Unfortunately, I’ve written many posts on mortgage fraud and scams because those people who choose to defraud others is on the rise.  Those who claim to be able to assist homeowners with loan modifications are finding their “niche” by cheating those in dire straights.  Homeowners who need help are just wanting assistance, and those criminals are there ready for the picking.  Please be careful!  Click on the side bar under the category “Foreclosure, Sub-Prime, Short Sales”  or here for even more posts on what to watch out for and where to go for assistance.

Scams are increasing with promises to “rescue” homeowners from foreclosure.  What these scams do is take your money, ruin your credit record, and wipe out your equity. Foreclosure con artists take advantage of people behind on their mortgages and are facing foreclosure. Potential victims are easy to//bettyjung.wordpress.com find and con artists approach you in person, mail, telephone, or e-mail.  They advertise their services on websites or publications.  They refer to themselves with titles that sound official, such as “foreclosure consultant” or “mortgage consultant,” and market themselves as a “foreclosure service” or “foreclosure rescue agency.”  If someone offers to negotiate with your lender, offers to arrange to stop or delay foreclosure for a fee, carefully check his or her credentials, reputation, and experience.  To protect yourself, follow the recommendations in the Consumer Advisory alert from the Federal Reserve Bank below or consult with an attorney:

Here’s a video from Freddie Mac you can watch on YouTube about foreclosure scams……

Here’s an article from our local Sunday Oregonian on how to stay proactive when seeking a loan modification or facing foreclosure.

WATCH OUT FOR THESE FORECLOSURE RESCUE SCAMS

  • Lease-Back or Repurchase Scams – Be suspicious if someone offers to pay your mortgage and rent your home back to you.  This scheme often involves signing the deed to your home to the con artist.  The con artist may promise to sell your home back to you, but this may be very difficult under the terms of the contract. Signing over the deed gives the con artist the power to evict you, raise your rent, sell the house, or steal your equity.  You will still be responsible for your mortgage, so if the con artist stops paying your lender would have the right to foreclose on your home, and the foreclosure and any other problems would go on your credit record.
  • Refinance Fraud – Look out for people posing as mortgage brokers or lenders offering to refinance your loan so you can afford the payments.  Con artists may trick you into signing ownership of your home by saying that you are signing documents for a new loan. Signing over the deed to your home exposes you to the dangers described above.  Even if you are a victim of fraud, you could still lose your home.
  • Bankruptcy Schemes – Scams attempt to abuse the bankruptcy laws.  A con artist may ask you to give a partial interest in your home to one or more persons.  Each holder of a partial interest can then file bankruptcy.  The bankruptcy court will issue a “stay” order each time to stop foreclosure temporarily.  However, the stay does not excuse you from making payments or from repaying the full amount of your loan.  In another kind of scam, a con artist may offer to obtain refinancing or negotiate a payment plan with your lender.  If you make payments to the con artist, he or she may keep the money rather than pay the lender on your behalf.  The con artist may file a bankruptcy case in your name, without your knowledge, as a part of the scam. Bankruptcy laws provide important protections to consumers.  Scams can only temporarily delay foreclosure, and keep you from using bankruptcy laws legitimately to address your financial problems.  Signing over ownership of your home, or even partial ownership, can result in serious financial harm.

HOW TO PROTECT YOURSELF FROM SCAMS

  • Know what you are signing. Read and understand every document you sign.  If a document is too complex, seek advice from a lawyer or an approved, trusted financial counselor.  Never sign documents with blank spaces that can be filled in later.  Never sign a document that contains errors or false statements, even if someone promises to correct them later.
  • Get promises in writing.  Oral promises and agreements relating to your home are usually not legally binding.  Protect your rights with a written document or contract signed by the person making the promise. Keep copies of all contracts you sign.
  • Make your mortgage payments directly to your lender or the mortgage servicer.  Do not trust anyone else to make mortgage payments for you.
  • Be very careful about signing over your deed. Foreclosure scams often require you to sign over ownership of your home to a con artist or another third party.  Never sign over your deed without getting the advice of your own lawyer or other independent person that you know you can trust.  Understand the terms.  By signing over your deed, you lose your rights to your home and any equity.

If you have a complaint or question involving a national bank and cannot resolve it directly with the bank, contact the OCC’s Customer Assistance Group by calling (800) 613-6743, by e-mailing customer.assistance@occ.treas.gov,  by visiting www.HelpWithMyBank.gov. Or contact Oregon’s Department of Justice’s Consumer Protection Agency at oregon.gov’s website

Source: Federal Reserve Board

© Copyright 2008-2009 Betty Jung.  All Rights Reserved.  Use of this article, photos and images without permission is a violation of federal copyright laws.
Creative Commons License
ALL ABOUT…..Portland.Oregon.Real Estate by Betty Jung is licensed under a Creative Commons Attribution 3.0 United States License.
Based on a work at WordPress.

(For more local and national real estate news, click on my monthly newsletter – JUNG’S JOURNAL – on my website www.bettyjung.com).

Today’s price reductions/changes are about the same in number of listings reduced as we’ve been seeing.  Here’s a map for Q1 2009 from a recent Harvard Study showing price reduction levels throughout the U.S.house_prices_fallen_back_hardvard_study

Here are the price changes/reductions from July 3 to July 9, 2009 for the three areas my blog covers RMLS™#147 Lake Oswego and West Linn, RMLS™#148 West Portland and RMLS™#151 Tigard for single-family detached houses only.

