Well, our fair state is used to finding itself included in Top 10 lists, but here's one we would have preferred to have been excluded from. According to RealtyTrac's U.S. Foreclosure Market Report for the first quarter of 2009), Oregon now has the 10th highest foreclosure rate in the country.
We still have quite a ways to go before catching up with the number one culprit, Nevada -- where one in every 27 housing units received a foreclosure filing (that's more than five times the national average). In Oregon, one in every 153 homes received a foreclosure filing. Two of our neighbors came in at numbers eight and nine (Idaho had one in 147 homes; Utah had one in 151 homes).
Amazingly, five states accounted for nearly 60 percent of the nation's first-quarter total: Nevada, Arizona (number two, with one in 54 homes); California (number three, with one in 58 homes); Florida (number four with one in 73 homes); and Illinois (number five with one in 135 homes).
What's Happening in Our Neighborhood
With those numbers in mind, I decided it was time to check in on our local market and see where we stand.
Here's what I found (stats at the end of the first quarter 2009):
The Sisters Single Family Residential Market: Of the 96 Active listings; 13 are distressed properties (three bank-owned and 10 short sales). That's a little over 13 percent.
The Sisters Residential with Acreage Market: Of the 70 Active listings, six are distressed properties (two bank-owned; six short sales). That's just over 8.5 percent.
The Tumalo Residential with Acreage Market: Of the 98 Active listings, 15 are distressed properties (one bank-owned; 14 short sales). That's almost 15.5 percent.
The Bend, Sisters and Redmond Residential With Acreage Market: Of the 476 Active listings, 81 are distressed (20 bank-owned; 61 short sales). That's 17 percent.
Meanwhile, Back in Bend
And now (drum roll, please), for contrast's sake:
The Bend Single Family Residential Market, homes $200,000 & under: Of the 254 Active listings, 177 are distressed (44 bank-owned; 133 short sales). That's just under 70 percent.
That's right; 70 percent of Bend homes listed for $200,000 and under are distressed properties. Considering that this is the market segment in the highest demand right now, Bend buyers are going to need to be patient and diligent and have skilled representation -- especially with the high percentage of short sales, which are still typically tough to close.
About the Author:
Lisa Broadwater is a Central Oregon-based real estate professional who recently was awarded the Certified Distressed Property Expert designation. She specializes in listing and selling homes in Sisters, Tumalo, Redmond and Bend. If you'd like to learn more about Central Oregon, please visit http://www.centraloregonhome4you.com.
Last week, I wrote about an extremely worthwhile workshop I attended designed for struggling homeowners who might be facing foreclosure. I mentioned that the organizer, NeighborImpact, would hopefully be scheduling future workshops.
I just received word from workshop presenter Kenny La Point that another workshop is indeed in the works. It's April 22 from 5:30-8 p.m. at the NeighborImpact office in Redmond (2303 SW 1st St., across from the Redmond airport).
Folks who'd like to learn more about how the foreclosure process works and how to best work with your lender if you're having trouble paying your mortgage (or even if you foresee having trouble paying your mortgage in the future), are encouraged to attend. Call Pam at NeighborImpact to register: 541-548-2380, ext.138.
About the Author:
Lisa Broadwater is a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Redmond and Bend. If you'd like to learn more about Central Oregon, please visit www.CentralOregonHome4You.com.
Last summer, I started tracking the Sisters real estate market. This year, I've expanded to also track the Tumalo Residential with Acreage market. I'm a horse-property specialist, so Tumalo has always been of particular interest to me because that's where you'll find many of the most desirable horse properties in Central Oregon. Granted, tracking Tumalo is an admittedly subjective undertaking since, at least officially, it doesn't exist (it's an unincorporated community). Because its boundaries are up to interpretation, please consider the following statistics a general barometer of the area's real estate activity that includes most, but not necessarily all, of the listings in Tumalo.
In Tumalo this month, the gap between the median price of Active Listings and Sold listings remains broad ($899,000 for Actives compared to $377,900 for properties sold). That imbalance is echoed in the breakdown of listings by price, with more than one-third of Tumalo Active listings over $1,000,000 but no sales (contingent, pending or closed) above $660,000. Meanwhile, the high inventory (36 months) continues to be a concern. On the plus side, sales were up slightly from February.
