest jump since February of 1986. This was much worse than the market expected. And remembering that bad economic news tends to be bad news for the Stock market, but good news in turn for the Bond market, the news was positive indeed for Bonds and home loan rates - helping them to end the week relatively unchanged.

So we know that employment numbers were the big movers and shakers for the financial markets and home loan rates last week. What's in store for the week ahead, and what could drive more market action?

Keep your eye out for the Retail Sales Report, which will be released on Thursday. The Retail Sales report is a measure of the total receipts of retail stores, and changes in these numbers are closely followed as a timely indicator of broad consumer spending patterns. Recent numbers haven't been too bad - consumers seem to still keep spending away. But, will this week's report show that inflation and high oil prices are finally taking their toll on consumer pocketbooks? A strong Retail Sales Report would be good for the Stock market - which stands to reason, as it would indicate continued consumer confidence and dollars being poured into the economy. But a strong Retail Sales Report would be bad news for Bonds and home loan rates, which benefit from weak economic news.

Sure to be a market mover is Friday's Consumer Price Index report, which gives a read on inflation at the consumer level - that is, how much more expensive are goods and services this month over last month? CPI is a widely watched inflation indicator, and will definitely make headlines. Inflation tends to be bad news for both Stocks and Bonds, so if the report indicates inflation is heating up, this could cause Bond pricing and home loan rates to worsen in response.
Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.

Enjoy the rest of your day and have a great week!

*The above rates assume the following;
Escrow/Impound accounts included
80% financing
Good credit
30 day locking

Oregon's Legend Homes can't pay its bills

2008-06-04T14:35:00.000-07:00

This is recent article in today's Oregonian is not good news for our market. When one of Oregon's oldest and largest homebuilders cannot pay their sub-contractors it is time for concern. Many builders with outstanding inventory are in tough positions in that they are paying monthly mortage payments on outstanding loans for property that is just sitting. This is an excellent time for buyers to negotiate. With that being said builders know what their bottom line is and will still frequently reject crazy out of the park offers with no hesitation.

For more information on new construction inventory in the Portland metro real estate market please contact LaDonna Miller- Broker with Round Stone Properties at ladonnamiller@earthlink.net or (503) 310-9076.

Oregon's Legend Homes can't pay its bills

After sales slump, the Tualatin-based company's main lender pulls the plug
Wednesday, June 04, 2008
RYAN FRANK The Oregonian Staff

Legend Homes Corp., one of Oregon's oldest and biggest homebuilders, has survived three recessions with a reputation for paying subcontractors on schedule on the 10th day of each month. But Tualatin-based Legend last month stopped paying about 60 subcontractors after its biggest lender, KeyBank, cut off funding. Legend's outstanding bills total less than $1 million, President Jim Chapman said.

Legend has retained a turnaround specialist and now finds itself having to downplay worries about a potential bankruptcy.

"We're not in danger of bankruptcy," said David Oringdulph, Legend Homes' chief executive officer. "What we are doing is reorganizing for a smaller market for the next year."
Along with other builders across the country, the 42-year-old company has been squeezed by declining sales, falling land and home values and lenders becoming more aggressive to recover their investments.

In general, builders say slower than expected home sales have forced them to ask banks for more time to pay back construction loans. Local banks, they say, have been willing to renegotiate.

But builders say Cleveland-based KeyBank has been reluctant to restructure loans to allow them more time. Earlier this year, KeyBank filed a default notice on a Bend subdivision built by Renaissance Homes of Lake Oswego.

With economists predicting even deeper price declines, Chapman said he's had a tough time finding another lender willing to take over KeyBank's loan. Renaissance, though, has since raised enough from investors to pay off the debt, President Randy Sebastian said.
"KeyBank has not been willing to renegotiate," Chapman said. "They're playing hardball."
Roberta Fuhr, KeyBank's national manager for home builder lending, declined to talk about Legend or Renaissance.

Portland Condo Pipeline dries up

2008-06-02T08:45:00.001-07:00

There was a great article in the Portland Business Journal which stated that the lack of condo sales this year could translate to a condo shortage in two to three years. The reason is that with 2500 unsold condo's currently on the market, it will take 2-4 years for this amount of inventory to sell and for the condo inventory to return to normal levels.

The article detailed statistics for condo's like the John Ross located in the South Waterfront District, which has to date sold just 177 of its 303 units. According to Multnomah County property records just two units have sold in 2008. "Public records portray the John Ross as a building that opened in a market flush with buyers, but which faltered in mid 2007 as newer buildings opened and the market slowed amidst housing concerns triggered by the subprime mortgage crisis".