Friday Facts –

Price Changes & Reductions

7-03-09 to 7-09-09

Bedrooms/Baths/Sq. Ft. New Price
RMLS #147-Lake Oswego
16584  Roosevelt Ave. 3/1/1188 $250,000
4705 Lakeview Blvd. 3/1208 $260,000
5341 Chinook Ct. 3/2/1120 $275,000
68 Touchstone 5/4.5/3148 $299,000
5 Peacock Pl. 4/2.5/1760 %299,950
37 Berwick Rd. 3/2/2198 $359,900
3009 Wembley Park Rd. 3/1.5/1754 $378,000
16824 SW Inverurie Rd. 3/3/1896 $379,900
19060 Indian Springs Cir. 3/2/1525 $379,999
5 Oriole Ln. 3/2.5/2024 $387,000
1651 Larch St. 4/3/2225 $389,000
12735 Alto Park Rd. 3/2/1685 $450,000
53 D Avenue 3/3/2211 $499,900
952 A Avenue 2/2/2912 $540,000
13500 Twin Creek Ln. 4/2.5/3049 $564,900
4691 SW Heritage Ln. 4/2.5/2882 $569,000
11 Cellini Ct. 5/3/3392 $569,950
5678 SW Charles Cir. 4/4/3455 $599,900
2888 Vale Ct. 5/3/4324 $649,000
4079 Coltsfoot Ln. 5/4/3308 $652,375
570 7th St. 4/2.5/2528 $665,000
1607 Pine St. 4/2.5/2943 $690,000
1322 Glenmorrie Dr. 3/3/2752 $695,000
5501 Rachel Ln. 4/2.2/3509 $699,900
13461 Streamside Dr. 4/2.5/3321 $724,900
4349 Lakeview Blvd. 4/3/3678 $749,900
14135 Edenberry Dr. 4/2.5/3174 $775,000
11 Hillshire Dr. 4/2.5/3415 $849,000
1985 Country Club Dr. 4/4/3414 $869,000
3030 Westview Ct. 4/2.5/3415 $879,000
1785 Palisades Terr. Dr. 5/4.5/5052 $879,000
975 Englewood Dr. 3/3.5/4085 $912,000
3940 Canal Rd. 4/3.5/3922 974,900
900 Fairway Rd. 4/3.5/3508 $993,500
17554 Greenbluff Dr. 4/4.2/5042 $1,449,900
13083 SW Knaus Rd. 5/4.5/4900 $2,295,000
4313 Westbay Rd. 4/3.5/4000 $2,495,000
RMLS#147-West Linn
2784 Sunset Ave. 2/1/735 $190,000
4340 Sussex St. 3/2/940 $194,900
1750 Willson St. 4/3/1896 $249,000
2025 Marylwood Ct. 4/2/2651 $299,000
1882 5th Ave. 3/2/1312 $324,997
3481 Cherokee Ct. 3/2/1668 $329,000
22491 Clark St. 4/2.5/2469 $334,500
1781 Buse St. 5/2.5/2804 $339,900
2913 Winkel Way 4/2.5/2451 $384,113
19877 Bennington Ct. 4/2.5/2320 $385,000
2914 Winkel  Way 5/3/2236 $390,775
2005 16th St. 3/2/2338 $399,000
1021 SW Borland Rd. 1/2/1698 $416,000
1955 Arena Ct. 4/2.5/2790 $449,999
1834 Joseph Fields St. 3/2.5/2573 $459,900
24464 SW Mountain Rd. 5/2/2732 $475,000
2922 Winkel Way 5/3.5/3075 $479,600
19151 Kantara Ct. 3/2.5/2328 $495,000
1812 SW Greenway Cir. 3/2.5/2328 $499,500
1975 Sunburst Terr. 4/2.5/2622 $499,900
23012 S Bland Cit. 7/3.5/4232 $525,000
3838 Fairhaven Dr. 5/3.5/3883 $595,000
6260 Haverhill Ct. 4/2.5/3456 $609,000
25665 Kimberly Dr. 5/3.5/4700 $699,900
3415 Crescent Dr. 5/3/3937 $724,900
21462 SW Saint James Pl. 6/5.2/11237 $969,950
23720 SW Stafford Hill Dr. 5/3.2/5105 $1,400,000
22903 S Bland Cir. 7/6.5/12230 $4,495,000
RMLS#148-West Portland
8307 SW 2nd Ave. 5/2.5/2522 $200,000
7804 SW Terwilliger 4/2/2156 $245,000
5402 SW Nevada Ct. 2/1/723 $249,900
7725 SW Stewart St. 3/3.2/1529 $249,999
5001 SW Vacuna St. 4/3/2015 $250,000
1263 SW Spring Garden St. 2/1/1692 $259,900
4115 SW Lobelia St. 3/2/1360 $275,000
3233 SW Spring Garden St. 3/2/1300 $299,000
5022 SW Pasadena St. 3/3.5/1803 $299,900
217 SW Nebraska St. 3/2/1214 $305,000
13458 SW 63rd Pl. 4/3/1760 $319,900
11218 SW 51st Ave. 3/2.5/1643 $329,900
2445 SW Roxbury Ave. 4/2.5/2163 $339,900
5215 SW 26th Dr. 3/2/1654 $345,000
6130 SW Radcliffe St. 4/2.5/2800 $375,000
4725 SW Canterbury Ln. 3/1.2/2220 $380,000
8910 SW Homewood St. 3/3/1747 $389,500
1610 SW Broadway Dr. 3/2/2179 $389,900
11707 SW 37th Ave. 4/2.5/2052 $407,500
5118 SW Richenberg Ct. 4/3/2320 $445,000
3117 SW Huber Ave. 4/2/2359 $449,000
8070 SW Maple Dr. 5/2.5/3494 $460,000
29 NW 107th Ave. 4/2.5/2647 $475,000
4651 SW Corbett Ave. 4/2/3012 $499,000
7060 SW 84th Ave. 5/3/2800 $499,000
3300 SW 98th Ave. 3/2/2611 $499,000
3822 SW Cullen Blvd. 4/2.5/2644 $524,900
8025 SW Laurelwood Ct. 4/2.5/3760 $529,900
802 SW Stephenson Ct. 4/3/3674 $589,950
8544 NW Ryan St. 4/3/3000 $595,000
2966 NW Cornell Rd. 3/1.5/3031 $599,900
1609 SW Joshua St. 4/3/3215 $649,900
3750 SW Council Crest Dr. 3/2.5/2587 $650,000
7552 SW La View Dr. 4/2.5/2800 $674,900
01725 SW Palatine Hill Rd. 5/3/3756 $699,000
2233 SW 21st Ave. 3/2/4292 $700,000
2384 SW Madison St. 3/2.5/3333 $700,000
2830 SW Fairmount Blvd. 4/4/3078 $760,000
5880 SW Ralston Dr. 3/2.5/2750 $769,000
2775 NW Pettygrove St. 3/2/2605 $775,000
10339 NW Langworthy Terr. 5/3.5/4549 $799,950
2860 NW Verde Vista Terr. 3/3.5/3150 $795,000-$823,000
7960 SW Laurel St. 4/2.5/3000 $875,000
2839 NW Fairfax Terr. 4/4.5/4685 $888,000
6895 SW Canyon Dr. 4/4/3899 $895,000
3413 NW Savier St. 4/3/4065 $929,000
10915 NW Zermatt Ct. 4/3.5/4392 $1,095,000
2190 SW Kings Ct. 5/3.5/4441 $1,097,000-$1,175,000
604 NW Marlborough Ave. 3/2.2/3924 $1,175,000
11706 SW Riverwood Rd. 3/2.5/2558 $2,350,000
RMLS #151 Tigard
12550 SW Prince Albert St.. 2/1/1040 $179,900
14625 SW 89th Ave. 3/1.5/1008 $199,900
15885 SW Oak Meadow Ln. 2/2/1226 $209,900
9227 SW Martha St. 3/2/1560 $239,000
13789 SW Ashbury Ln. 3/2.5/2064 $264,900
7416 SW Cedarcrest St. 3/1/1380 $264,998
13529 SW Liden Dr. 4/2.5/2827 $329,500
14305 SW 100th Ave. 3/2/2754 $349,000
9136 SW Hill St. 3/3/1911 $350,000
15364 SW Greenfield Dr. 5/2.5/3262 $359,500
13950 SW Venezia Ter. 4/2.5/2469 $369,000
10360 SW Highland Dr. 2/2/1242 $369,500
15955 SW Queen Victoria Pl. 2/2/1632 $379,500
11470 SW Jackie Ct. 4/2.5/3242 $379,900
11670 SW Bull Mountain Rd. 3/1.5/1500 $399,500
13725 SW Hathaway Terr. 5/3.5/3454 $404,900
12876 SW Da Vinci Ln. 3/3.5/3353 $414,900
13086 SW Hazelcrest Way 5/3/3460 $425,000
14533 SW 128th Pl. 4/4/3658 $449,900
15380 SW Oak Valley Terr. 7/4.5/4971 $599,900
13933 SW High Tor Dr. 5/3.5/3400 $615,000
15567 SW Burgundy St. 4/3.2/4339 $698,000
Source:  RMLS

