News & insights

Get the latest May Mortgage News. Recently there has been a slew of misinformation reported on FHFA’s changes to Loan Level Price Adjustments (LLPAs), specifically, news citing that high-credit borrowers will be charged more than low-credit borrowers.

The Kentucky Derby is one of the most exciting sporting events of the year, and it’s only fitting to watch it in style. Here are some of the best watch parties in Oregon Wine Country, where you can enjoy a delicious meal, a glass of wine, and the best view of the race.

Here in the Portland Metro and Willamette Valley, while velocity and overall real estate transactions continue to be slower than a year ago, the data IS NOT showing any hint of a crash. Real estate consumer sentiment is actually rising, homes that come to the market are still continuing to move, and homes are again selling for over list price.

Jason Fields and Matt Smith, both running for the two at-large positions on the Chehalem Parks and Recreation board, will join the equestrian trails work party on Parrett Mountain Saturday, April 8th.

Stable Pricing and Low Velocity as 2023’s Q1 ends. As we head into Q2 here’s what we’re seeing in the Buyer demand remains strong – absorption is in the 95-100% range and Days on Market is falling.

Inventory decreased to 1.9 months in February. Total

market time increased to 71 days.

Comparing the first two months of 2023 to the same

period in 2022, new listings (3,727) decreased 24.1%,

pending sales (3,396) decreased 27.3%, and closed sales

(2,537) decreased 33.8%.

Low inventory is once again creating multiple offers where good inventory is absorbed quickly. Sellers getting into the market now have less competition. The addition of 5,231 new listings during February was around 300 more than January, but down from the year-ago volume of 7,920 new listings.

Here in the metro area, new listings decreased 16.0% from the 2,307 listed in January 2022, and increased 80.6% from the 1,073 listed in December 2022. But inventory is still LOW!

At last week’s Chehalem Heritage Trails Advisory Committee meeting, use recommendations to be made to Chehalem Parks and Recreation District were presented and discussed. These include the separation of the East (cyclists) and West (equestrians) sides with the installation of supporting signage. 

Inventory and Total Market Time Inventory decreased to 2.3 months in December.

CPRD is currently requesting bids (RFQ) to submit plans, costs, and timelines to adopt a master plan. This WILL BE OPEN TO PUBLIC INPUT and posted on the CPRD website.  At this time, there is not a clear timeline for this process.

Comparing the first eleven months of 2022 to the same period in 2021, new listings (35,093) decreased 9.7%, pending sales  (25,721) decreased 23.5%, and closed sales (26,473) decreased 18.5%. Average and Median Sale Prices Comparing 2022 to 2021 through November, the average sale price has increased 7.4% from $571,100 to $613,300. In the same comparison, the median sale price has increased 8.1% from $508,900 to $550,000.

According to the Mortgage Broker Association, rates are projected to be at 5.4% by the end of 2023 and 4.50% the end of 2024, so chances are you can refinance out of higher rates. 

Buying now is likely to net you more equity in 2024 than waiting on the market.