According to RMLS there have been just 138 new units sold in the downtown area so far this year, far off the pace that led to the record 809 new condo sales in 2007. "Today, Portland has about 2500 unsold condo's, a figure that includes developers inventories and another 1000 phantom units, which refers to condo's purchased by investors who intended to turn a quick profit and who are apparently are holding out for the marekt to return. According to this article it will take three years to clear out the current inventory.

Mark Edlen a major partner at South Waterfront along with Homer Williams has decided to rent out the latest building called 3720 at South Waterfront. Other projects originally scheduled for condo development are now converted to apartments include 3720, Ladd Tower and the Wyatt.

This article stated that Brian Owendoff, newly appointed vice president and general manager of Opus NW believes that it will take until 2011 to clear out Condo inventories in Portland.

For more information on condo prices in Portland please contact LaDonna Miller- Broker with Round Stone Properties, LLC. (503) 310-9076 ladonnamiller@earthlink.net

Why consumers will pay more for energy efficient homes in Portland

2008-05-27T17:35:00.000-07:00

The article below provided some great statistics regarding green remodeling and stated that many consumers will pay extra for a home that was energy efficient and protect the earth. Portland has been very progressive in terms of green remodeling practices. These are great things to consider when buying or getting your home ready for resale.

As we all know window replacement is one of the #1 things that homeowners will choose to upgrade. The article states that 85% of remodelers interviewed upgraded to energy efficient windows.

There are a number of features to consider when purchasing a remodeled home. Upgrades like the type of new windows installed. Are the windows certified by the National Fenestration Rating Council (This is an independent industry organization producing uniform test ratings to help homeowners make accurate, non biased comparisons among window brands.

Energy Star label: This label helps consumers choose products that use less energy, save money on utility bills, and help protect the environment.

What is the U-Factor rating on the windows? U-Factor represents the performance of the entire window system (the glass, the spacer and the frame). The U-factor is a measure of how much indoor heat might be lost or transferred through a window. A lower U-factor means better insulating quality.

Also- it is also very important to know the reputation of the installers of your windows. You will want to work with a reputable company that has a solid reputation for doing excellent work so that you do not experience water intrusion issues.

For more information please contact LaDonna Miller-Broker Round Stone Properties, LLC.
(503) 310-9076 or ladonnamiller@earthlink.net or www.RenovationConcepts.net
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The largest potential increase in home energy efficiency can be achieved through green remodeling, NAHB Remodelers told the National Association of Realtors® during their legislative meetings and trade expo in Washington, D.C. on May 13.

Speaking at the Realtors®’ 2008 Land Use Property Rights and Environment Forum, Greg Miedema, CGR, CAPS, GMB, vice chair of the NAHB Remodelers and president of Dakota Builders in Tucson, Ariz., said sheer numbers favored green remodeling over new home construction when considering potential energy savings.

He noted that there were more than 125 million existing single-family homes in the U.S. that could potentially be remodeled with energy- and resource-efficient appliances, techniques and features compared to the new home market.

David Rodgers, of the U.S. Department of Energy, also participating in the forum, said a vast majority of home buyers — about 92% — said energy efficiency was very important or somewhat important when considering buying a new home, according to recent surveys.

In addition, 90% of potential home buyers “would be willing to pay $5,000 more for a house that would use less energy and protect the earth,” Rogers said.

NAHB remodelers already use products and techniques that save energy and reduce waste, according to recent NAHB surveys of remodelers.

Of the remodelers surveyed, 85% said they installed low-emissivity windows, 68% installed insulated exterior doors and 65% upgrade existing insulation in the homes they remodeled.
In addition, more than 75% said they use techniques to conserve lumber and 65% said they used recycled or recyclable materials in their projects.

Portland RMLS April 2008 Update

2008-05-19T12:38:00.000-07:00

The recent RMLS April 2008 statistics reports that there are 16,370 or 10.3 months of inventory on the market in the Portland Metro area currently.

The Average Sales price now is $335,900 and the Median sales price is $280,000. Average time on market is 82 days on market.

New listings for the month of April 2008 grew by 2.7% and Closed sales dropped by 6.7%.

This month the region experienced the first decline in average sales prices since August 2002 and in medium sales prices since May 2001 when comparing April of the current year in the same month the year prior. The average sales price droped 3.9% and the median price fell 3.5%.

RMLS stated that one factor in this price decline may be a 51.2% or 21 vs 43 number of homes that sold for 1 million dollars or more, when comparing April 2008 with April 2007. YTD sale in this price range is down 31.9% compared with the same time last year.

