According to the National Association of Realtors®Pending home sales declined in December but have stayed above year-ago levels for 20 consecutive months. As of this posting there were 357 pending residential sales in Bend. This does not include Redmond, Sisters, Sunriver or any other outlying towns.
LINK to MLS search for homes for sale in Bend.
The Pending Home Sales Index is a forward-looking indicator based on contract signings, fell 4.3 percent to 101.7 in December from 106.3 in November but is 6.9 percent higher than December 2011 when it was 95.1. The data reflect contracts but not closings.
Lawrence Yun , NAR chief economist, said there is an uneven uptrend. "The supply limitation appears to be the main factor holding back contract signings in the past month. Still, contract activity has risen for 20 straight months on a year-over-year basis," he said. "Buyer interest remains solid, as evidenced by a separate Realtor® survey which shows that buyer foot traffic is easily outpacing seller traffic."
Yun said shortages of available inventory are limiting sales in some areas. "Supplies of homes costing less than $100,000 are tight in much of the country, especially in the West, so first-time buyers have fewer options," he said. "We expect a seasonal rise of inventory in the spring to help, but a seller's market may be developing. Much of the West is already a seller's market for homes priced under a million dollars, but conditions are much more balanced in the Northeast."
Even with tighter inventory, a pent-up demand and favorable affordability conditions bode well for the market. Yun expects existing-home sales to increase another 9 percent in 2013, following a 9 percent rise in 2012.
The Pending Home Sales Index in the Northeast fell 5.4 percent to 78.8 in December but is 8.4 percent higher than December 2011. In the Midwest the index rose 0.9 percent to 104.8 in December and is 14.4 percent above a year ago.
Pending home sales in the South declined 4.5 percent to an index of 111.5 in December but are 10.1 percent higher December 2011. In the West the index fell 8.2 percent in December to 101.0 and is 5.3 percent below a year ago.
Inventory of real estate for sale in Bend is down but there are still some really good buys available. Interest rates are near all time lows. Check out our web site for quality homes. Bend Real Estate
Thursday, January 31, 2013
Saturday, January 19, 2013
Bend Real Estate Prices Rise in 2012
Bend Oregon Real Estate prices rose in 2012. Home sales in Bend were up in every category. The average sales prices was $263,556, up 10.65% from 2011. The median sales price was 220,395, up16.00%. BEND OREGON MLS SEARCH
The number of short sales was down 15.77% while bank owned homes were down 28.47%. There were 299 bank foreclosed homes sold compared to 418 in 2011. The banks have been more open to short sales in the last few years. That results in a reduction of foreclosures.
Dollar volume of homes sold was up 30.10% while the number of homes sold was up 17.58% The averalge days on the market was 132 down 4.35% from last year.
Statistics can be boring but the bottom line is now is the time to buy before prices and inventory goes down even more. Interest rates are at historical lows and there are still some exceptionally good buys on the market. Current prices are a little over 50% of what they were in 2006.
If you would like see current foreclosures for sale click here. This link is updated daily.
BEND OREGON BANK FORECLOSURES
Call or e-mail if you would like to look at homes in Bend or Central Oregon.
The number of short sales was down 15.77% while bank owned homes were down 28.47%. There were 299 bank foreclosed homes sold compared to 418 in 2011. The banks have been more open to short sales in the last few years. That results in a reduction of foreclosures.
Dollar volume of homes sold was up 30.10% while the number of homes sold was up 17.58% The averalge days on the market was 132 down 4.35% from last year.
Statistics can be boring but the bottom line is now is the time to buy before prices and inventory goes down even more. Interest rates are at historical lows and there are still some exceptionally good buys on the market. Current prices are a little over 50% of what they were in 2006.
If you would like see current foreclosures for sale click here. This link is updated daily.
BEND OREGON BANK FORECLOSURES
Call or e-mail if you would like to look at homes in Bend or Central Oregon.
