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For Sale: $249,000

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Monthly Newsletter from Galand Haas

Lane County Real Estate

RMLS Most Available Data For This 2014 Reporting Period

SEPTEMBER HIGHLIGHTS

Lane County saw plenty of pending sales again this September. The 351 pendings were a 12.9% increase from the 311 offers accepted last September, although were slightly cooler than last month’s 423. Likewise, the 436 new listings bested September 2013 by 11.5% (391) but were slightly cooler than August’s 575. Closed sales (349) cooled 1.4% from the 354 closings posted last September and 3.1% compared to last month, when there were 360.

Total market time in Lane County rose to 98 days and inventory decreased to 4.9 months in September.

YEAR-TO-DATE SUMMARY

In the first nine months of the year, new listings (4,908) and pending sales (3,143) have increased 4.0% and 0.7% over the same period in 2013. Closed sales (2,840) have decreased 3.8% from the same time last year.


AVERAGE AND MEDIAN SALE PRICES

The average price during the first nine months of 2014 was $235,200, up 3.2% from the same period of 2013, when the average was $228,000. In the same comparison, the median has risen 3.4% from $203,000 to $210,000.

We Have Buyers Looking For These Homes

Santa Clara, Junction City, Alvadore, Veneta, Elmira

Home with 2+ acres, priced up to $325,000

Eugene and Springfield

Fixer, priced up to $150,000

Creswell, South Eugene, Southwest Eugene

Home with 5+ acres, priced up to $325,000

November 2014

YOU CAN SAVE THOUSANDS ON YOUR MORTGAGE BY TAKING THIS TINY STEP

Homeowners can save thousands of dollars when they work with a counselor to get their mortgages modified and decrease their odds of defaulting.

A new study for NeighborWorks America by the Urban Institute determined that homeowners were able to avoid spending millions of dollars annually because of the National Foreclosure Mitigation Counseling (NFMC) program. Homeowners working with NFMC program counselors are nearly three times more likely to obtain a mortgage modification and are nearly twice as likely to get their mortgage back on track without a modification.

After working with counselors, homeowners are 60% less likely to re-default after curing a serious delinquency and able to complete short sales faster than homeowners who don’t work with counselors.


The research is based on analysis of nearly 240,000 homeowners with outcomes observed through June 2013. More than 1.8 million homeowners have been helped by the NFMC program, administered by NeighborWorks America since it began in March 2008.

“Whether measured by benefits to homeowners through more likely mortgage modifications, sustainability of those modification or mortgage cures, the research answers all housing counseling benefit questions with a resounding ‘yes,’” said acting CEO Chuck Wehrwein of NeighborWorks America, the Washington, D.C.-based trainer of community development and affordable housing professionals.

The research shows that homeowners were able to cure delinquent mortgages more frequently with the assistance of an NFMC counselor than owners who do not receive such help. Servicers also likely saved lost revenues by having performing loans back on their balance sheets.

“The bottom line for the servicing industry is that housing counseling saves them time and money,” he said. “Servicers that increase their partnership with NFMC program counselors are benefiting their shareholders and mortgage customers.”

Once a homeowner is 45 days delinquent on his mortgage, it is a warning sign that he is headed for serious problems and is at a higher risk of foreclosure, said Matt Ribe, director of legislative affairs for the National Foundation for Credit Counseling (NFCC) based in Washington, D.C.

"It depends on your servicer, but I recommend working with counselor to get as current on your mortgage payment as soon as possible,” he said.

Now that the backlog of cases from the recession has subsided, mortgage servicing companies are catching up on their older cases. Being delinquent on your mortgage for one to two years is no longer a realistic expectation, Ribe said.

Working with the servicer as much as possible will help resolve the issue better.

“Homeowners mistakenly believe that nothing good can come from it,” he said.

While the process can be intimidating due to the enormous amount of paperwork involved, a counselor can help homeowners understand fill out and submit the necessary forms throughout the process, Ribe said.

"The counselor works with these issues on a regular basis, so they can walk you through the process and understand the legal language and requirements,” he said. “They can put all the information into context.”.