This is a great time for buyers because of all of the inventory available on the market currently. Buyers are in a great position to negotiate not only initial purchase price, but repair costs. As with all market cycles now is a Buyers market but buyers need to watch the market closely because I recently spoke with a builder who also does land development and building permits are way down which means that builders are not building as many new construction homes and this will affect inventory in another year in which case the market may begin to swing the other direction.

For more information on the real estate market in Portland- please contact LaDonna Miller-Broker Round Stone Properties, LLC. at (503) 310-9076 or ladonnamiller@earthlink.net or www.RenovationConcepts.net.

Weekly Mortgage Updates from Makena Financial

2008-05-12T15:23:00.000-07:00

Trevor Hammond at Makena Financial always does an excellent job- providing a weekly summary of the financial markets and how these changes affect rates for homeowners looking to purchase.

For more information please visit: www.MakenaFinancial.com or contact Trevor Hammond at trevor@makenafinancial.com (503) 597-2550.

For information on the real estate market please contact LaDonna Miller-Broker Round Stone Properties, LLC. (503) 310-9076 or www.RenovationConcepts.net
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Good Afternoon!

First, a look at where rates* are this week;

30 Year fixed - 5.875%5 Year ARM - 5.5%30 Year investor - 6.375%30 Year FHA - 6.125%
"TALENT WITHOUT DISCIPLINE IS LIKE AN OCTOPUS ON ROLLER SKATES. THERE'S PLENTY OF MOVEMENT, BUT YOU NEVER KNOW IF IT'S GOING TO BE FORWARD, BACKWARD, OR SIDEWAYS." H Jackson Brown Jr.

And just like that strange visual of an octopus on skates, so goes the volatile Bond market in recent days - and last week, Bonds and home loan rates skated around, but ultimately closed out the week very close to where they had begun.

Bonds and home loan rates ended the week on a sour note, but had spent the early part of the week moving sideways and slightly higher on a blend of mixed economic news and action in the Stock market. Grim news arrived from insurance giant American International Group (AIG), who reported an enormous first-quarter loss of $7.81 Billion or $3.09 a share, compared with earnings of $4.13 Billion just a year ago. The important part of this loss is due to write-downs on Mortgage Bonds, which tells us that the credit crisis is not yet entirely behind us. On these negative headlines, Stocks moved lower and money flowed over into Bonds, helping home loan rates improve.

By Thursday, Bonds were looking good and holding their ground above several floors of technical support, as the weekly Initial Jobless Claims numbers were reported at 365,000, slightly below expectations of 375,000. The more closely watched four-week average of Claims edged higher to 367,500. This not-so-hot read on the labor market helped Bonds and home loan rates continue to improve.

But then on Friday, Bonds gave back some gains on news of oil hitting $126 per barrel - and the inflationary effects of high oil prices is bad news for both Stocks and Bonds. Oil prices are reaching exceptionally high levels, and may get higher still. Read on for where oil prices are forecast to go in the future - and what it means for home loan rates.After last week's thin economic calendar, where Stock market action and technical factors had a big impact on Bonds and home loan rates, this coming week brings a much juicier economic report agenda.
Retail Sales for April will be reported on Tuesday, followed by Wednesday's Consumer Price Index (CPI). This widely watched measure of consumer inflation will take special significance, now that the Fed has signaled their current rate cutting cycle may be at an end. On Thursday comes a read on the new construction housing market, with Housing Starts and Building Permits. We will have to see if these reports can keep Bonds above their 50- and 100-Day Moving Averages. If the reports are economically weak or negative, Bond prices and home loan rates should hold their ground, and perhaps even find some improvement.

Remember when Bond prices move higher, home loan rates move lower...and vice versa. And right now, there's an important story breaking that will be very important to stay tuned in to. Last Friday, oil prices reached a lofty $126 a barrel, and Goldman Sachs is forecasting that black gold could rise even higher, perhaps as high as $150 - $200 a barrel in the next twelve months. If they are right, the inflationary effects of high oil prices could pressure Bond prices to move lower, causing home loan rates to move higher. This will be a story to watch carefully in the days and months ahead.

Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise.

Enjoy the rest of your day and have a great week!
*The above rates assume the following;
Escrow/Impound accounts included
80% financing
Good credit
30 day locking

Green Certified Homes Sold for more money than non- certified homes

2008-05-07T06:39:00.000-07:00

This is an interesting post by Earth Advantage in conjunction with Portland RMLS stating that their findings show that "Green" certified homes earned more per square footage when sold than non-certified homes and were on the market for a shorter length of time. In my opinion as the general public starts to recognize the health benefits of green certified homes as well as the energy savings this will become even more important when buyers are shopping for new homes.

