Nick Krautter

After this weekends federal take-over of Fannie Mae and Freddie Mac investors had renewed confidence in Mortgages. With the rush on mortgage backed securities banks started lowering their interest rates.

I was quoted 5.75% for owner occupied and 6.25% for investment property this morning by a leading Portland Mortgage broker.

If there's ever been a reason to get off the fence and buy that home you'd been considering now is the time. I can also set up your home search to show you loan options for each home you look at. Just email me and I'll have it set up for you.

The big news over the weekend was the Federal take-over of mortgage giants Fannie Mae and Freddie Mac. Both companies common stock plummeted in early morning trading and there is speculation that stock holders could lose everything. The good news is that the Federal intervention protects the investors that loan money that is eventually used to fund loans. Between these two companies they hold 50% of all mortgages in the entire USA. I think it is way too early to speculate what this will mean to everyone in the real world of buying and selling homes although early word is that it might make interest rates lower but tighten the ability of people without awesome credit to borrow. If the Fed makes it very difficult or costly to borrow it could end up only helping wealthier investors and having no real difference to average borrowers.

Stay tuned for updates and comments as this develops.

The best article I could find was from the SF Chronicle: Read it here

Back by popular demand is my second installment of inventories by zipcode. This shows which parts of town and which types of property are selling and which ones are sitting. Inventory is figured in months with 6 months being balanced, less than 6 months favoring sellers and more than six months favoring buyers. If I missed your area just let me know and I'll add it in.

Detached Homes:
97214 - 2.9 months
97217 - 2.9 months
97212 - 5.2 months
97203 - 5.2 months
97202 - 6.0 months
97232 - 6.5 months
97210 - 9.2 months
97227 - 9.5 months
97201 - 18 months

Condos

97232 - 5.0 months
97214 - 7.8 months
97210 - 8.9 months
97202 - 11 months
97209 - 11 months
97203 - 15 months
97212 - 19.3 months
97217 - 29 months

I am often asked the question, "What are the next hot neighborhoods in Portland." I like answering this question because I feel I have a good take on what makes a great neighborhood. Also, as a Broker that handles commercial real estate, I know many of the developers in town and where they are planning new projects.

What makes a great neighborhood? In one word: Lifestyle = Parks, Transit, Restaurants, Bars, Entertainment

North Portland: Kenton
I love this place. Close it I-5 and Interstate MAX line. Denver has new cafes and shops openning up and Kenton Park is great all summer.

NE Portland: Hollywood
When you're competing with Alameda and Irvington it's hard to stand out but for buyers looking to walk their neighborhood this is the place. Close to Sandy which is changing to a more upscale corridor and more affordable than it's surrounding neighborhoods.

SE Portland: Clinton
Two blocks south of the rapidly changed Division St. you can walk to all Division has to offer with a much quieter feel. Home of one of the best new sushi places [Bara], a theater, and great bars. Centered around 26th Ave to 21st Ave.

SW Portland: Multnomah Village
This is not a secret but I think this area will continue to build as the quaint small town center of SW Portland.

NW Portland: Downtown North of NW Thurman St.
Just above the Pearl District this area has a ton of new development slated for the next few years. A great place to buy an old warehouse and make some real lofts or try to find a rare old house in amongst the industrial neighbors.