© Copyright 2008-2009 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.

Creative Commons License
ALL ABOUT…..Portland.Oregon.Real Estate by Betty Jung is licensed under a Creative Commons Attribution 3.0 United States License.
Based on a work at WordPress.

(For more local and national real estate information, go to www.bettyjung.com).

We’ve had hot weather lately and now’s the time to pay attention to that air conditioner in your home.  In addition, kids are out of school energy_star_logoand that refrigerator door will be opening more, there may be more laundry not to mention more dishes.  With all the “green” talk, there are actually five energy guzzlers and since everyone is looking for ways to cut costs,  with some minor adjustments this summer, you can cut back and save money at the same time.  Here are some tips from the Energy Star website:

Your home’s heating, ventilation and air conditioning (HVAC) system is the worst offender. Most households employ some sort of climate control 24 hours a day, seven days a week throughout both the hottest and coldest parts of the year. In fact, heating and cooling represent 50% of the average household’s annual energy bill, a total of $1,175.

How to cut your bill: Program the thermostat so that the HVAC system doesn’t have to work as hard while you’re at work or asleep. By Energy Star estimates (This story was originally published on AOL on August 18, 2008), you’ll save $180 annually by reducing the temperature by just two degrees in the winter, and adjusting the air-conditioner two degrees higher in the summer.  Now’s also the time to make sure everything is working properly by having the air conditioning system and your heating system serviced.

Your water heater works around the clock to provide enough hot water for showers, laundry and dishes, among other things. As a result, it represents 13% — the second-biggest chunk — of your annual energy bill. That’s $305.50 for the average household.

How to cut your bill: Dial down the heater’s temperature to 120 degrees from the standard 140 degrees. That’s a perfectly adequate temperature for all the hot-water needs in your household. Lowering the temperature 20 degrees reduces your annual bill by 6% to 10%, or $18 to $30. Another trick: Wash clothes in cold water only. That alone can cut your bill by another $73 a year while keeping your clothes just as clean.

Is your refrigerator running?  It periodically cycles up to draw maximum watts and keep the temperature consistent. Worse, it does so each time someone opens the refrigerator door for an extended period of time. The fridge accounts for 5% of your annual energy bill, or $117.50 for the average household. Expect to pay twice that if you’re one of many consumers who use an ancient, inefficient model for spare food storage in the garage or basement.

How to cut your bill: A refrigerator cycles on less frequently if the coils beneath and behind the unit remain clean and dust free. Keeping the fridge at a moderate temperature (36 to 38 degrees, not lower) helps, as does regularly defrosting the freezer to eliminate ice buildup on the interior coils. Got a second fridge that’s been around for more than a decade? Recycle it. One bigger fridge is more efficient than two smaller ones. Plus, you’ll knock out the $150 or more in annual energy bills.

A dryer can’t earn the Energy Star label right now. There just isn’t enough information about what makes one more or less efficient than another. Washers and dryers collectively account for 6% of your annual energy bill with the bulk of that amount coming from the dryer. That’s $141 for the average household.

How to cut your bill: Splurge for the most energy-efficient clothes washer you can afford. A more efficient washer wrings more water from your clothes, cutting drying time in half. If you can’t afford a new major appliance, be sure to use your dryer’s moisture sensor settings.  It’ll turn off as soon as the clothes are dry. Cut your drying time in half, and you’ll cut your bill in half, too.

Loading up the dishwasher may be more efficient than hand-scrubbing, but it comes with a convenience fee. Dishwasher use represents 2% of your annual energy bill, or roughly $47.

How to cut your bill: Let dishes air dry instead of using the drying feature which doubles the appliance’s power draw. That simple move could reduce your bill by $20.

Source: Energy Star

© Copyright 2008-2009 Betty Jung.  All Rights Reserved.  Use of this article, photos and images without permission is a violation of federal copyright laws.
Creative Commons License
ALL ABOUT…..Portland.Oregon.Real Estate by Betty Jung is licensed under a Creative Commons Attribution 3.0 United States License.
Based on a work at WordPress.

