Wednesday, January 18, 2017

Foreclosure Timelines! Team Thayer Real #realestate #housing #market #news #eugene #oregon #

Foreclosure-Four-BH-300x198Foreclosure timelines declined over the year in the third quarter, a first in RealtyTrac’s reporting history, according to the latest Foreclosure Market Report released Thursday by ATTOM Data Solutions, the parent company of RealtyTrac. RealtyTrac has been reporting foreclosure timelines since 2007.
It took five fewer days to foreclose a home in the third quarter of this year than in the third quarter of last year, according to RealtyTrac, which reported an average foreclosure timeline of 625 days in Q3 2016.
This momentous decline was “the final nail in the coffin of the foreclosure crisis,” according to Daren Blomquist, SVP at ATTOM Data Solutions.
“The decrease in the average foreclosure timeline indicates that banks have worked through the bulk of the legacy foreclosure backlog in most states – with a few lingering exceptions – and that most of the foreclosures being completed now are relatively recent defaults that are more efficiently progressing through the foreclosure pipeline,” Blomquist said.
Overall foreclosures have “been on a steady slide downward over the past six years, finally dropping back below pre-crisis levels in September,” Blomquist said in the report.
Foreclosure filings were down 13 percent over the month in September and 24 percent over the year, reaching their lowest level since December 2005, according to ATTOM Data Solutions.
Foreclosure filings actually ticked up 4 percent over the third quarter of this year, but they were down 10 percent from the same quarter last year, marking the fourth consecutive quarter of year-over-year declines.
Foreclosure starts also followed a downward trend, sliding 13 percent over the month in September and 20 percent over the year to a more-than 11-year low. Bank repossessions were down 32 percent over the year and 12 percent over the month in September.
A significant share of properties sold at foreclosure auction in the third quarter went into the hands of third-party investors, according to ATTOM. Forty-four percent of properties sold at foreclosure auction went to investors, breaking a pre-recession high of 30 percent in 2005 and higher than any quarter since RealtyTrac began recording data in 2000.
Nationally, one in every 1,600 homes had a foreclosure filing in September. The states with the highest foreclosure rates were Delaware (one in every 680 homes), New Jersey (one in every 691 homes), Nevada (one in every 897 homes), Illinois (one in every 946), and Florida (one in every 950).
While foreclosure timelines decreased over the year nationally for the first time on record, the time it took to foreclose a home increased on an annual basis in 27 states in the third quarter.
The states where the foreclosure process takes the longest as of the third quarter are New Jersey (1,262 days), Hawaii (1,241 days), New York (1,070 days), Florida (1,038 days), and Illinois (942 days)—all of which are judicial states.
States where foreclosures take the least amount of time include Virginia (196 days), New Hampshire (230 days), Texas (246 days), Minnesota (250 days), and Mississippi (253 days)—all of which are non-judicial states.

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Wednesday, December 28, 2016

President-Elect Trump and Financial Transition Team Gather With Business! Team Thayer