Below are a few March highlights of the Tumalo Residential With Acreage market.
LISTING ACTIVITY
Active Residential With Acreage Listings in Tumalo: 93
Contingent Residential With Acreage Sales in Tumalo: 1
Pending Residential With Acreage Sales in Tumalo: 3
Residential With Acreage Closed Sales in Tumalo: 3
Average Days on Market: 246 days for Active RW listings
269 days for RW listings sold in March
Median Sales Price: $899,000 for Active RW listings
$377,900 for RW listings sold in March
INVENTORY:
Residential with Acreage: 36-month supply (31 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Residential with Acreage Active Listing: $222,000
Most-Expensive Residential with Acreage Active Listing: $3,790,000
Price Points with the Most Active Listings: $950,000-$999,999 (8 listings)
$1,250,000-$1,499,999 (8 listings)
Listings at $1,000,000 or more: 33
If you're interested in studying the Tumalo market in more depth, there are a number of charts below that capture various aspects of the Sisters real estate market in detail.
If you'd like to learn more about the Tumalo real estate market, don't hesitate to email me at lisabroadwater@remax.net or call me toll-free at 866-963-2760.
About the Author:
Lisa Broadwater is a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Redmond and Bend. If you'd like to learn more about Central Oregon, please visit www.CentralOregonHome4You.com.
In March, the spring-market listing surge continued in Sisters, with a significant increase in inventory in Single Family Residences (from 78 to 98), with the biggest jump in the $550,000-$599,999 range (from 8 to 14 listings). Luckily, there was only a minor increase in Homes with Acreage (homes on one acre or more), which is already flooded with inventory (there's a three-year supply!).
Once again, sales in both categories remain sluggish, with all pending and completed sales below $420,000.
Here are a few March highlights of the Sisters market:
LISTING ACTIVITY
Active Residential Listings in Sisters: 171 (98 Single Family Residences; 73 Residential with Acreage)
Contingent Residential Sales in Sisters: 1 RW
Pending Residential Sales in Sisters: 3 (2 SFR; 1 RW)
Residential Sales in Sisters: 2 (1 SFR; 1 RW)
Average Days on Market: 176 days for Active SFR listings
248 days for Active RW listings
264 days for SFR listings sold in March
168 days for the RW listing sold in March
Median Sales Price: $426,000 for Active SFR listings
$203,000 for the SFR listing sold in March
$699,000 for Active RW listings
$200,000 for the RW listing sold in March
INVENTORY
Single Family Residence: 18-month supply (65 sales in the previous 12 months)
Residential with Acreage: 36-month supply (24 sales in the previous 12 months)
SALES PRICE:
Least-Expensive Single Family Residence Active Listing: $169,990
Least-Expensive Residential with Acreage Active Listing: $207,000
Most-Expensive Single Family Residence Active Listing: $1,950,000
Most-Expensive Residential with Acreage Active Listing: $5,250,000
Price Point with the Most Active Listings: $550,000-$599,999 in SFR (14 listings)
$1,000,000- $1,249,999 in RW (10 listings)
If you're interested in studying the market in more depth, there are a number of charts below that capture various aspects of the Sisters real estate market in detail.
If you'd like to learn more about the Sisters real estate market, don't hesitate to email me at lisabroadwater@remax.net or call me toll-free at 866-963-2760.
About the Author:
Lisa Broadwater is a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Redmond and Bend. If you'd like to learn more about Central Oregon, please visit www.CentralOregonHome4You.com.
Last Saturday, I attended a free two-hour workshop for struggling homeowners in search of information on the ins and outs of foreclosure. It was the first such workshop hosted by NeighborImpact, the Redmond-based nonprofit group that provides a number of home-related community services to residents of Deschutes, Crook and Jefferson counties.