(For more local and national real estate news, click on my monthly newsletter – JUNG’S JOURNAL – on my website www.bettyjung.com).

RMLS™ LOCKBOX STATS

These stats represent showing of houses and how many times lockboxes were opened for those showings.  In Oregon, May was the high point with nearly 109,000 opens (of lockboxes).  For the year so far, total, there were 5RMLS_Stats20,900 lockbox opens.  Here’s a chart showing how it looks mid-way through 2009.June_RMLS_lockbox_stats

Comparing Supra lockbox openings by RMLS™ subscribers between June 15, 2009 and June 28, 2009 there was a 7.7% increase in Oregon from the previous week.

These numbers should be interesting to watch as we head into the typically hot summer months of July and August.

OREGON FINANCING UPDATE

*****Somewhere this post got lost in cyberspace so I apologize for the lateness of it.  However, there’s still some important information you should know*****.

GUEST AUTHOR:bob-ciodo-pic

Bob Chiodo, CFP

Equity Home Mortgage, LLC

bobchiodo@equityhome.com

*Estimated rates for the week of June 29, 2009

  • 30 year conforming=5.125 – 5.250
  • 30 year jumbo=5.75 to $600k
  • 7/1 ARM=4.875 – 5.125   conforming and jumbo
  • FHA/VA=5.25 – 5.50
  • OR VA=4.99 w/1.50 or 5.125 w/1.00

Rates are trading in a new range of 5.25 – 5.75%. Hopefully, we will see this continue although there is more pressure for rates to increase than to decrease. Economic reports remain mixed and that ’s helping to keep the rate market range bound. However, it’s nice to see that the Oregon VA loan program is back with competitive rates. Remember that the OR VA loan uses regular mortgage insurance unlike the Federal VA’s funding fee (and they don’t lend to 100%).

For a little historical perspective, I just reviewed a rate sheet from June of last year. FHA rates were at the 6.50% level. That’s over a  point higher than today – and they could be a full point higher this time next year. Sounds like the time to buy to me.

We are all still dealing with the problems of the HVCC. Although turn times have improved, we are still seeing a lot of issues with values and conditions. We knew this was going to occur but the issues don’t seem to be getting better. There is a large group of industry professionals who are trying to reverse HVCC.  For more information and to review the petition, go to this web site  http://www.hvccpetition.com/ If everybody signs on, maybe we can get some positive changes made.

And from those who brought us the HVCC, we are due for yet another new round of regulations. The Housing and Economic Recovery Act is set to become effective at the end of July. The Act revises the Truth in Lending Act’s disclosure requirements.  The outcome of the new regulation will require more disclosure, more paper, and could, in a few situations, cause delays in closing transactions. In addition to loan disclosures still being sent out within three business days of taking an application, the new rules require that the transaction cannot close before 7 days if these disclosures are mailed. This rule shouldn’t pose much of a problem since most transactions have 30 days to close.  What could cause a delay is that if the APR changes by more than .125%. If that occurs, new disclosures would need to be sent again and the transaction can’t close within 3 days from the receipt of the new disclosures. So if things change and the disclosures are mailed, we’re back at the 7 days before closing rule. We are just getting familiar with these guidelines and I’m certain we will all here more about them.

A couple of things that we all can do to help make our transactions go more smoothly……get borrowers pre-approved as soon as possible, make sure the borrowers choose the financing arrangement earlier in the transaction, and get the borrowers to lock the loan early on too. Changing loan programs, changing the rate and points at the time of locking the loan, and loan amount changes could cause the APR to change and trigger the re-disclosure rule. More later.

Have a great week and Happy Fourth of July!

*Rates quoted are for the use of Realtors® and others in the real estate/financial service industries. They are not meant to be a quote for an individual situation. Rates change daily and those above are only listed to assist market participants by keeping them informed of current interest rates. Credit scores, down payment, and other risk related issues may change the rate. Quotes are usually shown for a 30 day lock period and a 1% origination or discount fee.

© Copyright 2008-2009 Betty Jung.  All Rights Reserved.  Use of this article, photos and images without permission is a violation of federal copyright laws.
Creative Commons License
ALL ABOUT…..Portland.Oregon.Real Estate by Betty Jung is licensed under a Creative Commons Attribution 3.0 United States License.
Based on a work at WordPress.

(For more local and national real estate news, click on my monthly newsletter – JUNG’S JOURNAL – on my website www.bettyjung.com).

Today is Realtors® Property tour and these properties are either new listings, properties that have been “refreshed” by the agent (taken off the market and given a new RMLS™ number when placed back on the market), listings with price changes and placed back on property tour, properties that had sales and now have sale failed and come back on the market for sale, or those properties that expired and are being relisted.

It’s a very short list this week and many of these properties have been on Realtors® property re-tour each week for the past several weeks.  This week there are some listings posted as being single family detached while at the same time posted a second time as being an attached property listing, a RMLS™ “no-no”.  There are some real estate agents who never place their listings on property tour either.

The property tour list in the last month or two has been getting shorter.  Inventory declining?  Sellers getting frustrated and not relisting or not placing their houses on the market for sale?  Our June RMLS™ stats will be out this next week or Friday at the earliest and then we’ll see how our market is doing once again.

My recent poll on whether you would buy a home in Oregon today if there was a $15,000 tax credit has resulted in 7 votes with 71% indicating they would buy a home if the $15,000 credit were in place. Please continue to vote at your leisure. You can do so by going to the “Polls” category in the side bar. My thank you to those who have voted thus far.

Also, Bob Chiodo’s Oregon Financing Update post got lost in cyberspace but appeared in my email last night and will be posted tomorrow albeit late. So look for it here then.