At a breakfast event hosted by the administration’s Transition Finance Committee in New York City on Wednesday, President-elect Donald J. Trump addressed an audience made up of a number of his cabinet appointees, transition team members, and prominent business leaders.
The two-hour gathering, which was held at Cipriani 42nd Street, was by invitation only. Steven Mnuchin, Trump’s Treasury Secretary appointee, gave the opening remarks.
Mnuchin, who was the National Finance Chairman for Trump’s campaign, is a hedge fund manager and former Goldman Sachs Partner. If the Senate confirms Mnuchin, he could take his position as the 77th Secretary of the U.S. Department of the Treasury as early as January.
Mnuchin went on record early after his nomination that he would seek to address the roles Fannie Mae and Freddie Mac hold in the marketplace, commenting that privatizing the GSEs is “right up there on the top-10 list of things we’re going to get done.”
Reince Preibus, former Republican National Committee Chairman and Trump’s new Chief of Staff, followed Mnuchin and introduced Trump.
During his remarks, Trump recounted his journey to the presidency and the history-making election night that surprised many Americans, including some Trump supporters. “[W]e ended up with 306 electoral votes, which is a big, big number. That’s a bigger number than anyone thought anybody could get . . . . So we ended up with 306, we ended up with an incredible victory, and now the work begins,” said Trump. “We’ve appointed some tremendous people like Steve Mnuchin and others in this room to different posts, and we’re going to do a great job. The work really does begin,” he continued.
Throughout his campaign, Trump outlined that he would seek to decrease the scope of regulation on business, a point he reiterated during Wednesday’s Transition Finance Committee event.
In order to encourage global corporations to move more of their operations to America, Trump said, “We’re going to be lowering taxes from 35 percent down to 15 percent. We’re going to be cutting regulations to a level you’ve never seen before.”
Decreasing business regulations is a point on which Mnuchin and Trump agree. Upon his appointment, Mnuchin outlined a number of his initiatives on CNBC’s Squawk Box, one of which is rolling back the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Five Star Institute President and CEO Ed Delgado, who was in attendance for the event, said, “It was honor to attend this important gathering. It’s encouraging to see that the President-elect has put people in place who will affect positive change in the financial sector. Mr. Trump is accurate in his assessment of the state of financial over regulation, and we look forward to working with his new administration to advocate on behalf of the mortgage industry and the American homeowner.”
Prior to joining the Five Star, Delgado played a role in working closely with officials from the George W. Bush administration and the U.S. Department of the Treasury under the direction of then Secretary Henry Paulson to promote housing policy and programs designed to prevent foreclosure.
Tim Rood, Chairman and Co-Founder of Washington, D.C.-based business advisory firm The Collingwood Group, was also in attendance at the meeting. “Even a cynic would have a hard time walking away from that event not feeling that the country was better poised for growth and prosperity than it is today. The message of lower taxes, less regulation, and less government waste resonated with me and the crowd in a truly sincere way,” he commented to DS News.
Other invited guests included Wilbur Ross (Trump’s Commerce Secretary pick), Ray Washburne (leader on the transition team for Commerce), Anthony Scaramucci (financier and host of Wall Street Week on Fox Business Network), Lewis M. Eisenberg (financier and former Chairman of the Port Authority of New York and New Jersey during 9/11), and Darlene Jordan (Executive Director of the nonprofit Gerald R. Jordan Foundation and member of Trump’s Economic Advisory Council).
Wednesday’s event gives the industry a glimpse into Trump’s initial plans in office and how it will effect the mortgage industry, but an additional piece of the puzzle will be Dr. Ben Carson who, as MReport first reported, Trump appointed to HUD Secretary. Though he does not have direct experience in housing, in 2015, Carson wrote an editorial for the Washington Times criticizing HUD’s Affirmatively Further Fair Housing rule, which he said was “designed to ‘desegregate’ housing by withholding funds from communities that fail to demonstrate their projects ‘affirmatively further’ fair housing.”
Commenting on Carson’s nomination, Delgado said, “Hailing from Detroit, Dr. Carson is all too familiar with the housing issues related to the inner city. It is our hope that as HUD Secretary, he puts forth policies and programs intended to rebuild markets hardest hit by the Great Recession.”
The Collingwood Group Vice Chairman and Co-Founder Brian Montgomery expressed his sentiments to DS News about Dr. Carson as HUD Secretary-nominee: “I am excited about Dr. Carson as Secretary-nominee of HUD for several reasons. For one, he obviously has the full support of President-elect Trump who was quite vocal about Dr. Carson serving as HUD Secretary. But most importantly, Dr. Carson is a household name. You probably have to go back to Jack Kemp or Henry Cisneros to find a HUD Secretary who is this well known. I think that high visibility will serve Dr. Carson well and allow him a solid platform to elevate housing as an issue in need of a national focus.”
While the full roll out of Trump’s policies will become clearer as we approach the January 20th inauguration date, one thing is certain: Trump’s allusion to the fact that the work is just now beginning couldn’t ring more true.

