Eugene, OR Real Estate News

By Jordan Iverson
(Jordan Iverson Signature Homes)
  Unbelievable rates & incredible values on homesites & construction costs. The recent housing economy has allowed for an amazing opportunity for people to have their dream home built on a premier homesite for a great value. In and around Lane County nearly all subdivision homesites and beautiful view sites with acreage are not only available, but in some cases priced at nearly 20-40% less than what they were a year or two ago. What does this mean to you? An amazing opportunity to invest in your custom designed dream home and for an obtainable price! So, even if your personal home value may have dropped 10, 20 even 30%, you are going to make this up with the savings of all time low rates, and much lower costs of construction and land costs. It's time to take advantage of this! If I can ...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
Since most First Time Home Buyers are FHA borrowers I posted the answer to what the reasons are in my blog http://FHALoansORegon.com. This information can also be very valuable to anyone considering a VA loan that is a First Time Home Buyer and especially for someone looking to buy using the USDA Rural Guarantee since they have to be a First Time Home Buyer. I have been asked, why should I become a home owner? I have been renting for 5 years and am perfectly happy with my situation. The short answer to that is, “maybe you shouldn’t.” Not everyone should buy a home and a lot of First Time Home Buyers were sold homes that they shouldn’t have bought because the financing was too easy. That had an effect on where we are today. However, that being said, there are a lot of great reasons to be...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
FHA is changing the rules on “cash out” refinances on April 1, and no, it isn’t an April Fools Joke!. Up until then, we have been able to make loans to borrowers that qualified for FHA loans up to 95% loan to value for a cash out. A cash out refinance is when you get more money than is owed on your first mortgage and the closing costs to take the loan. Anything over that amount is considered “cash out” and will be limited to 85% loan to value on any loans registered with FHA after March 31.   If you would like the whole story, please follow this link to my blog and read all about it. There are other changes that are taking place at the same time. To be honest, these changes make sense in a falling value environment.  
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By Bobby Stevens, Realtor, Eugene, Oregon
(Windermere Real Estate/Lane County)
As anticipated, sales activity in the Greater Lane County area showed gains compared to January 2009, but continued to slide when compared to February 2008. Comparing February 2009 with February 2008, closed sales dropped 31.8% and pending sales fell 16.4%. Perhaps the best news is that our average local sale price is only down 3.2% since this time last year. This is remarkable considering the massive devaluation that has occured in other parts of the country. Click to view the full report and accompanying charts. What does all this mean if you need to buy or sell in our current market? Sellers must ensure that the condition of their property is superior, that their price is competitive, and that their Realtor is a master at marketing and negotiation if they wish to sell in a reasonabl...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
There is a huge amount of talk about foreclosure right now, not just with the media but with almost any conversation that is about Real Estate. The issue of what foreclosures are doing to the market place as far as bringing values down, the problem that this company is having and laying off employees and what will happen to their housing budget, the cousin, uncle or sister that is about to lose their home, all of these are current topics of conversation. One of the nastiest parts of this process it the increase in the number of scammers that come out of the woodwork in times like this. There are good and valuable services being provided by "for profit" companies, but there are also scammers out there. Please review this, my latest post on EugeneLoanGuy, with information from the Federal...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
Hud has raised the FHA loan limit for Lane County. There was no announcement or release that I am aware of. The new loan limit is the same as the temporary loan limit in place prior to Jan. 1 or $343,750. This is an increase of $72,700 over the minimum FHA loan limit that was in place for Lane County. This is a tremendous change in limit at a time that should be beneficial for moving some of the higher priced foreclosures off of the listing rolls. Combine the higher loan limit with an FHA 203k Streamline and the Energy Efficient Mortgage and you have an excellent vehicle for purchasing a foreclosure. Check out the entire post here.
