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Eugene and Springfield Real Estate Slump Continues

by Galand Haas

Good Monday Morning!

For the first time ever, the University of Oregon Duck football team is ranked #1 in the Nation! Yahoooooo!

The statistics are in and the trend just continues on for the local Eugene Real Estate and Springfield Real Estate market slump.  Closed housing sales for September of 2010 were off by 20.5% from September of 2009.  Pending sales declined by 31.7% from last September and new listings also declined by 13.1%

September sales also fell from those in August by 4.8%, pending sales by 16.4% and new listing by 21.7%.  

The inventory of homes active on the market for sale is currently at 10.4 months of inventory. This is compared to 6.8 months for September of 2009 and 10.2 months for September of 2008.  

The average home sales price fell again and now sits at $218,000.  The average time it took a home to sell in September was 118 days.  

The bright spot continues to be the record low mortgage interest rates that just continue to decline and show no signs of increasing in the near future.  The combination of low interest rates and affordable home prices have created the Perfect Storm for home buyers.  We may never see this favorable situation again in our life times.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

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3835 E Street
Price: $139,900 Beds: 3 Baths: 1 Sq Ft: 1200
Wonderfully updated home with Hardie-plank siding, granite countertops, new appliances, new carpet, fresh paint, and new fixtures. W/ a vaulted living room, light & bright kitchen and dining room set on a fun floor plan, a welcoming front porch, gre...



AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Sincerely,
Galand

Home Foreclosures Suspended

by Galand Haas

Good Monday Morning!

Congratulations to the Oregon Duck and Oregon State Beaver college football teams for their weekend victories.  Also, the Oregon Ducks are now #2 in the nation in all three polls.  Keep up the good work!

The problems with the nations housing industry just keep coming.  Last week Bank of America gave notice that it was suspending home foreclosures in all 50 states while it investigates problems within.  Now, GMAC and JP Morgan Chase have announced that they also are suspending home foreclosures.  There are now fraud allegations and misconduct involving foreclosures within all of these major lenders.  Short term this may be of some benefit to the housing industry because it freezes foreclosures and will put less pressure on already heavy inventories of homes for sale.  Long term it is a disaster because it will prolong the flushing out of foreclosed properties.  Some experts feel that it could extend our housing industry problems as much as another 2 years.  Any kind of recovery within the housing industry is conditional on the large number of foreclosures passing through the system.  This is also not good news as recovery in the housing industry will lead the way to recovery from our current recession.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

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1499 Larkspur Avenue
Price: $180,000 Beds: 3 Baths: 1 ∏ Baths: 1 Sq Ft: 960
Charming, ranch-style home with modern feel and centrally located. Featuring rich hardwood floors, newer roof, countertops and vinyl windows. Other special features include a cozy living rm with wood-burning fireplace, a large bath, laundry area & c...



AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Sincerely,
Galand

Potential Problems In The Commercial Real Estate Market!

by Galand Haas

Good Monday Morning!

If you have not been to an Oregon Duck baseball game at the brand new PK Park you need to do so. What a fantastic facility this is and how much fun is it to watch a college baseball game? This is a great addition to the Eugene and Springfield area!

Most of the Real Estate news over the past several years has focused on the residential Real Estate market and it's continual slide both nationally and locally.  The situation with the residential market has certainly had an effect on the lives of most.  Now coming on the scene is a situation with commercial Real Estate that is going to also have a significant impact on most of us.  Loans for commercial Real Estate are typically much shorter in term than those made for residential Real Estate. Most commercial loans have a duration of seven years.  What we are seeing in both the local and national commercial Real Estate market is that lease rates are declining sharply. The value for commercial property is determined primarily by what the lease value is.  As a result of the lower lease rates, the value of most commercial property has dropped significantly. Over the next 3 years hundreds of thousands of commercial notes are going to be coming due all over the country. As these notes come due the commercial property owners are going to have to find new financing. Due to the lower lease rates, many of these commercial properties values will be less than what is currently owed on them.  The problem will come from the fact that the banks will not be able to loan on the buildings for the amount the owners need and historic numbers of commercial Real Estate owners will now go into default.  This has the potential for a huge economic disaster as thousands of commercial property investors lose their money.  The investor groups are broad as many of the nations largest insurance company's etc. are invested heavily in commercial Real Estate.  

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

 

Image Unavailable
 

3547 River Pointe Drive

Price: $445,000 Beds: 4 Baths: 2.5 Sq Ft: 3026
Beautiful home on large lot with lots of extras. Featuring a covered front porch, a living room with hardwood floors & fireplace, a lg. kitchen with center island, pantry & BI-desk, a dining area w/ bay window, an office/den, utility rm. & oversized...

Displaying blog entries 1-3 of 3

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