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Housing Market Scorecard For 2016 2017! ! Team Thayer #realestate #market #investor #economic #housing #investment #news #oregon

Up and Down Graph BH
The Department of Housing and Urban Development (HUD) recently released its monthly Housing Scorecard, which indicated that despite an increase in foreclosures for the month of October, the housing market is still on the path of progress.
“Looking back on November, we witnessed notable progress among key indicators: a continued increase in existing home sales and an uptick in home values,” says HUD’s Katherine O’Regan. “While housing is being reenergized, there is still a need to support programs that help more hardworking, responsible Americans recover from the Great Recession.”
According to the scorecard and data from ATTOM Solutions, 43,352 U.S. properties in October started the foreclosure process, which was an increase of 25 percent from September but still a decrease of 11 percent from 2015.
Additionally, HUD reports that the data indicates 34,288 U.S. properties in October completed foreclosure. This was an increase of 25 percent month-over-month but, again, a decline from the year prior, specifically of 6 percent.
“Foreclosure activity has been volatile in recent months as states with a substantial pool of foreclosure inventory move to reduce the backlog,” adds the report.
To combat the risk of foreclosure, HUD reports that over 10.9 million mortgage modifications and other forms of mortgage assistance arrangements were completed between April 2009 and the end of October 2016.
The scorecard reports that through the Making Home Affordable Program over 2.7 million homeowner assistance actions have taken place. HUD’s adds that this includes over 1.6 million permanent modifications through HAMP. Further, the Federal Housing Administration (FHA) has offered nearly 3.4 million loss mitigation and early delinquency interventions through October, according to HUD.
“These Administration programs continue to encourage improved standards and processes in the industry, with lenders offering families and individuals more than 4.8 million proprietary modifications through September,” says HUD. “Although there is good news overall, the Administration remains committed to helping more Americans realize their dream of home ownership through an improving economy and new programs that will provide greater access to credit.”

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Friday, December 23, 2016

Investing In Real Estate Over The Winter! Team Thayer #realestate #market #investor #economic #housing #investment #news #oregon