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
Breaking news! "JPMorgan halts new mortgage foreclosures. Will not put new mortgages into foreclosure for 3 weeks. Believes 3 weeks adequate for Treasury to announce a new mortgage modification plan." Mortgage Market Guide. It looks to me like JPMorgage-Chase figures that there will be changes coming shortly in relation to working out mortgage modification problems. It has been a hit or miss situation on modifications in the past. There have been some companies that would would with the borrower if they needed a modification and others that preferred to let the foreclosure happen. Changes and guidelines from the government could help this situation. President Obama has announced they are working on something to help the homeowners that are current on their mortgage also.
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
So, what is happening on the government front now? Are we or aren't we getting the help we need? There are so many variables afloat and no one seems to know what the exact language of anything right now. The consensus is that one of the biggest items that we in the Real Estate industry have been looking for, the tax credit will not be what we want, but may be close. The current $7,500 first time home buyer tax credit is due to expire on July 1. Details regarding the tax credit that have been released so far, the tax credit has been scaled down to $8,000 from $15,000, or 10% of the value of the home for any first time homebuyers who purchase homes from the start of the year until the end of November.  It starts phasing out for couples with incomes above $150,000 and single filers with in...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
When looking for that new home, especially in today's Real Estate environment, a lot of people think they are going to make a super deal by buying a foreclosure, and maybe they will. Yesterday, I announced the new Fannie Mae HomePath program for Fannie Mae foreclosures, today, I want to discuss the FHA 203k Streamline that works on nearly all foreclosures. Let’s take a look at the foreclosed property for a minute. First of all, we have a property that has been someone’s home and was probably pretty well cared for, or possibly, it was a rental and has seen better days. Either way, the owner was not able to make the payments for whatever reason and when they stopped making payments, they probably also stopped with their upkeep of the property. So, most often, you have a home that has been...
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By Anthony Freed
(Everybody's Holding Company LLC)
When the dust from the departing helicopter finally settled, America realized that the old "shrubs" of the last 8 years had been replaced with the seeds of new growth opportunities.  Secretary of the Treasury, Timothy Geithner will most certainly review the current state of affairs and enact some significant new enhancements. http://information-security-resources.com/2009/02/10/geithner-appointment-clears-landscape/
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
For the past week, I have been writing a series about how to purchase foreclosures. I will be posting the first three of them shortly, but right now I have breaking news about the Fannie Mae on the HomePath program for the sale of Fannie Mae owned foreclosures. Not all properties are eligible but those that are could end up being a great deal for first time home buyers and for investors too. My post was done on my website so if you want all of the information, you will need to read it there. This is a great program to help get rid of some of the excess inventory generated by the foreclosure epidemic. Please check out my post.
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By Anthony Freed
(Everybody's Holding Company LLC)
"Review the April Fool's Day 2008 Balance Sheet of the American Economy (Unmanageable Loss. Manageable Catastrophe. New Mortgage News, April 1, 2008). It predicts systemic bank failures. That means that it predicts that many banks will fail. This work depended upon approximately three minutes of study and calculation. It has been right in every respect -- except that what was then a wild prediction of losses now seems petite, thin and malnourished. At the time the guess was $2 trillion of mortgage losses. Now the guess is $5 trillion. Five is more than two.  The five trillion is now a wild number, but I have walked this way before. Logic is my guide. The madness of crowds I will leave as your option. As you may rightly imagine, with a trillion here and a trillion there, pretty soon we a...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
I came across this quote from Abraham Lincoln today: "How many legs does a dog have if you call the tail a leg? Four. Calling a tail a leg, doesn't make it a leg." The same way that calling a program "Hope for Homeowners" does not mean that the program actually offers any hope to homeowners. According to everything I am reading and hearing, the "Stimulus Bill," has provisions to make the Hope for Homeowners program more usable than it currently is. At the same time, calling a bill "Stimulus" doesn't make it so either. I am sure many people already know my opinion of what our elected representatives have done in the past and my trust in them doing something right in the future. All-in-all, I think the program that was scrapped, the FHA Secure, was probably the best one we had but hopeful...