One option is for homeowners to use the Home Affordable Modification Program (HAMP), a government program which can extend a mortgage to 40 years from the date of the modification and the interest rate will be lowered. It is designed for a homeowner in crisis to lower payments as soon possible while keeping the loan positively amortizing, Ribe said.

The hope is that after a certain period of time, the program will help the homeowner increase their cash flow, decrease other debt and think about refinancing their mortgage into a lower rate.

HAMP accepts homeowners based on their current debt to income ratio and sets up a plan to extend the term of the loan and to reduce the amount of the payment.

Homeowners can also reach out to their mortgage servicer or lender, who also has their own loan modification programs.

One critical measurement of all the programs is how to determine the current value of the home especially if the value has declined and the owner owes on the mortgage than the home is worth, known as being underwater.

Short sales are still a good option for homeowners who are not able to secure a principal reduction in the mortgage and still owe more than the house is worth.

“This can be a powerful option for people if they can find a buyer willing to take the house,” Ribe said. “It sort of lets them start over.”.

Working with a counselor can give owners more options and achieve the most “affordable and sustainable option as possible,” and helps reduce the number of people who defaulted again, he said.

"I would recommend that before they make any decision, they should work with a HUD certified housing counselor to discuss their options and the implications,” Ribe said. All NFCC counselors are certified financial counselors and work with people regardless of their ability of pay.

Since buying a home is something that most people only do once or twice in their lives, there is no question that homeowners whose mortgages are in default or at risk of default should look for assistance as soon as possible, said David Reiss, professor of law at Brooklyn Law School in New York.

“Losing their home is something that most never do at all, so to think that going it alone is the best strategy is a mistake,” he said. “Foreclosure counselors know the range of options available to borrowers and may have access to more direct lines of communication with lenders. They also will have a better sense of when to complain to regulators about bad behavior by lenders.”

Read more at msn.com | You Can Save Thousands on Your Mortgage

 

Bathroom Vanity Ideas

You can't have a great-looking bathroom without a great-looking vanity. (01:00)

Read more at diynetwork.com | Bathroom Vanity Ideas

 

 

Slow-Cooker Texas Chili

Total Time: 7 hrs 30 mins
Makes: 8 servings
Level: Easy
Ingredients
  • 2 1/2 pounds beef chuck, cut into 2-inch cubes
  • 2 tablespoons packed light brown sugar
  • Kosher salt
  • 2 tablespoons vegetable oil
  • 1 small onion, finely chopped
  • 5 cloves garlic, smashed
  • 2 4.5-ounce cans chopped green chiles, drained
  • 1 tablespoon ground cumin
  • 3/4 cup chili powder
  • 1 14-ounce can diced tomatoes with chiles
  • 1 to 2 tablespoons green hot sauce
  • Sliced scallions, fresh cilantro and/or sour cream, for topping
  • Tortilla chips, for serving (optional)

 

Directions

1. Toss the beef with 1 tablespoon each brown sugar and salt in a large bowl. Heat the vegetable oil in a large skillet over medium-high heat. Cook the beef in batches until browned on all sides, 4 to 5 minutes (do not crowd the pan). Transfer to a 5-to-6-quart slow cooker.

2. Reduce the heat to medium, add the onion to the skillet and cook until soft, about 5 minutes. Stir in the garlic, chiles, cumin and chili powder and cook 3 minutes. Add 1 1/2 cups water and the tomatoes and simmer, scraping up the browned bits from the bottom, about 3 minutes. Transfer to the slow cooker, cover and cook on low, 7 hours.

3. Add the remaining 1 tablespoon brown sugar and the hot sauce to the chili. Serve with scallions, cilantro and/or sour cream for topping, and chips, if desired. (Reserve 3 to 4 cups for Chili-Corn Casserole.)

Read more at foodnetwork.com | Slow-Cooker Texas Chili

Compiled from Google, 2014

 

Quote of the Month

 

"In helping others, we shall help ourselves, for whatever good we give out completes the circle and comes back to us."

- Flora Edwards 

 

 

Photo: www.values.com

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