Recession is the Mother of Invention

Love him or hate him, Richard Florida is always interesting.

I recently listened to him being interviewed on NPR about his article in March’s Atlantic Monthly – How the Crash will Reshape America.

In the article Richard ponders which cities will bounce back and which may fail.  He poses some thoughts about why some places will be harder hit and why some places will come back stronger than ever.

I found it to be a thought provoking interview and, in my opinion, the article is well worth ten minutes of your time.

Even if you disagree with Richard, the other authors he cites in the article are well worth exploring.

Click here to link directly to Richard Florida’s Atlantic Monthly article

- Maria

Portland, OR Ranked 4th Best Housing Market by Forbes

In a recent article by Forbes, America’s Top 5 Best – and worst – Housing Markets, 20 US cities and the surrounding suburbs were examined looking at repeat home sales, monthly declines and year-over-year declines in home values and foreclosure numbers to determine where prices were falling the most rapidly.

This article reminds us, real estate is local.  When you’re talking about our market, it’s important to be able to decipher national news but more importantly how that news applies locally.

Top 5 Best Housing Markets:

1. New York, NY
2. Washington, DC
3. Charlotte, NC
4. Portland, OR
5. San Diego, CA

Top 5 Worst Housing Markets:

1. Las Vegas, NV
2. Phoenix, AZ
3. Detroit, MI
4. Minneapolis, MN
5. San Francisco, CA

Click here for the complete Forbes.com slide show of the 10 Best and Worst  US housing markets.

~Kori

Produce the Note – but not in Oregon

How are Oregon mortgages foreclosed?

Most people use the terms mortgage and deed of trust interchangeably, or do not even know the term ”deed of trust” at all.

In Oregon, while we often refer to a note and trust deed loan as a mortgage, IT IS NOT A MORTGAGE.

Fourteen states, including California, Washington and Oregon, are Title Theory States, this means that mortgages are rarely used.  Lenders in Oregon use “deeds of trust” which means that the home is technically in the custody of a trust until the borrower pays off the entire loan

The next three paragraphs are taken from an article by Craig Meriwether – The Difference Between A Mortgage And A Deed of Trust 

“Often when someone gets a home loan they call it a mortgage but that is not accurate. A mortgage is not a loan, neither is a deed of trust. To receive a loan a borrower signs a promissory note agreeing to pay back the money under certain conditions.

A mortgage or deed of trust is a contract, which protects the lender’s interests in your property by setting up a security instrument.

A security instrument protects the lender against default. If the borrower defaults on the loan, the mortgage or deed of trust allows the lender to foreclose the borrower’s interest and sell the property to recoup their money. Which state you live in determines whether you use a mortgage or deed of trust.”

So, while these two animals are both security interests, there are big differences between them, and one of the major distinctions is that foreclosure with a Deed of Trust is non-judicial while a foreclosure with a Mortgage is judicial, i.e., a trial prodeeding.

Because the non-judicial process of foreclosing on a Deed of Trust therefore does not include a court of law with a judge presiding, a request to “Produce the Note” will likely have no effect on the foreclosure while in a judicial foreclosure the request is part of the discovery process required in a foreclosure proceeding and any failure to provide the requested document is backed by the possibility of a judge’s order. 

So, as appealing as the “Produce The Note” delay tactic may sound, it is probably NOT going to work in Oregon.

- Maria

Out & About – OMSI After Dark

OMSI After Dark is an opportunity for the 21-and-over crowd to explore the museum in a child-free environment. Visitors will also be able to taste and learn the science behind food and beverage favorites with local artisans.  The OMSI Market Cafe will be open and cash bars will also be available for those who want more than just a taste!
 
Special features for Wednesday, February 25

See Leonardo da Vinci’s genius come to life! In our featured exhibit Da Vinci: The Genius, you can enjoy two floors of interactive reproductions of Leonardo da Vinci’s inventions and 3D plasma presentations of his paintings. Highlights include Secrets of Mona Lisa Gallery, which features findings about the world’s most famous painting that have startled the art world.

~Kori

First Time Homebuyer Tax Credit – 2009 version

The Oregon Poroperty Team would like to bring you some good news, if you are a First Time Homebuyer (or have not been on title of a principal residence for the last 3 years).

Yes, it’s true, there are two versions of the First Time Homebuyer Tax credit now. 

Credit #1. Created July 2008 applies to all qualified purchases on or after APRIL 9th, 2008 – maximum $7,500

Credit #2. Revised Credit – created February 17th, 2009 (American Recovery and Reinvestment Act of 2009), effective for purchases on or after January 1st, 2009 and before December 1st, 2009. Maximum $8,000 tax credit

The new REVISED credit does not require repayment if the property is held for at least 3 years.