Tuesday, January 1, 2013
Pending Real Estate Sales Rise Again in November 2012
Bend Oregon Real Estate sales would be higher but inventory is at a very low level. Bank foreclosures may increase as lenders are switching over to Judicial foreclosures which should provide more inventory in 2013.
Pending home sales increased in November for the third straight month and reached the highest level in two-and-a-half years, according to the National Association of Realtors.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 1.7 percent to 106.4 in November from a downwardly revised 104.6 in October and is 9.8 percent above November 2011 when it was 96.9. The data reflect contracts but not closings.
The index is at the highest level since April 2010 when it hit 111.3 as buyers were rushing to beat the deadline for the home buyer tax credit. With the exception of several months affected by tax stimulus, the last time there was a higher reading was in February 2007 when the index reached 107.9.
Lawrence Yun , NAR chief economist, said home sales are on a sustained uptrend. "Even with market frictions related to the mortgage process, home contract activity continues to improve. Home sales are recovering now based solely on fundamental demand and favorable affordability conditions."
On a year-over-year basis, pending home sales have risen for 19 consecutive months.
The upward momentum means existing-home sales should rise 8 to 9 percent in 2013 to approximately 5.1 million, following a 10 percent gain expected for all of 2012. The median existing-home price is projected to rise just over 4 percent in 2013, after rising more than 7 percent in 2012.
The Pending homes sales index in the Northeast rose 5.2 percent to 83.3 in November and is 15.2 percent above a year ago. In the Midwest the index edged up 0.1 percent to 103.8 in November and is 15.2 percent above November 2011.
Pending home sales in the South were unchanged at an index of 117.2 in November and are 13.9 percent higher than a year ago. In the West the index rose 4.2 percent in November to 110.1, but is 3.2 percent below November 2011 with inventory constraints limiting sales.
Home prices in Bend are now rising but interest rates are at an all time low. Now is a great time to by real estate in Central Oregon. You can search all homes for sale in Central Oregon at Bend Oregon Real Estate Expert.
Pending home sales increased in November for the third straight month and reached the highest level in two-and-a-half years, according to the National Association of Realtors.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 1.7 percent to 106.4 in November from a downwardly revised 104.6 in October and is 9.8 percent above November 2011 when it was 96.9. The data reflect contracts but not closings.
The index is at the highest level since April 2010 when it hit 111.3 as buyers were rushing to beat the deadline for the home buyer tax credit. With the exception of several months affected by tax stimulus, the last time there was a higher reading was in February 2007 when the index reached 107.9.
Lawrence Yun , NAR chief economist, said home sales are on a sustained uptrend. "Even with market frictions related to the mortgage process, home contract activity continues to improve. Home sales are recovering now based solely on fundamental demand and favorable affordability conditions."
On a year-over-year basis, pending home sales have risen for 19 consecutive months.
The upward momentum means existing-home sales should rise 8 to 9 percent in 2013 to approximately 5.1 million, following a 10 percent gain expected for all of 2012. The median existing-home price is projected to rise just over 4 percent in 2013, after rising more than 7 percent in 2012.
The Pending homes sales index in the Northeast rose 5.2 percent to 83.3 in November and is 15.2 percent above a year ago. In the Midwest the index edged up 0.1 percent to 103.8 in November and is 15.2 percent above November 2011.
Pending home sales in the South were unchanged at an index of 117.2 in November and are 13.9 percent higher than a year ago. In the West the index rose 4.2 percent in November to 110.1, but is 3.2 percent below November 2011 with inventory constraints limiting sales.
Home prices in Bend are now rising but interest rates are at an all time low. Now is a great time to by real estate in Central Oregon. You can search all homes for sale in Central Oregon at Bend Oregon Real Estate Expert.
Sunday, November 25, 2012
NorthWest Crossing New Homes
There were more new homes sold in NorthWest Crossing in the last year than any other west side neighborhood in Bend. There were 59 new homes sold and currently 10 new home sales pending! There are also 11 new homes currently for sale. Several of these homes are under construction.
