Filed under: Loans/Financing/Credit, People and Business, Real Estate | Tags: Buyers Market, Craig Tomlinson, distressed properties, Eugene Real Estate Blog, HAMP, home ownership, mortgage modifications, oregon, Oregon Real Estate Blog, Real Estate Blog, Short sales
According to a recent WSJ article, most mortgage modifications don’t work. Less than 2% of the projected allotment of $75 billion for the HAMP program has actually been spent to help homeowners avoid foreclosure.
Nationwide, 6.7 million homes were lost to foreclosure or short sale in the decade ending in 2010. Half again as many are projected to meet the same fate in the next 3 years. If projections are accurate, that should keep it a buyer’s market through 2013.
The number of distressed properties in Eugene and Springfield isn’t exactly known—but they are common and I do a lot of them. Rejection from the HAMP program was about 3 of every 4 participants in the western states, including Oregon. If mortgage modification doesn’t work, a short sale may be a good option for you.
Most mortgage modificatins don't work.
Filed under: People and Business, Uncategorized | Tags: building codes, construction, Craig Tomlinson, earthquake, Lane County, springfield oregon
Will building codes keep earthquake aftermath in Lane County from looking like this?
Filed under: People and Business, Real Estate | Tags: Craig Tomlinson, Eugene Real Estate, home ownership, house prices, House Prices Eugene Oregon, housing crisis, Lane County Real Estate, price increase, Springfield Real Estate
Experts are saying the prices for houses are close to the bottom—meaning price increases are just around the corner. And, houses are becoming increasingly affordable. Nationally, house prices are less than two-years’ salary. In Lane County, though they’re still higher than that.
However home ownership is part of the American Dream and the net worth of home owners is some 40-times greater than renters.
Is home ownership in your dreams?
Filed under: Home Improvement, People and Business, Real Estate | Tags: Craig Tomlinson, Eugene Real Estate, Home Improvement, housing crisis, Lane County Real Estate, remodeling, Springfield Real Estate
Remodeling and renovating is another area of the market in Eugene and Springfield that fell on hard times during the Great Recession. We have bottomed-out though—and business is improving.
While home improvements don’t return dollar for dollar on resale, they still make sense if you plan to stay in the house for a period of time.
Rebuilding the housing market brick by brick.
Filed under: People and Business, Real Estate, Uncategorized | Tags: Craig Tomlinson, employment, eugene oregon, housing crisis, Lane County, logging, lumber, Springfield Real Estate, wood products
The logging and wood products industries are recovering, but slowly. Both are significant sources of employment in Lane County. Additionally, the housing market is the chief source of demand for wood products. Construction of more single-family houses is what’s needed, but building of such homes is at low levels around Eugene Springfield—and nationwide.
Before more new home building can start up, the inventory of existing homes for sale needs to decrease. In the meantime, it’s a great time to buy.
Filed under: Eugene Realty Listings, People and Business, Real Estate | Tags: Craig Tomlinson, eugene oregon, Eugene Real Estate, House Prices Eugene Oregon, Lane County, Lane County Real Estate, Short Sale, springfield oregon, Springfield Real Estate
Short sales in Eugene and Springfield are becoming increasingly commonplace. While difficult, both buyers and sellers put up with them. Why? For sellers, short sales damage their credit less than other options. For buyers, they represent great values.
Even expensive homes aren’t immune to short sales. Below is an example of a short sale I recently did. It sold for nearly ¾ of a million dollars. At 8 acres and 1/8 mile of McKenzie River frontage it was a great buy.
If short sales in Eugene or Springfield intrigue you, get a hold of me.
Filed under: People and Business, Real Estate | Tags: commercial real estate eugene oregon, Craig Tomlinson, eugene oregon, Eugene Real Estate, Lane County Real Estate, Oregon Real Estate
An influx of cash for commercial real estate means more projects, and ultimately more jobs. New apartments are a particularly strong segment of new construction. And while construction jobs are expected to recover—it will be slow. About 1/3 of construction jobs disappeared during the Great Recession.
In Eugene, commercial construction is more active than residential. For example, construction is ongoing on the new $12 million, 69-room boutique hotel at the 5th Street Public Market.
Vision for 5th Street Market Hotel Property
Filed under: Home Improvement, People and Business | Tags: Craig Tomlinson, Eugene Real Estate Blog, Green building, Home Improvement, Oregon Real Estate Blog, recycling, selling your home, sustainability
Fluorescent light bulbs are becoming more and more popular in homes—so much so that incandescent light bulbs are being phased out in the U.S. Why? Because flourescent light bulbs are proven to help residents save money on their utility bills. But, the downside of the fluorescent bulb is that they contain mercury. Therefore it is very important that these bulbs be recycled. In Eugene and Springfield, Jerry’s, among other places will accept fluorescent bulbs for recycling.
Tip: If you are selling your home, making sure you have operable light bulbs (non burnt-out) in the highest wattage rated for the fixture is one way of helping your home seem bright.
Filed under: People and Business, Real Estate | Tags: Craig Tomlinson, Eugene Real Estate, Lane County Real Estate, local economy, Springfield Real Estate
After last month’s 17th annual Economic Forecast presented by Eugene Area Chamber of Commerce, the University of Oregon and The Register-Guard things are looking up for the local economy. Unemployment is decreasing; and because of that, the chances of a double-dip recession are quickly declining. Additionally, these improving fundamentals will help the Eugene real estate market.
Eugene, OR
Filed under: People and Business, Uncategorized | Tags: Craig Tomlinson, eugene oregon, house prices, House Prices Eugene Oregon, Lane County, springfield oregon
In a recent Wall Street Journal article it was reported that the rate of economic expansion (GDP increase) is expected to be its largest since 2003. And while national unemployment is still high, it is expected to dip below 9% by the year’s end. Currently the unemployment in Lane County is still above 10%.
So what does this mean for housing prices? Housing prices are affected by a number of factors, but fundamentally, it comes down to supply and demand. High unemployment decreases demand; you need a job in order to pay your mortgage. I expect a soft market in Eugene Springfield until our stubbornly high unemployment rate drops.
More jobs will help Eugene's real estate market.
