Market Update

As the employment situation continues to raise concerns, fixed rates fell even lower, slipping yet again to new record-lows, according to a survey from Freddie Mac released Thursday.
The 30-year fixed-rate mortgage averaged 3.67 percent (0.7 point) for the week ending June 7, falling from last week’s average of 3.75 percent. Last year at this time, the 30-year fixed was 4.49 percent. The 15-year fixed rate declined even further below 3 percent to 2.94 percent (0.7 point), down from last week’s 2.97 percent. A year ago at this time, the 15-year was 3.68 percent.
“Fixed mortgage rates reached new record lows for the sixth consecutive week as long-term Treasury bond yields declined further following downwardly revised economic growth and job creation data,” said Frank Nothaft, VP and chief economist for Freddie Mac. Nothaft cited recent reports showing gross domestic product rose only 1.9 percent in the first quarter as well as the disappointing 69,000 jobs added in May.
In addition, the unemployment rate moved to 8.2 percent from 8.1 percent the month before in April. The 5-year ARM remained unchanged from last week at 2.84 percent (0.7 point); a year ago, the 5-year ARM averaged 3.28 percent. The 1-year ARM moved up to 2.79 percent (0.4 point), up from last week’s 2.75 percent. Last year, it averaged 2.95 percent. Bankrate also released its survey on mortgage rates and reported record-low averages. The 30-year fixed slipped to 3.92 percent, down from last week when it averaged 3.94 percent. On the other hand, the 15-year fixed rose slightly to 3.16 percent from last week’s 3.15 percent. The five-year fell to 2.99 percent from 3.01 percent last week.
Bankrate’s national survey uses data provided by the top 10 banks and thrifts in the top 10 markets.

Local Community Update

Hello Friends and Neighbors!

It is a busy time for Tree City Real Estate, but we wanted to update you briefly on a couple of exciting local events!

Thanks to everyone's support, the community skate park was approved by the City of Happy Valley!! More news to come on this as we are updated!

Also, this weekend kicks off the grand opening of the Sunnyside Farmers Market!! Every Saturday, starting this weekend, head on over and show your support to the local vendors in our community! What a great way to meet and socialize with the wonderful people of Happy Valley. For more information, including a list of the vendors participating, vist the Sunnyside Farmers Market website!

Property Showcase

14824 SE Frye Street

Happy Valley, OR 97086

Beautiful home new on the market!! This home has all the bells and whistles! Boasting 4,031 square feet, the McKinley floor plan has 6 bedrooms, 3 bathrooms, cherry cabinets, granite counter tops, stainless steel appliances, oven with warmer drawer, a Barista between the kitchen and dining rooms, hand-scraped 4" knotty alder hardwood floors, 3 fireplaces, a theater room that includes a microwave, built-in refrigerator, projector and screen! This home has surround sound throughout the interior and in backyard! The master bedroom includes a dual fireplace and 11x9 closet! Third story dormer can be used as 6th bedroom or bonus room with sink, refrigerator and skylight! A craft room in the laundry room, wrought iron open staircase, large backyard with hot tub on the deck, small shop with RV parking and fenced with room for a garden! Mountain and valley views, corner lot ... the list of amenities goes on and on!!

You MUST come see this IMMACULATE home!! Priced at $489,900, it won't last long!!

Give Tree City Real Estate a call TODAY!!

(503) 421-1562

Local Business Showcase

Elkins Construction Company

18419 SE Mill Street

Portland, OR 97233

503.260.2254 / 503.708.1638

www.elkinsconstcompany.vpweb.com

If you are thinking of doing any kind of remodeling to your home, from roofs to floors, and everything in between, give Elkins Construction Company a call! Locally owned and operated, Elkins Construction has over 30 years of experience with interior and exterior remodeling, winterization packages, dry rot repair, energy efficient upgrades and more! Call today to find out what their current specials are and ask how these professional remodeling contractors can help you and your home!

Happy Valley Skate Park Meeting

The proposed facility will present beginner type levels of difficulty, with the largest structure within the skate park area estimated to be 4 feet high. Younger skaters will be drawn to the facility due to its limited complexity and the reduced pressures associated with a larger skate park.
Although North Clackamas Parks and Recreation District (NCPRD) has plans for an approximate 2 acre destination facility at Hood View Park, these major capital projects require a large contribution from system development charges (SDC’s). Given current collection rates, it is anticipated that this large scale project is more than 5 years out.