The average square footage of the homes sold was 1,817 and the average price per square foot including the lot was $218.60. It seems that NorthWest Crossing is one of the most sought after neighborhoods in Bend.
New homes in NorthWest Crossing must adhere to Earth Advantage guidelines for many different environmental factors including but not limited to insulation, southern exposure, passive and active solar systems, earth friendly finishing and much more. You can go to their web site to all of their requirements.
To see all homes currently for sale in NorthWest Crossing click on this link: NorthWest Crossing Homes.
To see a YouTube Video on Northwest Crossing click on the link.
One of the most sought after builders in Bend and NorthWest Crossing is Tracy Thompson owner of Tyee Development. You can view his website at Tyee Development. At Bend Oregon Real Estate Expert we highly recommend Tracy to build your new home.
If you would like to see any homes in NorthWest Crossing or discuss the construction of your new home feel free to contact us.
The average square footage of the homes sold was 1,817 and the average price per square foot including the lot was $218.60. It seems that NorthWest Crossing is one of the most sought after neighborhoods in Bend.
New homes in NorthWest Crossing must adhere to Earth Advantage guidelines for many different environmental factors including but not limited to insulation, southern exposure, passive and active solar systems, earth friendly finishing and much more. You can go to their web site to all of their requirements.
To see all homes currently for sale in NorthWest Crossing click on this link: NorthWest Crossing Homes.
To see a YouTube Video on Northwest Crossing click on the link.
One of the most sought after builders in Bend and NorthWest Crossing is Tracy Thompson owner of Tyee Development. You can view his website at Tyee Development. At Bend Oregon Real Estate Expert we highly recommend Tracy to build your new home.
If you would like to see any homes in NorthWest Crossing or discuss the construction of your new home feel free to contact us.
Thursday, October 25, 2012
New Home Sales Up 5.7%
The Commerce Department reported new home sales rose 5.7% in September from the previous month to the highest rate in more than two years as the housing market continued to surge.
The nation's home builders sold houses at an annual rate of 389,000 in September. That was an increase of 5.7% from August and 27% more than last September. It was the highest level since April 2010 when a federal home buyer tax credit boosted sales
Job gains, low mortgage rates and pent-up demand are driving sales, now that the economy is healing after the recession. New home sale in Bend Oregon are also up. To see new homes currently for sale in Bend see our web site LINK to New Homes for sale in Bend Oregon. Please call Bend Oregon Real Estate Expert today for help in finding your new home.
The nation's home builders sold houses at an annual rate of 389,000 in September. That was an increase of 5.7% from August and 27% more than last September. It was the highest level since April 2010 when a federal home buyer tax credit boosted sales
Job gains, low mortgage rates and pent-up demand are driving sales, now that the economy is healing after the recession. New home sale in Bend Oregon are also up. To see new homes currently for sale in Bend see our web site LINK to New Homes for sale in Bend Oregon. Please call Bend Oregon Real Estate Expert today for help in finding your new home.
Tuesday, October 9, 2012
Bend Oregon Weather
Bend, Oregon has great all around weather and it looks like our Indian summer is coming to an end. If the weather man is right we should get some much need precipitation this weekend.7-Day Forecast for Latitude 44.06°N and Longitude 121.3°W (Elev. 3598 ft)
Bend's four seasons are one of the many reasons people are moving to Bend and buying Bend Oregon real estate. Spring, Summer, Winter and fall there's a festival in downtown Bend to celebrate the season. Since we don't do much skiing in the winter we choose to head south in our motor home for a few weeks.
Of course our summers are beautiful. This past summer while most of our out of state relatives were in the high 90s and/or over 100 degrees we were have days in the 80s with cool evenings to cool the house down.
If you are thinking of moving to Bend check out our web site for more information and to search the multiple listing service for the home of your dreams.
