Krista Bolf, Ashland Homes & Real Estate Medford Homes & Real Estate for Sale

Today I attend a conference regarding the housing economy. One of our speakers was Lawerence Yun, the chief economist for the National Association of Realtors, according to him, he predicts home sales to increase by at least 15% in 2010.

He also predicts home prices to appreciate by about 3 to 5% from where the prices are at today. This is good news for sellers who want to sell their home or property next year in the Ashland and Medford area. Three to 5 percent is a normal home appreciation since it matches normal inflation.

Right now the overall housing inventory is at about 8 months which is down from last year, but not quite to normal at a 6 months supply as he is predicting for 2010.

Home sales in Ashland and Medford area should remain steady now that Congress has passed new legislation that:

Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.

Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010. This is for home purchases up to $800,000.

If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.

To see a comparison chart CLICK HERE.

Southern Oregon residents concerned about losing their home to foreclosure can receive help Saturday, Oct. 17, at an event in Medford organized by several government agencies, nonprofits, and real estate organizations.

The Home Ownership Preservation Event (HOPE) will be held from 9 a.m. to 4 p.m. at the SOU/RCC Higher Education Center at 101 South Bartlett in Medford. At the free event, homeowners can learn about the options available to help them save their homes, including the federal Making Home Affordable Plan and Oregon's Senate Bill 628, which gives homeowners the right to meet with their lender to discuss a loan modification.

Homeowners can set up a one-on-one meeting with a foreclosure counselor certified by the U.S. Department of Housing and Urban Development. Both English- and Spanish-speaking counselors will be available. Government agencies, lenders and loan servicers, lawyers, and Realtors also will be on hand to provide information and answer questions. Also attending will be servicers from Bank of America, Wells Fargo, and Chase.

The event will offer free clinics on the Making Home Affordable Plan, short sales, and avoiding foreclosure scams.

To register for the event, homeowners can call ACCESS Inc. at 541-774-4305.

Sponsors of the Medford event include: ACCESS Inc., the Department of Consumer and Business Services, Oregon Department of Justice, Oregon Housing and Community Services, the Federal Reserve Bank of San Francisco, the Center for Nonprofit Legal Services, City of Ashland, City of Medford, Grants Pass Association of Realtors, Southern Oregon Housing Resource Center, Rogue Valley Association of Realtors, SOFCU Community Credit Union, and the SOU/RCC Higher Education Center.

This is the second Home Ownership Preservation Event the state has helped organize. The first event was held at Portland's Memorial Coliseum in May.

The Department of Consumer and Business Services, the Department of Justice, and Oregon Housing and Community Services have been working with the legislature, and consumer groups to protect Oregonians from mortgage fraud and provide resources to homeowners facing foreclosure.

The agencies have provided funding for foreclosure counseling using proceeds from Oregon settlements exposing mortgage fraud. Homeowners can call 1-800-SAFENET or log onto www.211info.org to find a counselor in their area. In addition, the state launched a new Web site for homeowners at http://foreclosurehelp.oregon.gov. The site contains information and resources to help homeowners prevent foreclosure, avoid scams, and better understand the foreclosure process.

A new bill passed this year will further help homeowners. Senate Bill 628 requires lenders to meet with borrowers facing foreclosure - either in person or by phone - and evaluate whether they qualify for a loan modification. A loan modification could help borrowers lower their monthly payments and keep their home.

According to L. Yun, NAR's chief economist, "summer is not the only thing that has ended. The world-wide economic recession is also essentially over. Led by countries such as Brazil, India, and, in particular, China, the economies of the world are digging themselves out of that recessionary ditch."
The most important factor for those of you trying to "figure out" the real estate market locally in the Ashland and Medford area this means the number of home sales is going up (at least more than last year), inventory has slowly, but surely gone down in the last year, and home prices don't seem to be going down (at least not under $350k). In fact, in the bottom end of the price range, I have seen price wars and an increase in the property prices. Good news for those buyers who were not afraid to buy about 8 months ago.