Spring and summer have been touted as the most active months in the housing market for as long as I can remember, and for good reason. Not only does the warmer weather allow homeowners to portray their properties in a better light, but summer — and spring in particular — represent a period of transition. Children are gearing up for months away from school and adults are ready to move on from the frost leftover from last winter. If for nothing else, people appear to be more willing to make decisions regarding their permanent residence when the weather permits, and the data says as much.
It’s worth noting, however, that real estate investors don’t share the same sentiment towards summer and spring buying trends that most traditional homeowners do. While the summer housing market is certainly a welcome site for real estate investors, the winter months boast advantages that can’t be overlooked. All things considered, the latter end of the year — or at least when inclement weather becomes more of an issue — has become synonymous with perfect conditions for real estate investors.
Let’s take a look at a few of the reasons real estate investors should remain just as active over the holidays as they do during spring and summer.
1. Sellers Are More Motivated Than Ever
While spring and summer certainly hold their own, investors intent on targeting motivated sellers are advised to pay close attention to the year’s colder months. If for nothing else, when the temperature drops, sellers appear more motivated than ever to rid themselves of their property; the reasons are well-documented. While each situation is contingent on each particular seller at the time, there is something about the end of the year that encourages homeowners to sell faster, and perhaps even at a discount. Let’s take a look at a few of the sellers who may be willing to part ways with their home for less money when winter rears its ugly head:
Out-Of-State Absentee Owners
As their name suggests, out-of-state absentee owners are those homeowners that own a property, but reside in another state. And while the reason they choose not to live in the property is irrelevant, their situation deserves your undivided attention. If for nothing else, owning a home has already become synonymous with a lot of work; work that is surely to be compounded by the impending winter weather. Now, extrapolate that over state borders and you have the perfect recipe for a motivated seller. Who would want to deal with the added burden of routine winter maintenance in Bend from their home in Eugene?
Winter puts a lot of stress on a home, not to mention the homeowner. There are a number routine maintenance checks that need to be accounted for, let alone the preventative work required to keep the home safe. Leaky roofs need to be repaired before the first rain, pipes need to be insulated so water doesn’t freeze and routine snow removal is almost a must. There are a number of things that need to be done to a home over the course of winter that warmer months just don’t require. That said, homeowners are expected to conduct more maintenance on a home just to maintain status quo. Those living in another state may not want to deal with the added hassle, and are probably willing to at least entertain the idea of selling. If winter is nearly upon them, it’s reasonable to suspect they may even drop their price a bit to accommodate a faster transaction.
Banks With Nonperforming Loans
Winter has proven to be an efficient home selling catalyst, and not just because of the weather. If for nothing else, winter coincides with perhaps the most motivating factor of them all: the end of the calendar year. Nothing, at least that I am aware of, motivates a seller more so than the end of a year, and banks are no exception to the rule. In fact, some of the most motivated sellers I have worked with as a real estate investor aren’t individual homeowners, but rather traditional lending institution.
It’s worth noting that banks are not in the business of holding properties, nor do they want to deal with the additional costs that coincide with maintaining the foreclosures they repossess. So while a bank will gladly repossess a home for the owner’s failure to meet mortgage obligations, they don’t necessarily want to hold on to the property any longer than they have to, which would explain why short sales are becoming more commonplace in today’s market environment. Every day a bank holds on to a property that isn’t performing (making them money), it’s costing them valuable capital.
Team ThayerBanks stand to benefit from selling off their inventory before the end of the year two-fold: they can remove non-performing loans and improve their financial standing heading into tax season. It’s reasonable to assume that, for these two reasons, banks are more willing to part ways with a property sooner rather than later.
Remember, banks still have to answer to shareholders, so they will request a competitive price point. That said, their willingness to rid themselves of the dead weight (non-performing loans) may elicit a discount. In other words, it may be worth it to sell the home for a cheaper price if they can remove the non-performing loan from their books before the end of the tax year.
2. Less Competition
Real estate investors have benefited from an incredibly hot housing market for the better part of 2016. As a result, the average gross profit for real estate investors across the country has risen to a historical level. On average, flipped homes sold for $62,000 more than the initial purchase price, “the highest average gross flipping profit since Q1 2000,” says RealtyTrac’s latest U.S. Home Flipping Report.
What’s more, this year’s attractive profit margins have convinced more investors to get in on a piece of the action. According to RealtyTrac, “39,775 investors (including both individuals and institutions) completed at least one home flip in Q2 2016, the highest number of home flippers since Q2 2007 — a nine-year high.”
The data suggests competition has never been higher for investors, but that doesn’t mean there aren’t plenty of deals to be found for those that know where to look — or when. In fact, those investors willing to work through the latter end of the year will be rewarded with considerably less competition. For better or for worse, most entrepreneurs take time off around the holidays to spend with friends and family. That means there are typically fewer investors competing for deals.
It’s also worth noting that the winter isn’t nearly as active as its warmer counterparts (summer and spring) in terms of selling. And you had better believe that homeowners are more than aware of the lack of interested suitors come winter. That said, it’s not uncommon for homeowners to drop their asking prices with the intent of gaining more interest. It’s safe to assume more homes will be priced to sell when inclement weather prevents most prospective buyers from leaving their own driveway.
While summer and spring have earned the right as the most active time of the year for real estate investors, those that take advantage of the winter months could be in for a big surprise. If for nothing else, winter poses an inherent advantage for the investors that treat it with the care it deserves.

