Here's a breakdown of the latest news on the real estate market, and my opinions of it.
- About 25% of homeowners are underwater in their homes, meaning the value of them has dropped below what they owe. This is a major issue if you have to sell, but if you don't, just wait out the market and the value will come back. The real value in a home is your life there, so if you don't have to move, stay put and be glad that you even have a house!
- Existing home sales rose 10.1% in October, a lot more than anyone expected. The media says that it is due to the first time homeowner tax credit, and low interest rates, which is true. They make that sound like a bad, thing, which its not.
- 13 people in Bend Or where just indicted for fraud based on activity during the real estate boom and bust. Tyler Fitzsimons, founder of Desert Sun Development, several of his employees, as well as employees of West Coast Bank and Umpqua Bank, are all allegedly involved in the collapse of a local real estate company.
- 22% of homes for sale in Portland are considered distressed.
- 32% of home for sale in Clark County are considered distressed.
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