I do sell and list properties throughout Portland and all of our metro areas, however, I had decided early on to focus my blog on only three areas. As always, therefore, this list is for single-family detached housing in RMLS™ 147 Lake Oswego and West Linn, RMLS™ 148 West Portland and RMLS™ 151 Tigard:

REALTORS’ Tuesday Property Tour 7/7/2009

Price Bedrooms/Baths/Sq. Ft.
Lake Oswego #147:
12537 SW 27th Pl. $369,000 4/2.5/2375
13024 Roger Rd. $369,900 4/1/1826
13899 Majestic Ct. $399,900 3/2/2357
28 Preakness Ct. $435,000 5/4/2871
5644 Windfield Loop $450,000 3/3/1964
14371 Sherbook Pl. $509,900 3/2.5/2550
5709 Charles Cir. $593,500 4/2.5/2854
691 G Ave. $639,000 3/2.5/2775
2704 Orchard Hill Ln. $649,000 5/3/3207
5218 Westfield Ct. $765,000 3/2.5/3083
13311 Leslie Ct. $1,579,000 4/4.5/5601
West Linn #147:
6035 Skyline Dr. $299,999 3/2/1784
1950 Pinto Ct. $472,200 4/2.5/3413
3820 Kenthorpe Way $549,900 4/2.5/2590
1371 Sky Pkwy $639,000 4/3.5/3884
3054 Sabo Ln. $645,000 4/2.5/3901
3410 Cascade Terr. $879,000 4/3.5/4157
3100 S Brandywine Dr. $1,595,000 4/4.5/9189
West Portland #148:
4735 SW Shattuck Rd. $299,000 3/1.5/1646
4589 SW Caldew St. $319,000 3/2/1438
5211 SW Texas St. $329,900 4/2/2098
9503 SW 52nd Ave. $334,900 4/2/1780
8435 SW 74th Ave. $334,900 4/2/1732
1809 SW Custer St. $415,000 3/2.5/1882
1655 SW Sunset Blvd. $439,900 3/2/2684
6605 SW Capitol Hwy. $374,900-$449,900 4/3.5/2415
9181 SW 75th Ave. $479,950 4/3/3082
9730 SW Imperial Dr. $499,000 2/2/1821
8035 SW Ruby Terr. $514,900 6/2/4111
2440 SW 75th Terr. $539,900 3/2.5/2434
530 SW Cheltenham St. $549,900 4/2.5/2824
7608 SW Hood Ave. $599,000 3/3/3442
3825 SW 54th Pl. $599,000 4/2.5/2884
3945 NW  Sunset Cir. $684,500 5/4/4088
7552 SW La View Dr. $695,000 4/2.5/2800
2580 SW Buckingham Ave. $699,000 4/3.5/5447
5266 SW Dosch Rd. $747,000 4/2.5/3948
2224 NW Pinnacle Dr. $799,900 4/3.5/4574
3309 SW Stonebrook Dr. $829,900 4/3/3545
1811 NW Cedar Ridge Dr. $1,175,000 4/3.5/5005
Tigard #151:
16795 SW Queen Mary Ave. $245,000 2/2/1438
16355 SW Royalty Pkwy $260,000 2/2/1355
10405 SW Hillview St. $305,000 3/2/1610
12991 SW 116th Pl. $330,000 4/2.5/1931
15440 SW 114th Terr. $349,900 5/2.5/3451
9203 SW 75th Ave. $479,950 4/3/3059
Source:  RMLS

© Copyright 2008-2009 Betty Jung.  All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.

(For more national and local real estate information, go to my website at www.bettyjung.com)

If you thought money from President Obama’s 2009 American Recovery and Reinvestment Act was earmarked for larger states or cities,Photo from Microsoft Officeyou can look at Lake Oswego’s “shovel ready” street rehabilitation projects scheduled for this Fall and into 2010, and know those projects are a result of stimulus funds.

Two inches of existing pavement will be replaced with two inches of new pavement at 37 different locations in Lake Oswego. All work will be accomplished between 7 a.m. and 6 p.m.  When you find yourself sitting in traffic as a result of those scheduled projects, just know your tax dollars are at work.

If you want to know specific project information and which streets to avoid this Fall, you can go to the engineering pages of the City’s website.

© Copyright 2008-2009 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.

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ALL ABOUT…..Portland.Oregon.Real Estate by Betty Jung is licensed under a Creative Commons Attribution 3.0 United States License.
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The other evening on our local news there were two stories about buyers who were distraught and disappointed in buying houses property-for-salewith short sales. One woman had made an offer on a short sale in one of Portland’s bedroom communities.  She waited 6 months with no response from the lender.  The story continued to say how traumatic it was for her and that she’d never do that again.  The other was a story about how the buyer got all the way to the closing table and the lender pulled her offer to accept a better offer at the last minute.   The reports went on to suggest that their situations were unusual.

Their situations are far from unusual.   Short sales require a tremendous amount of patience by all parties. Particularly if you are on a deadline, a short sale may not be the right option for you as there are no guarantees it will ever close or close on your timetable.  If you are a buyer wishing to take advantage of the current first-time buyer tax credit you may be running out of time to make the deadline as short sales can take up to 6 months, or longer, or not at all.   I think short sales are catching buyers off guard because they don’t fully understand what a short sale is and how the process works.

A short sale basically consists of two agreements. One is the buyer’s offer accepted by the seller and the other is the agreement between the seller and his creditors/lender(s).  Just because your offer was accepted by the seller doesn’t mean the lender will accept any loss or a reduction of the seller’s payoff at closing and your transaction is at the mercy of the lender.   The lender is not a part of any agreements between the buyer and seller. However, if the seller has negotiated successfully with his lender and/or creditors, closing should occur.  As you know, however, not all lenders want the loss, or they want to lessen their loss and in many cases haven’t negotiated with sellers at all. And, yes, some lenders aren’t even responding to offers.  I personally feel one of the problems has been that lenders are swamped by requests and have been unable to handle the backlog resulting in lots of problems and headaches for all involved.  The negotiations between the lender/creditors and the seller, and not in the sales agreement negotiations with a buyer, are where most of the problems develop.  It speeds up the process when the seller and/or their listing Realtor® has accurately prepared and submitted the short sale package required to the lender in advance.

