According to a recent post in USA today by Christine Dugas, she quotes the Southern Oregon Multiple Listing Service statistics as home sale up 73% in 2009 from 2008.
I can say from my own experience that Medford and Ashland area homes sales were much better in 2009 than 2008, but 73% is a little bit of an exaggeration. Although, it may be technically true for the time period quoted in this post due to the parameters used in the calculation, I am predicting the overall percentage increase for 2009 compared to 2008 to be more in the 25 to 35% range. In a couple of weeks, I should be able to post the correct number.
Wednesday, December 30, 2009
Friday, December 11, 2009
Loan Modifications... Are they working?
According to: Associated Press, Alan Zibel (12/10/2009)
Only about 4 percent of the home owners who signed up for loan modifications—fewer than 31,000—had received them by the end of November, according to figures released Thursday by the U.S. Treasury Department.
Of the largest lenders, Bank of America Corp. had the worst results. It completed a total of 98 modifications. With 7,100, GMAC Mortgage completed the most.
Lenders have blamed their lack of success in part on the failure of borrowers to complete the paperwork necessary for the process.
The government says it will expedite its efforts to push through as many modifications as possible.
I have heard from a few people that their loans have been approved for modification, BUT the loan payment is more than the existing loan payment. In one case, $700 more than the homeowners current payment.
My theory is that the lenders are doing what the government asked them to do - give loan modifications....just not a loan mod a homeowner would want. Hence a win-win for the lender.
Only about 4 percent of the home owners who signed up for loan modifications—fewer than 31,000—had received them by the end of November, according to figures released Thursday by the U.S. Treasury Department.
Of the largest lenders, Bank of America Corp. had the worst results. It completed a total of 98 modifications. With 7,100, GMAC Mortgage completed the most.
Lenders have blamed their lack of success in part on the failure of borrowers to complete the paperwork necessary for the process.
The government says it will expedite its efforts to push through as many modifications as possible.
I have heard from a few people that their loans have been approved for modification, BUT the loan payment is more than the existing loan payment. In one case, $700 more than the homeowners current payment.
My theory is that the lenders are doing what the government asked them to do - give loan modifications....just not a loan mod a homeowner would want. Hence a win-win for the lender.
Thursday, December 3, 2009
Ashland and Medford Homes Sales Statistics
This chart shows the pending homes sales in Medford, Ashland, as part of the Jackson County housing market statistics provided by Southern Oregon Multiple Listing Service.
This chart shows the available homes for sale in the Medford, Ashland area as part of the Jackson County housing market statistics provided by Southern Oregon Multiple Listing Service.
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