Bend's four seasons are one of the many reasons people are moving to Bend and buying Bend Oregon real estate. Spring, Summer, Winter and fall there's a festival in downtown Bend to celebrate the season. Since we don't do much skiing in the winter we choose to head south in our motor home for a few weeks.
Of course our summers are beautiful. This past summer while most of our out of state relatives were in the high 90s and/or over 100 degrees we were have days in the 80s with cool evenings to cool the house down.
If you are thinking of moving to Bend check out our web site for more information and to search the multiple listing service for the home of your dreams.
Wednesday, September 26, 2012
NAR Claims Ecomony Would Improve If Lending Requirements Were Relaxed
The following article was recently published by the National Association of Realtors. It states that requirements are now too tight to get a loan. I'm not so sure about that. It's been my experience in the Bend Oregon real estate market that the lending practices are similar to the period before the requirements to get a loan were pretty much thrown out the window.
The lowering of the requirements and the packaging of these "toxic" loans has been one of the major contributing factors to the "Great Recession." In my opinion the requirements today are not to stringent.
WASHINGTON (September 17, 2012) – New survey findings, combined with an analysis of historic credit scores and loan performance, show home sales could be notably higher by returning to reasonably safe and sound lending standards, which also would create new jobs, according to the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said there would be enormous benefits to the U.S. economy if mortgage lending conditions return to normal. “Sensible lending standards would permit 500,000 to 700,000 additional home sales in the coming year,” he said. “The economic activity created through these additional home sales would add 250,000 to 350,000 jobs in related trades and services almost immediately, and without a cost impact.”
A monthly survey* of Realtors® shows widespread concern over unreasonably tight credit conditions for residential mortgages. Respondents indicate that tight conditions are continuing, lenders are taking too long in approving applications, and that the information lenders require from borrowers is excessive. Some respondents expressed frustration that lenders appear to be focusing only on loans to individuals with the highest credit scores.
Even though profits in the financial industry have climbed back strongly to pre-recession levels, lending standards still remain unreasonably tight.
Yun said all it takes is a willingness to recognize that market conditions have turned in the wake of an over-correction in home prices, with all of the price measures now showing sustained gains. “There is an unnecessarily high level of risk aversion among mortgage lenders and regulators, although many are sitting on large volumes of cash which could go a long way toward speeding our economic recovery. A loosening of the overly restrictive lending standards is very much in order,” he said.
Respondents to the NAR survey report that 53 percent of loans in August went to borrowers with credit scores above 740. In comparison, only 41 percent of loans backed by Fannie Mae had FICO scores above 740 during the 2001 to 2004 time period, while 43 percent of Freddie Mac-backed loans were above 740.
In 2011, about 75 percent of total loans purchased by Fannie Mae and Freddie Mac, which are now a smaller market share, had credit scores of 740 or above.
There is a similar pattern for FHA loans. The Office of the Comptroller of the Currency has defined a prime loan as having a FICO score of 660 and above. However, the average FICO score for denied applications on FHA loans was 669 in May of this year, well above the 656 average for loans actually originated in 2001.
Loan performance over the past decade shows the 12-month default rate averaged just under 0.4 percent of mortgages in 2002 and 2003, which is considered normal. Twelve-month default rates peaked in 2007 at 3.0 percent for Fannie Mae loans and 2.5 percent for Freddie Mac loans, clearly showing the devastating impact of risky mortgages.
Yun said home buyers in recent years have been highly successful. Since 2009, the 12-month default rates have been abnormally low. Fannie Mae default rates have averaged 0.2 percent while Freddie Mac’s averaged 0.1 percent, which are notable given higher unemployment in the time frame.
Under normal conditions, existing-home sales should be in the range of 5.0 to 5.5 million. “Sales this year are projected to rise 8 to 10 percent. Although welcoming, this still represents a sub-par performance of about 4.6 million sales,” Yun said. “These findings show we need to return to the sound underwriting standards that existed before the aberrations of the housing boom and bust cycle, and thoroughly re-examine current and impending regulatory rules that may cause excessively tight standards.”