Buyers seem to misunderstand that once they’ve made an offer and it has been accepted by the seller, that it’s a “done deal”.  The lender doesn’t have to consent to a short sale and can withhold consent up to closing.   Most houses with short sales continue to stay on the market and receive multiple offers.  The short sale contingency only gives the seller time to negotiate any loss with his creditors/lenders. Whether or not the house closes depends upon the successful completion of negotiations between the creditors and the seller and the seller’s satisfaction of that agreement.  Lots can happen before the deed gets recorded and ownership is transferred to a new buyer in every day transactions.   When there’s a short sale, agreements between buyers and sellers don’t guarantee the transaction will ever get to closing or that transfer of title to the buyer will occur.

Buying a short sale can be a stressful experience.  A short sale needs to be monitored by all parties to result in a closing.  I have taken the CDPE – Certified Distressed Property Expert – classes and have sold short sales.  Make sure your agent has the experience and education required to successfully close a short sale transaction for you.

Source: Oregon Association of Realtors®.

© Copyright 2008-2009 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.

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ALL ABOUT…..Portland.Oregon.Real Estate by Betty Jung is licensed under a Creative Commons Attribution 3.0 United States License.
Based on a work at WordPress.

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In 2005, I toured the house on Arch Street.  The brick rowhouse, with alternate glazed bricks, is a two and a half story, eight-room rowhouse whose design was influenced by English Quakers.  It’s the kind of house that the middle class would have lived in and was originally built in 1740 with a later rear addition.  The rowhouse was restored in the 1930s to its 1773-1785 era.  Its facade was constructed using a Flemish bond pattern of bricks of black headers and red runners.  With memories of the devastating fire of London in 1661, the Quakers decreed all the houses built would be of brick, rather than wood.The_Betsy_Ross_House_001

It’s a small house.  My feet aren’t overly large, but the steps going up were about half the size of my foot, its narrow staircase leading to tiny rooms.  Its occupants must have been of small stature as the rooms aren’t very large, yet one of the residents’ daughters and her six children came to join the people who rented and lived in the house.  Standing in one particular room, I actually got “goose bumps”.  Because you see, it’s the Betsy Ross House - actually Elizabeth Griscom Ross Ashburn Claypoole’s house born January 1, 1752.

The house sits just a couple of blocks from the Delaware River wharfs, north of Independence Hall where our founding fathers signed our Declaration of Independence and our country was born.  Walking towards the house you pass the resting spot of the Liberty Bell and past the cemetery where Benjamin Franklin and many other notable citizens are buried.  In the opposite direction you have Elfreth’s Alley, our nation’s oldest residential street and site of historic row houses, only two blocks away.

sb_2B_3_bg

"The Birth of Our Nation's Flag" by Charles H. Weisgerber

Although she may have been small in build, Betsy Ross was huge in historical significance.  Not only was she a single woman, a working class businesswoman who owned her own upholstery business and an entrepreneur in colonial America during the 18th century’s Revolutionary period, she was also the woman who was commissioned by George Washington to sew the first American flag.  At least so the story goes because there is no known historical document stating that as fact but was only a family story passed down through the generations.  The personal story of Betsy Ross actually was a sad one.  To read more about her life here’s a link to this remarkable woman.

This July 4th, while Americans recognize and celebrate collective achievements such as the writing of the Declaration of Independence or the victory in the Revolutionary War, it is individual accomplishments that are cherished the most.  Thomas Jefferson’s, George Washington’s and Betty Ross’ contributions defined the course and meaning of history.   When we view the flag, we think of liberty, freedom, pride and Betsy Ross.  The American flag flies on the moon, sits atop Mount Everest, and is hurtling out in space.  The flag is how America signs her name. It is no surprise that Betsy Ross became one of the most cherished figures of American history and I felt honored to have toured her home.

Facts About Our First Flag

What do the red, white, and blue of the flag represent? The Continental Congress left no record to show why it chose the colors. Betsy_Ross_flagHowever, in 1782, the Congress of the Confederation chose these same colors for the Great Seal of the United States and listed their meaning as follows: white to mean purity and innocence, red for valor and hardiness, and blue for vigilance, perseverance, and justice. According to legend, George Washington interpreted the elements of the flag this way: the stars were taken from the sky, the red from the British colors, and the white stripes signified the secession from the home country. However, there is no official designation or meaning for the colors of the flag.circle_of_stars

Why are the stars in a circle? The stars were in a circle so that no one colony would be viewed above another. It is reported that George Washington said, “Let the 13 stars in a circle stand as a new constellation in the heavens.”
If Betsy sewed the flag, who designed it? Betsy Ross’ daughter, Rachel Fletcher, testified in 1870, the following: “[The committee] showed her [Betsy Ross] a drawing roughly executed, of the flag as it was proposed to be made by the committee, and that she saw in it some defects in its proportions and the arrangement and shape of the stars. That she said it was square and a flag should be one third longer than its width, that the stars were scattered promiscuously over the field, and she said they should be either in lines or in some adopted form as a circle, or a star, and that the stars were six-pointed in the drawing, and she said they should be five pointed.”
Why would Betsy Ross be chosen to make the flag? It was usual in that day for upholsterers to be flag makers. As Betsy Ross prayed in the pew next to George Washington and had already sewn buttons for him, and she was a niece of George Ross, it is not exceptional that these members of the Flag Committee formed by the Continental Congress would call upon Betsy Ross to make the flag.
Where is the first flag? No one knows what happened to the first flag. Very few flags from that time have survived.
(All photos from the Betsy Ross House,  Elfreth’s Alley, Independence Hall and U.S. History websites.)

© Copyright 2008-2009 Betty Jung.  All Rights Reserved.  Use of this article, photos and images without permission is a violation of federal copyright laws.

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ALL ABOUT…..Portland.Oregon.Real Estate by Betty Jung is licensed under a Creative Commons Attribution 3.0 United States License.
Based on a work at WordPress.

(For more local and national real estate information, go to www.bettyjung.com).

Today’s price reductions/changes are once again impressive.  All areas had an increase in the number of listings within the past week that have hadDO NOT COPY Betty Jung paid for this photo price changes/reductions.

