News Headlines for Portland, Oregon : 2013 Quarter 1
3/30/2013
Home Prices Boast Big Gains
With the exclusions of short sales and foreclosures, home prices have risen over 8% over last year; this is the biggest gain since May 2006. The states with the highest appreciation include Arizona, Nevada, Idaho, California and Hawaii.
New Home Construction is off to a Strong Start for 2013
Builders filed for the greatest number of housing permits since June 2008. Permits are a great sign of a builder's confidence in the real estate market.
The National Association of Realtors said that the real estate market has shifted towards a sellers market. The inventory of homes listed for sale in January fell by nearly 5%! That's the lowest amount of inventory since December 1999.
Nationally, there are three indicators that Trulia uses to determine the barometer of the housing market. They include: construction starts, existing homes sales, and the delinquency-plus-foreclosure rate. By analyzing the data, Trulia believes that the housing market is now at 50% of the way back to normal.
Housing within the United States is on the mend with Portland being one of those cities with recovery gains. According to the map, Portland's housing prices are up by 19.5% and inventory is down 6.7%.
Portland ranks number 9 out of 32 metro markets in list-to-sale ratios. On average, homes in the Portland area are selling for 98.9% of their list price.
When excluding housing-related industries, employment within the private sector topped its pre-recession high revealing that the job market is moving along quite nicely. The housing market has a huge influence on jobs, when the rates are low, it encourages people to buy a house and fill it, creating manufacturing jobs and the cycle becomes quite successful.
Two Oregon Cities Make the 15 Best Housing Markets
Both Eugene-Springfield and Medford Oregon have been named two of the best real estate markets over the next five years. The top 15 cities were ranked on projected change in home prices.
Want to Know Why Housing Inventory Keeps Decreasing?
In 2012, house sales were up by 9% nationally, the highest total since 2007. You might ask yourself, why? Here are a few reasons.
1. Many homeowners are underwater
2. Trading-up is just not an option due to lack of equity
3. People like to buy at the bottom, but few homeowners want to sell
4. Investors are purchasing more
5. Banks are taking their time with foreclosures
6. Less homes are being built by builders
Portland is Named One of Ten Best US Cities for Urban Forests
American Forests, funded by the US Forest Service found that many cities are working to improve their green infrastructure, but being in the top ten, these cities have made it a prolonged investment. Each of the top ten cities agree that trees don’t just provide an aesthetic value, they also help in a number of other ways such as increasing property values, reducing energy cost and lowering medical costs by improving human health.
With the observance of Martin Luther King Jr's birthday upon us, perhaps we should get out into our community and help others, just like MLK encouraged. Hands of Greater Portland is an organization that gathers volunteer opportunities from across the greater Portland area.
Zindell Yards :: A New Vision for 30-Acres Nestled Near the Willamette River
A 30-acre riverfront parcel, now called Zindell Yards, is about to undergo a metamorphosis. This parcel is situated along the banks of the Willamette River and according to architects, it shall be transformed into an urban space of tranquil greenery, or a park disguised as a vibrant city.
The first week of 2013 proved to be a good one for mortgage rates! With 3.34% for a 30 year fixed conventional loan. Analysts expect that 2013 will be the year for the housing and mortgage industry to gain momentum.
Homebuyers Use Internet as Primary Research with Web Searches Climbing 253% in Four Years!
It is true. The internet has had a tremendous impact on the real estate industry with buyers using the internet to find their home. This article states that in the last four years 90% of homebuyers use the internet as their primary research tool.