For more information on sustainable homes currently on the market- please contact LaDonna Miller (503) 310-9076 or ladonnamiller@earthlink.net or visit www.RenovationConcepts.net.

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The growth in the number of “green” certified homes in the Portland metro region is attracting some significant attention. Over the past year, three percent of all new homes sold in the Portland Metropolitan Area carried a sustainable or “green” certification brand. These homes earned more in the market than non-certified homes, selling for an average price of $223 per square foot, versus $185 per square foot for non-certified, traditionally built homes.

This information was compiled by the Regional Multiple Listing Service (RMLS) in Portland. The percentage quoted includes new home sales in Multnomah, Clackamas, Columbia, Washington and Yamhill Counties. It does not include new home sales in Clark County, WA. RMLS began tracking the sale of green certified homes in 2007 when the certification search feature was implemented on the MLS database.

“Green” certified homes also sold faster than homes without certification. New “green” homes in the Portland Metro Area remained on the market for just of 66 days on average, while the average time on the market for all homes was 73 days. The announcement of Countrywide’s Green Incentive mortgage product that discounts the interest rate is sure to add further value to green homes.

“These findings are very important,” states Sean Penrith, Executive Director of the not-for-profit Earth Advantage, Inc. “We have long heard and touted that green building is the right thing to do, and it is. But now we have actual data that points to higher value for green homes and reduced time on the market. This is the tipping point, and in five years, builders that are not identifying green in their practices will undoubtedly be marginalized.”

“Green” certification includes third-party certified Earth Advantage® homes, Earth Advantage/ENERGY STAR® co-labeled homes, ENERGY STAR, and LEED® for Homes. For the period ending April 30, 2008, 309 housing units in the study received either Earth Advantage or an Earth Advantage/ ENERGY STAR certification.

Window Fashions & Interiors

2008-05-05T08:54:00.000-07:00

Bolliger Window Fashions and Interiors is a Renovation Concepts member. As a company they focus on window coverings and interiors and have a wonderful reputation in the Portland area. Interior designers will tell you that window treatments make a huge difference when defining an interior space. Bolliger Window Fashions and Interiors have many sample books to browse from as well as great designers on staff to assist clients. For more information please contact Wendy Vaughn at (503) 281-1236 or wendy@bolligerwindowfashions.com or Steve Boeh at steve@bolligerwindowfashions.com

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BOLLIGER WINDOW FASHIONS AND INTERIORS

For nearly 80 years, Bolliger’s has been providing window coverings in the Portland Metro Area. Many of our client’s tell us their Parents and even Grandparents purchased window treatments from Bolliger’s. Of course, the innovative choices for window covering, has come a long way. We maintain a lovely Showroom showing dozens of options to fit the need of all our clients. Each person coming through our door is treated to a personal tour to find the solution to their window covering requirements.

We offer over 100 years of combined experience with professional measuring and installation. Custom Interior Design is our focus to find the best fit for every décor. Our staff regularly attend continuing education opportunities to provide options in motorization, insulation and “green” design. Our goal is to offer quality products with the confidence that our clients receive the best value for their budget.

For more information please visit www.bolligerwindowfashions.com or www.RenovationConcepts.net

Great Out-door fireplace options for your home

2008-05-01T10:24:00.000-07:00

Here is some great information on "Out-door Fireplaces" available at Lisac's Fireplaces & Stoves. Because of our mild climate in Portland, there is a trend towards creating Out-door living spaces. Here are some great products that you might want to consider when designing your outdoor living space this summer. Outdoor living spaces compliment your home and add another differentiating feature for buyers to consider if your home is on the market.

For more information call Laura Hertner at Lisac's Fireplaces & Stoves at (503) 261-1000 or visit http://www.lisacsfireplaces.com/ or http://www.renovationconcepts.net/

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While indoor fireplaces have evolved to become a focal piece that consumers are customizing to their own décor, the same can be said for the outdoor firescapes.
Entertaining has taken on a new look. No longer are we trapped into having our guests huddled around a dinette table or stuck in a formal dinning room, away from all the action. Make use of the outdoors. You can turn that concrete slab into an entertainment area by adding the Travis Torch both as a wall sconce or a post mount to add soft lighting to the area. Available in both, LP or Natural gas, you won’t have to worry about refilling oil reservoirs.