Here are the price changes/reductions from June 26 to July 2, 2009 for the three areas my blog covers RMLS™#147 Lake Oswego and West Linn, RMLS™#148 West Portland and RMLS™#151 Tigard for single-family detached houses only:

Friday Facts –

Price Changes 6-26-09 to 7-2-09

Bedrooms/Baths/Sq. Ft. New Price
RMLS #147-Lake Oswego
15868 Parker Rd. 2/1/780 $177,500
16584 Roosevelt Ave. 3/1/1188 $259,999
13561 SW 62nd Ave. 3/1.5/1594 $289,900
16501 Lake Forest Blvd. 3/1/1429 $299,900
14431 Sherbrook Pl. 4/3/2605 $299,950
5 Peacock Pl. 4/2.5/1760 $305,000
800 Woodway Ct. 4/3/2066 $325,000
839 F Ave. 3/1/1516 $350,000
13024 Rogers Rd. 4/1/1826 $369,900
37 Berwick Rd. 3/2/2198 $379,900
17650 Arbor Ln. 3/3/2043 $379,900
13899 Majestic Ct. 3/2/2357 $399,900
44 DaVinci St. 4/2/2005 $419,000
2062 Cedar Ct. 3/2/1800 $449,000
6110 Childs Rd. 4/3/3258 $499,000
1025 C Ave. 3/2/2261 $499,900
745 4th St. 3/2/2662 $500,000
4959 Bilford Ln. 3/2.5/2456 $519,000
400 Lake Bay Ct. 3/2.5/1680 $529,000
5382 Royal Oaks Dr. 4/2.5/2970 $560,000
475 10th St. 4/2.5/2932 $593,950
17393 Grandview Ct. 4/3.5/3672 $624,900
17764 Kelok Rd. 4/3/2729 $629,000
17017 Canal Cir. 3/2.5/2665 $574,900-$649,876
246 Greenwood Rd. 3/3/2125 $650,000
51 Hillshire Dr. 4/2.2/4306 $769,000
730 8th St. 4/3/2395 $769,000
730 E Ave. 4/0.3/4176 $779,000
2886 Upper Dr. 3/2/2674 $797,000
2688 Rivendell Dr. 4/3/3720 $810,000
511 6th St. 5/3.5/4000 $896,950
100 Garibaldi St. 5/3.2/4669 $999,900
17178 Cedar Rd. 5/3.5/4209 $1,095,000
1584 Oak St. 3/3/3674 $1,100,000
2707 Southshore Blvd. 3/3.5/3200 $1,699,999
RMLS#147-West Linn
2621 York St. 2/1/810 $175,000
1249 14th St. 2/1/1924 $199,900
4696 Bittner St. 3/1/1068 $209,900
5797 Perrin St. 4/2.5/2755 $275,000
4406 Riverview Ave. 4/2/1776 $279,000
4269 Riverview Dr. 3/2.5/2274 $285,000
5801 Skyline Dr. 3/2/2224 $329,000
1769 Regency St. 3/2/1664 $344,900
2151 Clubhouse Dr. 3/3/2193 $350,000
2410 Donegal Ct. 3/3/2742 $350,000
3486 Ponderosa Loop 4/2.5/2453 $380,000
6106 Churchill Downs Dr. 3/2.5/2816 $409,000
2900 White Salmon St. 4/2.5/2570 $447,900
2003 Conestoga Ln. 4/2.5/3046 $468,000
6647 Apollo Rd. 4/2.5/3316 $468,900
24464 SW Mountain Rd. 5/2/2732 $499,900
2978 Winkel Way 5/4/3602 $539,378
3427 Ponderosa Loop 4/2.5/2982 $559,000
19783 Wildwood Dr. 3/3/3334 $625,000
20425 Willamette Dr. 5/3.5/6828 $688,000
4700 Summer Run Dr. 5/3.5/5358 $699,900
2101 Peregrine Ct. 5/3.5/5000 $699,000-$750,000
21467 Waterford Pl. 4/2.5/4000 $879,000
30950 SW River Lane Rd. 4/3.5/5200 $1,250,000
2490 SW Schaeffer Rd. 5/7.2/8234 $2,499,000
25020 SW Valley View Rd. 4/6.5/9697 $3,395,000
22903 S Bland Cir. 7/6.5/12230 $4,950,000
RMLS#148-West Portland
10153 NW 107th Ave. 3/1/1566 $149,900
5309 SW Vacuna 2/1/888 $161,900
9514 SW 50th Ave. 3/1/960 $215,000
529 SW Taylors Ferry 3/1.5/1440 $259,900
4412 SW Shattuck Rd. 3/2/2016 $259,900
9283 SW 3rd Ave. 3/1/1944 $274,900
3219 SW Hume St. 2/1/2043 $279,900
9130 SW 14th Ave. 3/2/1254 $289,000
8039 SW Colin Ct. 3/3/1850 $299,900
4608 SW Vacuna 4/3/1804 $309,800
8575 SW Cedarcrest St. 3/2.5/1344 $315,000
5016 SW Buddington St. 3/2.5/1498 $319,900
7135 SW 54th Ave. 4/3/2828 $339,000
8311 SW 10th Ave. 4/2.5/2700 $349,900
7450 SW 51st Ave. 4/3/2608 $359,000
2807 SW Plum Ct. 6/3/2680 $359,900
8906 SW 35th Ave. 4/3/2434 $362,500
5442 SW Seymour Ct. 4/2.5/2678 $374,900
2033 SW Primrose St. 3/2/2186 $377,900
5105 SW Garden Home Rd. 4/3/2604 $379,000
6952 SW Arranmore Way 3/2/2168 $395,000
2920 SW Luradel Ln. 4/3.5/2647 $419,000
205 SW 97th Ave. 4/2.5/2992 $425,000
2015 SW Warwick Ave. 5/3/3130 $440,000
5730 SW Hamilton 5/3/3354 $464,900
5457 SW Martha Terr. 4/3/3126 $475,000
8560 SW Cecilia Terr. 4/2/2600 $479,900
3928 SW Hewett Blvd. 4/3.5/2220 $499,000
8025 SW Ruby Terr. 6/2/4111 $514,900
4651 SW Corbett Ave. 4/2/3012 $529,000
4455 SW Laurelwood Ave. 4/3/3848 $539,000
12504 SW Riverside Dr. 4/3.5/4178 $546,900
5544 SW Jefferson St. 5/3/3174 $549,000
10304 NW Thompson Rd. 4/3.5/3810 $569,000
1639 SW Joshua St. 3/3/2766 $579,900
2233 SW Boundary St. 3/2.5/2682 $599,000
7608 SW Hood Ave. 3/3/3442 $599,000
2785 SW West Point Ave. 5/3.5/3994 $599,000
1212 SW Falcon St. 4/2.5/3330 $599,900
3151 SW Sherwood Pl. 4/3/3659 $640,000
1410 SW Midvale Rd. 4/3/4161 $649,000
1527 SW Joshua St. 3/2.5/3515 $659,900
1870 SW Palatine Hill Rd. 4/2.5/3450 $674,500
4141 SW Condor Ave. 4/3.5/3103 $699,000
262 NW Royal Blvd. 3/3/3954 $699,900
3155 Cascade Terr. 3/2.2/3100 $721,950
102029 NW Skyline Heights Dr. 5/3.5/4321 $725,000
8505 NW Timber Ridge Ct. 4/3.5/4358 $729,000
5400 SW Burton Dr. 3.2,5.2535 $729,900
5620 SW Hewett Blvd. 3/2.5/2914 $739,000
5608 SW Sweetbriar St. 3/3/3297 $749,000
6315 SW Dolph Dr. 6/3.5/4909 $785,000
226 SW Florida St. 3/3.5/3530 $1,099,000
01875 SW Palatine Hill Rd. 5/4.5/5132 $1,995,000
1717 SW Radcliffe Rd. 5/4.2/6856 $1,995,000
RMLS #151 Tigard
16065 SW Queen Victoria Pl. 2/1/900 $165,000
10550 SW Hall Blvd. 3/2/1034 $199,985
9390 SW Inez St. 3/3/2075 $229,900
10449 SW Keri Ct 3/2/1229 $239,000
12856 SW Overgaard St. 2/2/1276 $239,000
7505 SW Crestview St. 4/2/2898 $249,000
14060 SW 80th Ct. 3/2.5/1596 $249,900
10605 SW Windsor Ct. 3/1.2/1767 $259,000
8370 SW Steve St. 3/2/1548 $279,000
16595 SW Queen Mary Ave. 2/2/1620 $284,999
15651 SW Wintergreen St. 3/2.5/1773 $289,500
11820 SW James Ct. 3/2/1460 $305,000
12917 SW 153rd Terr. 4/2.5/1940 $319,900
11265 SW Morgen Ct. 3/2/2181 $319,900
17223 SW Sonnet Way 3/2.5/2598 $329,000
14305 SW 100th Ave. 3/2/2754 $339,000
11030 SW 74th Ave. 3/2/1818 $349,900
13615 SW 124th Ave. 4/3/3311 $350,000
11422 SW Laurel Glen Ct. 5/2.5/2550 $265,000
10360 SW Highland Dr. 2/2/1242 $369,000
15955 SW Queen Victoria Pl. 2/2/1632 $379,000
11470 SW Jackie Ct. 4/2.5/3242 $389,900
13746 SW 130th Pl. 5/3.5/3365 $399,999
13948 SW 159th Terr. 4/2.5/2484 $409,500
14196 SW 97th Ave. 4/3/2909 $419,000
12822 SW Morningstar Dr. 5/3/3561 $419,900
12755 SW Da Vinci Ln. 5/3.5/3507 $435,000
14920 SW 161st Ave. 3/2/2480 $448,900
13899 SW 95th Ave. 3/3/2438 $463,000
14600 SW 164th Ave. 4/2.5/2675 $464,900
13877 SW 95th Ave. 4/2.5/2606 $475,000
7041 SW Ash Creek Ct. 4/2.5/2623 $489,000
13389 SW Ascension Dr. 4/2.5/3115 $495,000
13273 SW Maplecrest Ct. 4/2.5/2783 $499,000
13229 SW Maplecrest Ct. 3/2.5/2776 $499,900
13585 SW Rhett Ct. 4/2.5/3150 $499,950
9680 SW Omara St. 5/2/3813 $528,000
13369 SW 129th Ave. 3/2.5/3945 $529,000
7261 SW Shady 3/2.5/2808 $549,000
7157 SW Ash Creek Ct. 5/4.5/3263 $559,000
14599 SW 128th Pl. 5/4.5/4500 $799,000
Source:  RMLS

