November RMLS Market Action Stats

Sales activity has continued to slow in the Portland Metro Area.  The total number of sold properties in November equaled 1,041; which was the lowest sales total since February 1993.  There is no doubt the Portland market is slowing.  We are at a record 15 months of inventory, the average sales price is down 10.5% over November 2007 and pending sales were down 31.7%.  On the bright side, new listings were down 25.5% month-over-month which means less overall inventory.  Novemeber and December are typically slower months with holiday activities so we’re looking forward to January 2009 to see the market start picking up again.

The silver lining – rates are incredible!  We are seeing the lowest mortgage rates in more than three years.  With softening home prices and great rates this is an excellent time to get into your first home or build out your investment portfolio.

Happy Holidays and be safe in the wintery conditions.

~Kori

Man’s Best Friend – Dog Saves Man Stuck in the Cold Overnight

A 60-year old man lost control of his pick-up truck Sunday evening right as the icy conditions set-in.  The truck slid down an embankment, crashed into a tree blowing out all the windows in his truck and leaving the man and his lab exposed to the elements.  Firefighters found the man the following morning suffering from hypothermia and admit, the warmth of his trusted friend saved his life.

Remember, in these frigid condition stay safe, only go out if you need to and make sure our fury friends are also kept warm and dry (they’d do it for you).

~Kori 

It’s about Time – Water Bottle Deposits!

Effective January 1, 2009 Oregonians will pay a 5¢ deposit on water and flavored water containers! 
Oregon was the first state in 1971 to pass a bottle bill and it proved to be an important tool for increasing recycling and reducing garbage.  The Department of Environmental Quality (DEQ) reports, 83% of soda and beer containers are recycled in Oregon while less than 33% of water bottles are recycled.  Adding a return deposit to water bottles will encourage recycling and reduce plastic litter from Oregon’s landscapes, rivers and the ocean.  Every bit matters – remember out piece October 22, 2008 which featured a link to video produced by CNN – Garbage Island.

~ Kori

Plastic Bags and Lids – The Bain of Sorting Equipment

Back on October 22, 2008 we brought you a piece on Portland’s Curbside Recycling Program.  We know recycling works and the new roller carts have made recycling in Portland much easier; however, the added convenience of sorting less has increased the “contamination” with non-recyclable materials. 

It’s important to keep plastic bags and lids out of curbside containers.  Unfortunately, plastic bags and lids are too small and flexible for large sorting equipment.  On average, it takes 15 to 20 labor hours per day to unclog sorting equipment.  Although it’s difficult to avoid plastic lids (although, you could “recycle” those contains not through curbside recycling but through re-use) avoiding plastic bags is simple!  Purchase a few reusable bags and take them with you when you go to the grocery store.  If you forgot your bags, just pay the 99¢ and buy another.  These bags are great for groceries and anything else you need to transport so having a few extra in the pantry is a good thing (as Martha would say).

~ Kori

Giving a Little Back & It’s FREE

Regardless or your political affiliations or opinion of this war – I think we can all agree, the men and women stationed overseas deserve our support during such an emotional time of year.   

Xerox has created the “Let’s Say Thanks” program – the program has been designed to help people across the nation express their gratitude to our troops overseas and to remind them how much Americans appreciate their service.

All you have to do is click your favorite design and either select a pre-typed message that best expresses your sentiments or draft a personal note.  The postcards will then be printed by Xerox and mailed in care packages by Give2TheTroops.

It’s FREE and takes less than a minute to select an image and a message – take a moment to put a smile on someone’s face today.

~ Kori

The Economy – A Housing-Driven Recovery

A Housing-driven Recovery by Lawrence Yun, chief economist of the National Association of REALTORS®
It’s a good bet the economic picture will remain highly uncertain as we head into 2009.  Yet there’s good reason to believe the housing market has turned the corner.  Housing in some of the country’s hottest markets during the boom – California, Florida, and Nevada, among others – is once again starting to experience gains in home sales.  The reason is increased affordability.

Existing single-family home prices have come down an average of 20 percent to 30 percent in these hard-hit markets in the 12 months preceding September 2008.  That price moderation has provided a compelling incentive to buy for households who’ve been sitting on the fence for the last two years.
The federal government has also helped with its long-sought increase in the conforming and FHA loan limits and the enactment of the $7,500 first-time homebuyer tax credit.

Even if the economy stays in the doldrums, it’s likely that existing-home sales will remain on an upward trajectory.  New-home sales will continue to struggle because of the inventory overhang.
During the 2001-2003 downturn, the economy shed some 2 million jobs, yet existing-home sales rose from 5.2 million to 6.2 million units.  The fact is, home sales can improve even in a recession if affordability improves.  After all, even in a deep recession, I would expect that 93 percent of the workforce will retain their jobs.

To assure that housing continues its return to stable growth, National Association of REALTORS® (NAR) will be aggressively pushing to strengthen federal home buying incentives.
Home sales have historically been the power-house for pushing our economy back into growth mode after a downturn.  Given signs that improving affordability conditions are starting to drive home sale gains, the signs are good that home sales will spur the next economic recovery.

~Kori

Tips for a Green Holiday From the City of Portland

Think outside the “box” for creative gifts that are affordable and green!

• Purchase gifts with minimal or recyclable packaging (view Metro’s waste-wise tips at www.oregonmetro.gov/holidaytips).
• Give a gift of experience, like tickets to a play, a spa service, a trip to the zoo, movie tickets or a gift certificate to a local restaurant.
• After receiving new gifts, donate older, usable items to a local charity.
• Walk or use transit and shop at local retailers – you’ll be saving the environment and helping local business owners.
• Buy carbon offsets for greenhouse gas emissions caused by holiday travel.  What are carbon offsets you ask – see blog entry What’s your Ecological Footprint  from September 29, 2008

Happy Holidays!

~ Kori