Foreclosure Recovery 2017? ! Team Thayer #realestate #market #investor #economic #housing #investment #news #oregon

 Foreclosure Recovery 2016   / 2017!

Market Go Next BHThe foreclosure crisis is finally nearing an end, at least according to Bill Emmons, an Economist and Assistant VP with the St. Louis Fed in conjunction with the St. Louis Fed’s quarterly Housing Market Conditions report.
Emmons says that while some states are still taking a longer time than others to hit pre-crisis foreclosure and delinquency levels, the end is near, perhaps as soon as the first quarter of 2017. He adds that the condition of current mortgage borrowers is once again comparable to the period just before the Great Recession and the onset of the foreclosure crisis in the fourth quarter of 2007.
“However it is defined, the mortgage foreclosure crisis will go down as one of the worst periods in our nation’s financial history. For the nation as a whole, the crisis will have lasted almost a decade—about as long as the Great Depression,” says Emmons. “The conclusion that the foreclosure crisis has been a long, miserable experience for many is unavoidable. And many Americans continue to suffer lasting financial, emotional and even physical pain as a result of their experiences during this time. However, a look at the data today shows that, at least, the end is in sight.”
Emmons adds that in looking deeper at regional and state levels, some areas have experienced severe recessions and housing crises worse than the nation as a whole. In contrast, however, he notes that other metros have suffered less, resulting in a wide range of foreclosure-crisis experiences.
Further the report says that an analysis of the states that comprise the St. Louis Fed’s Eighth District (Arkansas, Illinois, Indiana, Kentucky, Mississippi, Missouri and Tennessee) show each of the states entered their respective foreclosure crises during 2008-2009. Emmons says this is somewhat later than the nation as a whole, but by the third quarter of 2016, six of the seven District states had exited their respective crises, with Illinois expected to follow by the end of 2016.
“For most states in the Eighth District, the slightly shorter duration of their foreclosure crises, when measured against their own data trends, has been offset by higher average rates of serious mortgage distress seen even in non-crisis periods,” says Emmons.
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Tuesday, December 20, 2016

Foreclosure Rescue Scams! Team Thayer #realestate #market #investor #economic #housing #investment #news #oregon

Hand Grabbing House BHNew York Attorney General Eric T. Schneiderman is funding an additional $20 million for the fifth year of his Homeowner Protection Program (HOPP), according to a recent report from the Office of the Attorney General. If that isn’t enough, the report also says that Schneiderman is launching the Foreclosure Rescue Scam Prevention Initiative, a new grant program that will enhance outreach, education, and referral services for homeowners at risk of fraudulent foreclosure rescue schemes.
“New York has led the nation in developing innovative ways to address the fallout from the foreclosure crisis -- including the Homeowner Protection Program, so folks wouldn’t lose their homes because they didn’t have access to an attorney,” said Schneiderman. “Now, with foreclosure rescue scams on the rise, we are enhancing HOPP’s capacity to empower our most vulnerable homeowners to avoid becoming victims of these scams.”
In addition to these funds, the report adds that the Office of the Attorney General is committing another $350,000 in new grants through the Foreclosure Rescue Scam Prevention Effort to housing organizations across New York City, Long Island, and the Hudson Valley.
“With this new funding from the New York Attorney General’s Office, community organizations will have additional tools to fight back against scammers exploiting financially vulnerable homeowners,” said Christie Peale, the Executive Director of the Center for NYC Neighborhoods. “When people lose their houses to fraud, there are devastating personal costs, but also repercussions felt across our neighborhoods as more and more affordable homes are taken from the market.”
Since the birth of the Homeowner Protection Program in 2012, the Office of the Attorney General reports that over 70,000 families have received free assistance to avoid foreclosure through the program, which has funded a statewide network of nearly 90 housing counseling and legal services organizations over the past four years.
“I commend the Attorney General's initiative to assist and protect our most vulnerable constituents through the Homeowner Protection Program, community outreach and education campaigns. Far too many homeowners have been hit with these foreclosure rescue scams, and as these scams grow in prevalence and sophistication, so must our efforts to combat this criminal activity and protect our most vulnerable citizens,” said Assemblyman Walter Mosley (D-New York).
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Team Thayer

