Inspections

I am often asked what a lender inspection is. It means that the company providing the mortgage (Bank, or lender) will send someone to look at the property you are going to purchase or refinance. They do this to be sure that the property is worth the amount of the proposed loan. There are many factors involved in determining the value. This is called an appraisal.

House or Condo: Which is a better Investment

Get the question as to whether a house or a condo would be a better investment.
The answer depends on what is meant by ‘investment’. Do you mean a place that you will live in while it appreciates in value?  If so, a house in a decent neighborhood, that is properly maintained, will appreciate better than a condo. But if you mean a place that you will rent out to a tenant, then the answer is not quite so clear.

Much depends upon the location. There are plenty of tenants who want to be close to public transportation, or schools, or a certain college, etc., so if you could find a resale condo for the right price, that would leave you with a positive cash flow after all the costs are considered, then this would be the best choice. Real estate appreciates because of improvements, neighborhood conditions, supply and demand. These things will all affect all types of residential real estate. The best thing is to work with a Vancouver/Portland Realtor in the area you are interested in because that real estate professional knows the area better than anyone.

Home Prices Holding Up for Now

According to experts, one of the remarkable aspects of today’s real estate market nationwide, is the strength of the median price, up slightly over a year ago. The median price in July, 2010 was $182,600, and when you factor in the slowdown in sales volume, since the home buyer tax credit ended, the resiliency in pricing is a positive one. Homes are priced at a level that seems to match closely with the household’s ability to pay, and according to experts, that’s a reasonable place for home prices to be at the present time.

Foreclosures are Down, but Late Pays are up

According to the latest data from The Mortgage Bankers Association’s National Delinquency Survey, mortgage loans that were in the foreclosure process at the end of the second quarter decreased over last months figures, but increased over 2009 second quarters figures. Loans that were 90 days or more past due, or in the process of foreclosure decreased over last quarter, but increased over 2009 second quarters figures. Foreclosures starting the process are down, falling for the first time since 2006. “Only when we see a consistent increase in employment will se see an increase in sales and starts, and a sustained improvement in the delinquency numbers,” according to Jay Brinkmann, Mortgage Bankers Association chief economist.

Mortgage Interest Rates Continue Downward (Caution !)

New record lows for long term mortgages have been recorded in the last few weeks with all indications that the mortgage rates will continue a slow decline until it is clear that the current economic conditions in the country start to improve. Its pretty much agreed upon by all of the experts that until the job situation in this country starts to improve drastically, rates will stay as low as they are now, but will start an upward climb when the jobs picture improves.

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