Up until now, NeighborImpact's Housing Center has primarily provided one-on-one mortgage counseling via two HUD-certified foreclosure counselors: Kenny La Point, who works with residents of Bend, Sunriver and La Pine; and Selef Spragg, who works with residents of Redmond, Sisters, Prineville and Madras. But as I learned from their manager, Laura Fritz (whom I chatted with before the workshop began), over the past several months, the organization has been inundated with requests for foreclosure counseling and can no longer provide adequate one-on-one sessions. As foreclosure counselor/workshop speaker Kenny La Point pointed out during the workshop, he's already scheduling sessions one month out and expects the demand to continue to grow.
Although the workshop was only lightly promoted (primarily via the NeighorImpact website and through word of mouth), it was filled to capacity, with 25 pre-registered participants. Fritz says the event will serve as a prototype for ongoing workshops that will enable NeighorImpact to reach more people more quickly. She was non-committal regarding any specific plans for future workshops, however; right now, NeighborImpact is focused on finding additional funding to hire several more counselors.
Topics covered during the session included the Obama Housing Plan, Loss Mitigation Options, Options for Keeping Your Home, Loan Modification, the Foreclosure Process, and How to Avoid Foreclosure Scams (a growing problem across the country). Overall, it provided some vital information that would be helpful for most homeowners, struggling or otherwise.
With any luck, this won't be a one-time event; it's a worthwhile community service that Central Oregon desperately needs (according to the Bend Bulletin, 827 notices of default were filed in Deschutes County during the first three months of 2009, an increase of more than 156 percent from the first quarter of 2008).
To find out more about this and other programs and services offered through NeighborImpact's Housing Center, visit the NeighborImpact website or call 541-318-3302 in Bend; 541-548-2380, X109 in Redmond; 541- 447-6835 in Prineville; or 541-475-0442 in Madras.
About the Author:
Lisa Broadwater is a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Redmond and Bend. If you'd like to learn more about Central Oregon, please visit www.CentralOregonHome4You.com.
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Your Resource for Central Oregon Real Estate sales & information, especially Rural, Resort & Horse Properties in Sisters, Tumalo, Bend & Redmond. Learn more at www.CentralOregonHome4You.com
If you've 
ever visited Central Oregon, that's an easy question to answer: because it's one of the most gorgeous settings in the country, with an unparalleled quality of life (can you tell I love it here?).
Comprising three counties-Deschutes, Crook and Jefferson -- and three main cities -- Bend, Redmond and Sisters, plus a handful of smaller communities (Prineville, Powell Butte, Tumalo, Sunriver, La Pine and Caldera Springs) -- Central Oregon is one of the fastest growing regions in the Pacific Northwest. With its combination of ideal climate (300 days of sunshine), extensive recreational opportunities, its entrepreneur-friendly environment and broad slate of cultural outlets, Central Oregon has proven a popular destination among young and old alike.
To find out more about Central Oregon or to search for properties in the area, please visit my website, http://www.centraloregonhome4you.com/.
Good question. And, in truth, there are a number of things that should factor into your decision about whom you select to represent you in your next real estate transaction.
But what expectations do you have for the real estate professional you choose to work with? And remember, you do have a choice -- actually, in Central Oregon you have a lot of choice -- so don't settle for just any real estate broker; we really aren't all the same.
What qualities do you value in the people you do business with? Obviously, you want someone who's experienced, competent, trustworthy and knowledgeable, so consider more than just their skill sets. Think about the type of person you're most comfortable working with. Because the business of real estate is really a business built on relationships. As Realtors®, we live or die based on the success with which we satisfy our clients' expectations. And remember: The decision you make about the real estate professional you choose can affect not just the type of experience you have (i.e., an enjoyable one or a nightmare) but the quality of the process itself.
Those of us who take our job seriously spend our time focused on our clients, ensuring that they are well-informed, well-educated and well-prepared for every aspect of their transaction. Yet we aren't focused solely on the transaction itself, because we know our job doesn't end with that transaction. Our goal is to establish clients for life, so we follow up and nurture the relationships we have so they'll endure over the long haul.
Here's what you can expect from me:
I'm not a native Central Oregonian, but I love this place. Even before I became a Realtor®, I explored the area every chance I could get. And I love the business of real estate. I love making what can be a very stressful, intimidating process for my clients a positive experience for everyone I work with (that means clients, other agents, lenders, title officers, home inspectors -- everyone).