Click Here to see a nifty First Time Homebuyers Credit Comparison Chart courtesty of National Association of Realtors

- Maria

This I Believe – Thirty Things I Believe by Tarak McLain

I thought this was a great story to share, especially as we embark upon another work week, a little Monday Motivation to keep us all going.

This I Believe is a national media project engaging people in writing, sharing, and discussing the core values and beliefs that guide their daily lives. Three minute essays aired on NPR’s All Things Considered, Tell Me More and Weekend Edition Sunday.

Thirty Things I Believe is an excerpt from a larger piece by Tarak McLain.  When Tarak’s kindergarten class celebrated their 100th day of class other kids brought 100 nuts or cotton balls, Tarak brought a list of 100 things he believes.  At the ripe old age of seven, Tarak McLain shared his list of 100 things he believed in with Jay Alison, an independant producer for NPR, and agreed to shorten his list to thirty for the radio.

About Tarak McLain 
Born in Thailand, Tarak now lives with his family in Austin, Texas. He collects and hands out food to the homeless and raises money for orphans and impoverished schools. He reads about the world’s religions and listens to public radio. 

Here are thirty of the 100 things he believes:

Tarak says that he believes in nature and that people should go outside more.

1. I believe life is good.
2. I believe God is in everything.
3. I believe we’re all equal.
4. I believe we can help people.
5. I believe everyone is weird in their own way.
6. I believe hate is a cause for love.
7. I believe that when I meditate I feel peaceful.
8. I believe we should be generous.
9. I believe brothers and sisters should be kind to each other.
10. I believe kids should respect their parents.
11. I believe I should not whine.
12. I believe people should wake up early.
13. I believe people should go outside more.
14. I believe in nature.
15. I believe people should use less trees.
16. I believe we should help the Arctic and rainforest animals.
17. I believe people shouldn’t throw litter on the ground.
18. I believe people should not smoke.
19. I believe God is in good and bad.
20. I believe in magic.
21. I believe people should not give up.
22. I believe love is everywhere.
23. I believe that God helps us to have a good time.
24. I believe we live best in a community.
25. I believe we can protect people in danger.
26. I believe we should help the poor.
27. I believe it’s OK to die but not to kill.
28. I believe war should not have started.
29. I believe war should stop.
30. I believe we can make peace.

Listen to Tarak read the Thirty Things I Believe in his own words during an interview on Morning Edition Sunday.

~Kori

Spring Whale Watch Week – Oregon Coast

The Oregon Property Team would like to engourage everyone to participate in the Spring Whale Watch Week which runs Saturday, March 21, 2009 – Saturday, March 28, 2009. 

Spring Whale Watching in Oregon

Activities at various locations along the Oregon coast.

Come and watch the amazing migration of the gray whales past some of the prettiest coastline in the world, (in our opinion).

What an amazing state we live in.  Skiing, fishing, hunting, hiking, whale watching and bird watching.  We have it all.

Click here for locations where voulunteers will be available to assist you in your spotting. 

- Maria

Facing Foreclosure – some tips for consumers

I thought Brent Hunsberger’s article in Sunday’s Oregonian was worth bringing to your attention.

If you, or someone you care about, may be heading towards missing a mortgage payment soon, TAKE ACTION. 

Get some counseling from a legitimate agency as soon as you can. 

Call your lender and talk to them.  The prevailing feeling now is that banks and other lending institutions do not want anymore distressed properties on their books and are willing to work with  you. 

Brent has some other useful tips in the article as well.  Click here for entire article.

- Maria

150 Favorite Portland Buildings – 15 of 150

Has the Market Hit Bottom? I say, “Yes!”

On Wednesday, February 11, 2009, RealtyTrac, the leading on-line marketplace for foreclosures properties, released the January 2009 U.S. Foreclosure Market Report™, showing foreclosure filings- which include default notices, auction sale notices and bank repossessions – were reported on 274,399 properties nationwide during the month of January – which is a 10% decrease from the previous month.

Now is a great time to buy, if you’ve been waiting to see when we’ll hit bottom, we’re there - don’t wait until you see the market swing back up because the opportunity you’ve been awaiting will be missed. 

We all know the feds are trying to spur an upswing as well – it looks like the $15,000 primary residence credit has been replaced by an increase to the first time homebuyer credit and extending the available time frame.   Oh, BTW, if you are a first time home buyer and you purchase (and close) a home prior to April 15, 2009, you can claim the credit on your 2008 tax return (at least that was the case prior to the stimulus package negotiations and we haven’t heard any news to the contrary).

~Kori

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