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By Anthony Freed
(Everybody's Holding Company LLC)
"We cannot start our recovery until we have completed our bankruptcy. Go ahead now and do the denial, anger, bargaining, and depression. Open the window and scream. Then put the fate of the world ahead of the obvious reasons we shouldn't do this. Yes, we will reward a carnival of bad behavior and make people believe they can get away with it. Should we chose massive global depression instead?" "Then ask yourself:  Is it possible our property market can deteriorate by 40% and no systemic bankruptcy follows? Is the bubble's very definition homeowners taking on debt they cannot afford - to buy houses priced for a Ponzi flip? Where is that bad debt going to go?" Continued:  http://yourmortgageoryourlife.wordpress.com/2009/02/02/plan-orange-a-quick-end-to-the-mortgage-mess/
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
Have you thought about buying a foreclosure for you new home? Do you have clients that think they can make the deal of the century by purchasing a foreclosure? Have you been watching those 3 a.m. infomercials that tell you that you can be the next Donald Trump-type millionaire in just 34.6 days by buying foreclosures for only pennies on the dollar? Honestly, bank owned properties can be an excellent value but they are not necessarily going to be the extreme value that you might think they are going into the search. There are companies out there selling lists of foreclosures promising all kinds of wonderful things, but delivering the same thing, except dated, that you can get just by dealing with a knowledgable Realtor. Of course, if you want to give your money to some late nite or inter...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
I just posted a new article on my website about recent financial reports and the possibility that we may be approaching the bottom of the Real Estate Market. Now, I am no Guru, but I read the stuff that is coming out and there is a possibility that things are turning around and if they are, it is time for those sitting on the sidelines to get in the game. If they aren't???? Author: fchamberlin  //  Category: Bank Owned properties, Eugene Homes for Sale, Eugene Oregon, Florence Orgon, Interest Rates, Local Information, Mortgage Loans, Real Estate Loans, Springfield, lane county, refinance The latest news from the housing market continues to be mixed but with some definite upbeat news. Yesterday, the government announced that existing home sales were higher than expected and higher than t...
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
When will we hit the bottom? What is a good interest rate? What is the best interest rate? These questions will plague buyers for the coming months as they try to decide if this is the right time to buy a home. Today, Barry Habib, the Mortgage Market Guy, had this to say: "Existing Home Sales surprisingly came in a bit better than expected, at 4.7M when estimates were only for 4.40M.  Perhaps the current low interest rate environment we are operating in - combined with firesale prices on many homes - is helping more homebuyers see the wisdom in finally getting off the fence.  The arrival of this positive news is driving Bonds a bit lower in early trading." Where will you be when prices and rates are on the upswing?
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
Three major concerns in mortgage loan underwriting have again come to the forefront with underwriters. Those three items, Credit, Collateral and Capacity are the three legs of intelligent underwriting in todays Real Estate Mortgage industry. What are some of the things that effect these three legs and what changes are new (again) in the consideration of underwriters. You can read the entire post here in my post on Eugene Loan Guy. I would have thought that some of these points were just common sense, but as is evident with the foreclosure rate and amount of defaulting mortgage loans, obviously, common sense didn't have a lot to do with underwriting in many cases in the past few years.
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By Fred Chamberlin, Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant
(Guild Mortgage Co - Oak Harbor WA)
There has been a lot of discussion about how the adjustment period of ARMs are going to have a major detrimental effect on the housing market as people with adjustable rates that they got over the past 2-3 years will be seeing their payments skyrocketing as these ARMs adjust. Well, it is just possible that this is not going to happen. The major index for ARMs, the LIBOR has dropped dramatically lately and those adjustments may not be coming the way someone would think. Please read the whole story here. Now, I think that it is best for most people to get into a fixed rate, but not necessarily for everyone, especially if you have lost equity. My best suggestion, give me a call. Pull out the note and adjustable rate rider that went with it. Let me go over your options with you. Think befor...
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