I'm passionate about what I do and give 100 percent of my focus to every task I undertake. I don't do things halfway. I was a journalist for 20-plus years, so I actually enjoy asking questions, solving problems and investigating issues. Research is my middle name.
But if you're looking for a fast-talking, Palm-toting, appointment-driven, call-me-at-midnight-on-a-Sunday-if-it-means-a-sales-tonight style agent, I'm not your gal. I spent 25 years living life on the edge, and too much of the really important stuff (my family, friends, personal life, etc.) passed me by while I was out working myself sick. My approach these days is much more relaxed, and my business is, by design, primarily referral-based. I don't ever want to be too busy juggling transactions to devote the time to my clients that they deserve.
But if you're looking for someone who will work diligently to make your real estate experience a positive one, who will work closely with you to address each issue that comes along in an effort to find the ideal outcome, look no further.
Not surprisingly, the Central Oregon real estate market has shown the effects of its rapid growth. From 1988 (when the city ended its last major real estate slump) until 2007, the average price of a Bend home rose an average of 11.3 percent per year, In 2006, home prices here appreciated faster than any other city in the country, according to the National House Price Index. (To put that in perspective, nationwide, the price index rose 5.9 percent.) From the beginning of 2002 to the end of 2006, home prices in Bend appreciated 104.5 percent.
Actually, for a while there, the real estate speculating and building-for-the sake-of-buildling mentality had gotten out of control. City and county planners could no longer keep up with the workload, appraisers could no longer keep up with the price increases, and buyers and sellers could no longer agree to much of anything.
Meanwhile, too many builders built too many spec homes and too many investors hung their fortunes on the quick flip. So after what seemed like an unstoppable boom, things came to a grinding halt. Inventory began to pile up. The national mortgage industry's free-wheeling lending policies began to catch up with them. Homeowners who thought they were on firm financial ground found out otherwise. More and more people began to learn the meaning of "short sale" and "bank-owned."
And home prices began to decrease. (By the end of 2008, the median price for a home in Bend was $289.450, compared to $351,978 at the end of 2006.) Because the high inventory meant that homes that once would have been on the market for four days were know sitting dormant for up to 14 months (or longer), sellers began to slash their prices accordingly. Even so, buyers, by and large, sat on the sidelines, waiting for the dust to settle. And the frenzy that had been Central Oregon real estate sales was no more. We had rejoined the real world.
But the long-term real estate picture in Central Oregon is enviable. This is an incredible place to live!
"People are going to continue to come here," Roger Lee of Economic Development for Central Oregon predicts. "It's a very attractive Western U.S. community. It's hard to find other places that are comparable. They're out there, but many of them are larger or are smaller and don't have the amenities that the tri-county area offers.
"Plus, if you look at the job creation here over the past seven years, I think there were 16,600 jobs created," he adds. "There's not a metro area in Oregon outside Portland that can match that -- even though there are much larger populations. So our population growth here in the past 15 years has been dramatically larger than the rest of the state -- and the nation. And the forecasts are, in the next 10 to 12 years, that we're supposed to actually pick up that pace. So if the forecasts are correct, we'll see more jobs created in the years going forward than we have in past years. And that's obviously really important to sustaining our economy long-term."
So How Can I Help You?
My areas of expertise include resort, rural and horse properties, investor opportunities and first-time home buyers. I've earned the Graduate of the Realtor Institute (GRI) designation, and as such have completed a course (including 90 hours of specialized education) that most real estate professionals never even pursue and have gained skills many agents will never have.
This spring, I received my Certified Distressed Property Expert designation, which provided me extensive education in dealing with sellers facing foreclosure and buyers interested in purchasing short sales. Like most communities, Central Oregon is seeing a significant increase in the number of short sale and foreclosure properties on the market.
I'm committed to the business of real estate, but I'm also committed to my community. I'm a member of the Communications Committee for the Central Oregon Association of Realtors® and participate in fellowship whenever possible at Crystal Peaks Youth Ranch.
If you'd like to know more about me, please visit my website, www.centraloregonhome4you.com, email me at lisabroadwater@remax.net or give me a call at toll-free (866) 963-2760.
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