Friday, November 18, 2016

What amenities buyers want most, from coast to coast! Team Thayer #realestate #market #investor #economic #housing #investment #news #oregon

what homebuyers are looking for

Wednesday, November 16, 2016

Foreclosure Process To Be Streamlined! Team Thayer #realestate #housing #market #foreclosure #reo #bank #foreclosed #market #economic #news #oregon

With the recent news of foreclosures increasing in October, what trends are you currently seeing when it comes to foreclosure metrics?
I think everyone needs to take a deep breath over the foreclosure numbers. There is really no evidence that we are going to see any meaningful increases in foreclosures right now. I think what we had was a one month blip and I suspect that by next month you will see the number settle down significantly.
October historically is a busy month for foreclosure activity. Lenders and servicers try to move things through the pipeline ahead of the traditional holiday foreclosure moratorium that takes place so there is always a bit of a bump. I think two things inflated the number this time. One is that we are coming off a very small base to begin with so any kind of increase make the percentage look bigger. The other is that we are getting to end of a cycle where a lot of really old loans that probably should have been foreclosed upon a few years ago are reaching the end of the foreclosure process, so we are likely to see some spikes month to month on particularly REO activity before this settles down. If you look beyond the backlog of old loans in a handful of states, there is virtually nothing entering the system as delinquent loans.
In moving these foreclosures through the pipeline, why has there been a shift in the length of time these properties are held onto from longer to shorter in the past few years?
I think there are a couple reasons for this shift. Predominately though I think it is a better way to mitigate loss for the servicers and the note holders. What I think we have found over the last couple of years is moving these properties more quickly actually ends up delivering a higher sales price and lower carrying costs for the servicers so they make out better. The investors that they are selling to are looking at a market where there is relatively limited inventory available so they are willing to jump at some of these properties as soon as they are made available. The truth is very few of the properties coming through the pipeline right now are appropriate properties for traditional owner occupants to buy. These are all really investor properties so the sooner you can get them in the hands of the investors the better for the servicer and the neighborhood because they can take what in a lot of cases are vacant properties and get them back into market condition.
Why are servicers choosing to use auctions as the method of choice for selling their foreclosed properties?
Using an auction gives a sense of date certainty. For example, the auction is going to be on Tuesday and that is when the property is going to be sold. The investors know that and they will make their bids accordingly. If you put the property out on the market in the more traditional sense, you are never sure when the property will sell. You also would get more interest from buyers who wouldn’t be getting an ideal property for themselves because they are not investors. I think the ability for an auction company to effectively target investors, to bring some certainty to the time the property will be on the market and get the best execution in price are the reason servicers use auctions. It is important to also emphasize the online aspect to auctions because doing auctions online exponentially expands the potential customer base. It turns it from a local market to a global market by marketing these properties online.

Monday, November 14, 2016

Foreclosures Increase After Months of Decline! Team Thayer #realestate #housing #market #foreclosure #economic #news #oregon