If you can afford to refinance or buy a home in Bend Oregon now is the time. Interest rates are at historic lows and homes in Bend are priced about 1/2 of what they were in 2006. It looks like prices are bottoming out in Bend. The last research I did showed a 15% increase in the average price per square foot in Bend.
Bank Foreclosures are becoming few and far between. Now's the time to buy real estate in Bend Oregon.
The lowering of the requirements and the packaging of these "toxic" loans has been one of the major contributing factors to the "Great Recession." In my opinion the requirements today are not to stringent.
WASHINGTON (September 17, 2012) – New survey findings, combined with an analysis of historic credit scores and loan performance, show home sales could be notably higher by returning to reasonably safe and sound lending standards, which also would create new jobs, according to the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said there would be enormous benefits to the U.S. economy if mortgage lending conditions return to normal. “Sensible lending standards would permit 500,000 to 700,000 additional home sales in the coming year,” he said. “The economic activity created through these additional home sales would add 250,000 to 350,000 jobs in related trades and services almost immediately, and without a cost impact.”
A monthly survey* of Realtors® shows widespread concern over unreasonably tight credit conditions for residential mortgages. Respondents indicate that tight conditions are continuing, lenders are taking too long in approving applications, and that the information lenders require from borrowers is excessive. Some respondents expressed frustration that lenders appear to be focusing only on loans to individuals with the highest credit scores.
Even though profits in the financial industry have climbed back strongly to pre-recession levels, lending standards still remain unreasonably tight.
Yun said all it takes is a willingness to recognize that market conditions have turned in the wake of an over-correction in home prices, with all of the price measures now showing sustained gains. “There is an unnecessarily high level of risk aversion among mortgage lenders and regulators, although many are sitting on large volumes of cash which could go a long way toward speeding our economic recovery. A loosening of the overly restrictive lending standards is very much in order,” he said.
Respondents to the NAR survey report that 53 percent of loans in August went to borrowers with credit scores above 740. In comparison, only 41 percent of loans backed by Fannie Mae had FICO scores above 740 during the 2001 to 2004 time period, while 43 percent of Freddie Mac-backed loans were above 740.
In 2011, about 75 percent of total loans purchased by Fannie Mae and Freddie Mac, which are now a smaller market share, had credit scores of 740 or above.
There is a similar pattern for FHA loans. The Office of the Comptroller of the Currency has defined a prime loan as having a FICO score of 660 and above. However, the average FICO score for denied applications on FHA loans was 669 in May of this year, well above the 656 average for loans actually originated in 2001.
Loan performance over the past decade shows the 12-month default rate averaged just under 0.4 percent of mortgages in 2002 and 2003, which is considered normal. Twelve-month default rates peaked in 2007 at 3.0 percent for Fannie Mae loans and 2.5 percent for Freddie Mac loans, clearly showing the devastating impact of risky mortgages.
Yun said home buyers in recent years have been highly successful. Since 2009, the 12-month default rates have been abnormally low. Fannie Mae default rates have averaged 0.2 percent while Freddie Mac’s averaged 0.1 percent, which are notable given higher unemployment in the time frame.
Under normal conditions, existing-home sales should be in the range of 5.0 to 5.5 million. “Sales this year are projected to rise 8 to 10 percent. Although welcoming, this still represents a sub-par performance of about 4.6 million sales,” Yun said. “These findings show we need to return to the sound underwriting standards that existed before the aberrations of the housing boom and bust cycle, and thoroughly re-examine current and impending regulatory rules that may cause excessively tight standards.”
If you can afford to refinance or buy a home in Bend Oregon now is the time. Interest rates are at historic lows and homes in Bend are priced about 1/2 of what they were in 2006. It looks like prices are bottoming out in Bend. The last research I did showed a 15% increase in the average price per square foot in Bend.
Bank Foreclosures are becoming few and far between. Now's the time to buy real estate in Bend Oregon.
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