There is nothing more satisfying than friends or family enjoying “together time” around a fire pit. They are available in a variety of styles to customize to your taste, from glass and gas to a natural wood look. For the “Do-it-yourself,” there are a variety of designs that we can show you, and the steps to take to build your own. For the “drop-connect-light” here is a fire pit for you. A Firestone Crystalfire.

More Money for Green Properties

2008-04-30T15:00:00.000-07:00

This was an informative article from "Green products & Technology" on how "Green properties with Green features and certifications help catch and keep investors attention. We have some great organizations in Portland that help to certify residential properties like Energy Star certified homes and Earth Advantage homes. My belief is that as gas prices continue to rise in cost, consumers will find it very beneficial to strive to conserve energy by installing energy efficient systems in their homes like furnaces, windows, appliances, hot water heaters and at the same time increasing the value of their home.

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More Money for Green Properties

Green features and certifications help developers catch--and keep--investors' attention.

by Bendix Anderson

Most investors are not yet willing to pay a premium to invest equity or make loans to green affordable housing projects. But flashy green features and certifications certainly help developers get investors' attention and keep it.

In addition, innovative financing programs offer green projects advantages like low interest rates. Green features are also important to the state and local officials that hand out affordable housing subsidies. More than half the agencies that reserve LIHTCs give green properties an advantage in the competition for tax credits, and a growing number of agencies require developers to include some green features to compete.

Larger investors have also made commitments to green affordable housing. In the last three years, Enterprise Community Investment, Inc., has invested $570 million in 250 green projects across the country that met its own green building standards. Most of that investment has been in tax credits, though Enterprise also offers predevelopment grants to green properties.

The Cash Is Out ThereGreen developers argue that investors should pay more to invest in green properties because of the proven energy savings and the protection from likely increases in the cost of energy that green buildings offer.
Conventional lenders like banks have finally started to listen-with a little help from a loan guarantee. Developers can now find low-interest conventional bank loans to pay for energy improvements with interest rates just a few basis points higher than the yield on a 10-year Treasury bond. The 10-year Treasury was trading at 3.54 percent in early March.

However, to get that rate, such loans need to be guaranteed by a company like Honeywell International, Inc. The Morristown, N.C.-based firm guarantees that packages of energy improvements like new boilers, water conservation measures, and even expensive energy-efficient windows will pay for themselves in energy savings within the 10-year term of a loan.

Without loan guarantees, most conventional lenders still refuse to offer premium terms to green properties or even recognize the documented operating savings provided by energy conservation in their underwriting. For example, Tallman Pines received a $3.5 million loan from Bank of America. Despite the bank's enthusiasm for the project, underwriters did not increase the size of the loan or lower the interest rate in recognition of the project's green features.

Lending institutions argue that despite the wealth of operating data accumulating from finished green projects that meet, for example, the federal Energy Star standard, they still need more information.
"Doing quality control is difficult," said Jon Searles, spokesman for Fannie Mae. "We're hoping to have some clearer standards set."
In the meantime, green developers can still take advantage of less-conventional financing sources and government programs.

Green properties also have an advantage in the competition for LIHTCs and soft financing provided by state agencies. More than half of the state programs that reserve LIHTCs offer some incentive, usually extra points, to green affordable housing projects in the competition for subsidy. Several states have also begun to require that any project they consider for tax credits meet some green building standard.

Developers need all the financial help they can get to help make up for the extra cost of building green - typically an addition of 1 percent to 4 percent to the hard cost of construction, depending on the standard chosen by the developer, according to green developers and investors. This extra cost isn't as much as many developers feared, but with equity prices falling and cutting into project budgets, every little bit counts.

Condo prices still appreciating in Portland

2008-04-29T13:45:00.000-07:00

According to the latest RMLS statistics here are the latest condo appreciation figures from the past 5 years.

March 2008- $264,400 5% increase

March 2007- $251,300- 4% increase

March 2006 - $242,800- 14% increase

March 2005- $ 210,600- 13% increase

March 2004- $173,600- 8% increase

Condo's are still a great option for 1st time buyers or couples who are downsizing. There is a large selection of inventory on the market currently from buyers to choose from. Make sure to read the CCNR's and Bylaws and review the finances of the condo association as well as all Home Owners Association minutes to make sure there are no lawsuits or special assessments that will be levied after you purchase. Make sure that the HOA has plenty in their long term reserves for long term maintenance items.

For more questions regarding condo inventory please contact LaDonna Miller at ladonnamiller@earthlink.net. (503) 310-9076.