Foreclosures See an Increase After Months of Decline

Foreclosure Three BH
October foreclosure filings increased 27 percent from the previous month after experiencing a 129-month low in September, according to the latest U.S. Foreclosure Market Report from ATTOM Data Solutions.
Despite increases month-over-month in foreclosure starts, bank repossessions (REO), and scheduled foreclosure auctions, these trends including total foreclosure filings still saw a marginal decline year-over-year.
"Part of this could be tied somewhat to the election with lenders holding back for the last few months as there are uncertainty around the election," says Daren Blomquist, SVP of ATTOM Data Solutions. "Even though they didn't know the outcome in October when we saw this activity take place, there was probably a lot of certainty thinking that Clinton would win. I think with this certainty, lenders went ahead and pushed through more foreclosures."
The report also found that 28 states and the District of Columbia experienced an increase in foreclosure activity from the previous year, despite the national trend of decline.
"Some of these housing markets still have a backlog of distressed inventory and those do tend to be Northeast and Rust Belt States,” says Blomquist. “We are seeing a continuing of working through the backlog. What also really stood out in October was that in some of the states that seemed to put the foreclosure crisis behind them, we saw some pretty big jumps in foreclosure starts. This was in places like Arizona, Georgia and Colorado. A lot of this activity was tied not to loans in the last foreclosure crisis but loans originated since 2009."
Blomquist assures that foreclosure increases both national and state specific are nothing to be concerned about, though.
"A one month jump in foreclosure activity does not mean we are seeing a crisis again," he says. "But I think what it does say is that there is still risk in originating loans even in a very healthy and robust housing market, particularly with the lower down payment loans."
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Team Thayer

Will Trump “Make the Housing Market Great Again?” Team Thayer #realesate #housing #market #economic #news

Despite the fact that President-elect Donald Trump addressed the topic of the housing market and its various sectors only marginally throughout his road to the presidency, as a business mogul, it is safe to assume that when it comes to making decisions that impact the industry, Trump will rely on his financial knowledge to steer his judgement.
Laurie Goodman, Co-Director for the Housing Finance Policy Center at the Urban Institute says that Trumps perspective as a businessman could make a big difference in several aspects of the market including housing supply.
“We figure new single-family housing plus new multi-family housing plus manufactured housing minus obsolescence is about 430,000 units short of new household formation,” says Goodman. “So supply constraints are huge and what that does is put upward pressure on both prices and rents and create affordability problems. In turn, those affordability problems are expected to get worse over time.
Given that Trump is a businessman that understands supply constraints and can think about ways to put pressure on state and local governments (because this is a state and local issue), eliminating supply constraints would be a business-friendly thing to do and very helpful thing to do,” adds Goodman.
Daren Blomquist SVP for ATTOM Data Solutions says that Trump’s victory could be a catalyst for other sectors of the market such as foreclosures.
“With foreclosures, we expect a short-term uptick in activity into early next year as banks have more confidence as to who is in place,” says Blomquist. “Trump brings less fear of regulation on foreclosures and I believe we will see the backlog of foreclosures being pushed through.”
On the flip-side of the equation, when it comes to loan originations and potential homeowners looking to enter the market, according to his recent commentary, Trulia Chief Economist Ralph McLaughlin says Trump’s election will both help and hinder consumer confidence.
“Homebuyers in economically healthy blue states will likely be rattled and more hesitant about the future the U.S. economy, which will curb their interest in making large investments,” says McLaughlin. “In economically stagnant red states, on the other hand, homebuyers will likely feel a surge of confidence that could bolster demand.”
Blomquist says that he doesn’t believe sales will be impacted based on the election results one way or another.
“I don't think the sales trend will be heavily effected. We started see sales slowdown before the election and that could have been in part because of the uncertainty,” says Blomquist. “I think we will see a short-term uptick in sales as people are more confident and have certainty. But the overall downward trend we are seeing in sales is slowing down and I believe we will continue to see that because of affordability constraints.”
When it comes to a long-term forecast for how the market will react to this new administration, the future is somewhat murky.
“What the long-term really depends on is what housing policies Trump puts into place," says Ralph DeFranco, Chief Economist at Arch Mortgage Insurance. "My sense is that he is going to help on the demand side of the equation and that would improve the homeownership rate over the two plus year horizon."