© Copyright 2008-2009 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.

Creative Commons License
ALL ABOUT…..Portland.Oregon.Real Estate by Betty Jung is licensed under a Creative Commons Attribution 3.0 United States License.
Based on a work at WordPress.

(For more local and national real estate information, go to www.bettyjung.com).

I recently read this article in the City of Tigard’s July Cityscape monthly newsletter. It’s a reminder of what not to do or what you shouldj0433270 be doing in regards to those fireworks.  So many people needlessly are killed or injured during this holiday.  That shouldn’t happen if you take the care necessary.  Certain fireworks are illegal in Oregon, but with Washington at the edge of our state and where fireworks are legal, people go over there to buy them.

This holiday, however, I’m also reminded to keep your pets indoors and safe.  Many years ago my cat ran away on July 4th.  She was gone for 2 years and 10 months – yes, you read correctly, 2 years and 10 months and then one day just came home.  I never even got a postcard while she was gone…….She’s already used up 5 of her 9 lives (some stories you wouldn’t believe) so I keep her indoors over this holiday.  She loves going outside and chasing bugs, jumps in the air, rolls in the grass and she’s going on 23 years old!  I inherited her by default and I guess she’s decided to stay put now.

Keep everyone safe, including yours pets, this holiday.

2009-07-01_1216

Source: City of Tigard

© Copyright 2008-2009 Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.

Creative Commons License
ALL ABOUT…..Portland.Oregon.Real Estate by Betty Jung is licensed under a Creative Commons Attribution 3.0 United States License.
Based on a work at WordPress.

(For more local and national real estate information, go to www.bettyjung.com).

HOW TO CONTACT BETTY JUNG

503-495-5220 or email:bettyjung@remax.net

Betty Jung
Real Estate Broker
Realtor, ABR, CRS, GRI, CNHSS

"Successfully Selling Real Estate Since 1975!"

RE/MAX equity group, inc.
(Each Office Independently Owned & Operated)

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