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Tuesday, November 8, 2016

The 5 best Affordable Upgrades For your home! Team Thayer #realestate #housing #market #news #oregon

1. Swap out your kitchen countertops

But don’t assume granite is always the best choice. “Granite isn’t as special as it once was because every kitchen has it now,” advises Loder. If the countertops are the only upgrade you’re planning, splurge on recycled glass (around $85 per square foot) for a true wow factor, or for a less expensive but equally stunning option, try quartz (around $60 to $75 per square foot). Stick with neutral colors like white, gray, or “greige,” which will appear clean and bright and won’t turn off potential buyers. If your budget allows, Loder recommends upgrading your backsplash with wide, light-colored subway tiles (think 4-inch-by-16-inch tile) arranged in a unique pattern, such as herringbone.

2. Invest in a free-standing bioethanol fireplace

“They add a ton of character without breaking the bank,” says Erin Davis, lead designer at Mosaik Design and Remodeling in Portland, OR. “Free-standing units use piping to vent the smoke out of the home, so it makes for an easier, more cost-effective installation.” Things to keep in mind: Since the heat radiates from all sides, you’ll need at least 36 inches of clearance around the unit. Opt for one that comes with a stand (most do), which will alleviate the need to add noncombustible flooring.
home improvement ideas

3. Increase your living space with decking

“It’s an affordable extension of your home and a perfect place to entertain guests or relax with your family,” says Thomas O’Rourke of, a resource guide to buying and installing decking. And we’re not just talking raised decks either. Decking materials can be used to create patios, outdoor living rooms, and even outdoor kitchens.

4. Add low-voltage outdoor lighting

Think lights along your driveway, walkways, and patio, and uplights on trees. “Doing so creates ambiance in the evening, especially when entertaining, and it will increase the quality of any photos you post of your home when it comes time to sell,” says John Bodrozic, co-founder of HomeZada, a digital home management site. Once you have a lighting system in place, make sure to install timers, which can also deter burglars.

5. Give your exterior a makeover

Have your house exterior and front porch professionally power-washed, upgrade light fixtures (this can be as simple as replacing the bulbs with Edison-style ones, which instantly ups the cool quotient of your current fixture, says Loder), swap out the hardware on your front door, upgrade your mailbox, replace worn-out or broken shutters, and freshen up your landscaping. These simple changes outside will pack a punch without crushing your budget.
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Factors Stabilizing Housing Affordability! Team Thayer #realestate #news #housing #market #reo #foreclosure #news #oregon

A "pretty amazing balancing act" between low interest rates and rising home prices is reportedly keeping affordability stable at the national level, according to the latest Black Knight Mortgage Monitor.
Team Thayer www.teamthayer.comThe report found that the average U.S. home value increased by $13,500 from the year prior, but low interest rates mean the monthly P&I payment on the median-priced home is only a dollar less than last year. Additionally, it currently takes only 20 percent of the median monthly income to cover monthly payments on the median-priced home. This is well below historical norms.
Despite these national levels, affordability varies across the country based on home price appreciation (HPA). For example, the report shows that in Washington and Oregon, it costs 5-6 percent more in P&I each month to buy the median priced home than the year before. In contrast, states such as New Jersey, Wyoming, North Dakota and Connecticut cost 3-5 percent less each month than in the previous year.
If the rates where to increase though, this would disrupt the balance that affordability is seeing nationally. The report computes that a 50-basis point increase in interest rates would be equivalent to a $17,000 increase in the average home price, thus potentially bringing the affordability ratio up to 21.5 percent of median income. That would make affordability the highest it's been post-crisis. With a 1 percent rise in rates, the payment-to-income ratio would potentially increase to 23 percent, the equivalent of increasing the cost of the average home by $34,000.
Additionally, at 1 percent, the rate of all mortgages that are in active foreclosure fell to its lowest point in nine years. Month-over-month, the number of active foreclosures dropped 3.38 percent but it was year-over-year where the truly substantial decrease was seen, 31.23 percent. Total foreclosure starts fell to 61,700 this month, a decrease of 10.32 percent from the previous month and 22.78 from the year prior. Likewise, foreclosure sales decreased 5.82 percent from August to 2.03 percent. This was an increase though from last year by 2.47 percent.
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