City Council encourages all interested parties to attend the Open House on April 26th. This community forum will give the Council a better understanding of what Happy Valley residents think about the skate park proposal. If you have any questions prior to the meeting, please contact Chris Randall, Public Works Director at (503) 783-3842.

Property Showcase

11161 SE Vista View Lane, Happy Valley OR 97086

MLS #11102072

This spectacular 3-level Happy Valley home boasts 5978 square feet, including 5 master suites, 5 and a half bathrooms and a home office! Old world quality and a contemorary interpretation of classic design, this stunning home features only the finest materials from around the world. Formal entry, exotic woodwork, Italian tile, and granite kitchen. Three-car garage, RV parking, and beautiful landscaped yards.

For more information, please call Tree City Real Estate at (503) 421-1562.

Oregon Foreclosure Law Summary

Quick Facts
-  Judicial Foreclosure Available: Yes
-  Non-Judicial Foreclosure Available: Yes
-  Primary Security Instruments: Deed of Trust, Mortgage
-  Timeline: Typically 180 days
-  Right of Redemption: Yes
-  Deficiency Judgments Allowed: Yes

In Oregon, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.
In this type of foreclosure, the borrower may redeem the property by paying the purchase price, with interest, the foreclosure costs and the purchaser's expenses in operating and maintaining the property within 180 days after the date of sale. The borrower must file a notice no less than two (2) days and not more than thirty (30) with the sheriff to redeem.

Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

• A notice of default must be recorded in the county where the property is located and the borrower and/or occupant of the property must be served with a copy of the notice at least 120 days before the scheduled foreclosure sale date.
• A copy of the notice must be published once a week for four (4) successive weeks, with the last notice being published at least twenty (20) days prior to the foreclosure sale.
• Said notice must contain a property description, recording information on the trust deed, a description of the default, the sum owing on the loan, the lender's election to sell and the date, time and place of sale.
• The borrower may cure the default at any time prior to foreclosure by paying all past due amounts, plus costs.
• The sale must be at auction to the highest bidder for cash. Any person, except the trustee, may bid at the sale, which take place between 9:00 am and 4:00 pm at the location stated in the notice of record.
• The sale may be postponed for up to 180 days from the original sale date if at least twenty (20) days advance notice is given, by mail, to the original recipients of the notice.

A deficiency judgment cannot be obtained through a non-judicial foreclosure, but may be pursued when other foreclosure methods are used.

More information on Oregon foreclosure laws <http://www.leg.state.or.us/billsset.htm> .

Foreclosure Activity Continues To Fall

The "foreclosure wave" many predicted at the end of last year is beginning to look more like a drought, as foreclosure sales dropped significantly in February. Although sales to 3rd Parties, typically investors, were down month-over-month, as a percentage of all sales 3rd Parties purchased a record 37.6 percent of foreclosures, up from 20.3 percent a year earlier, and just 2.2 percent in February 2008.
Further eliminating any possibility of a foreclosure wave for months to come, was a substantial drop in new foreclosure filings in California, Nevada, and Washington. Arizona saw a modest increase in foreclosure starts, while Oregon jumped a dramatic 39.4 percent. Despite the size of the increase, it simply offset a drop in January, and showed little change in comparison to earlier months. Nevada remains far below the average number of foreclosure starts; and the dramatic changes to their foreclosure laws will likely drag out the Nevada foreclosure process for years to come.
Unlike years past, February's drop in sales was not due to the short month. Thanks to the Leap Year, California had only one less business day than usual in February (because of the Abraham Lincoln's birthday observation). The other states do not observe Lincoln's birthday, and so had the same number of business days as other months.

Property of the Week

14880 SE Marci Way, Clackamas, OR 97015

Our showcased property this week is located at the end of a culdesac that backs to a greenspace ... very quiet and secluded! This traditional style home was built in 2005 and boasts 2,112 square feet, including 4 bedrooms, and 3 1/2 bathrooms.

Priced at $249,900

Come out and see it today!

For additional information, please contact Tree City Real Estate at (503) 421-1562.

Credit Update

When it comes to repairing credit and applying for a home loan the underwriting philosophy can be summed up in one phrase. A period of financial difficulty in the past does not necessarily make the risk unacceptable if a good payment record has been maintained since. The key after going through financial hardships is to establish new credit and to maintain it. This can’t be stressed enough.
Government agencies that underwrite and insure loans have timelines after a specific credit altering event before a potential homebuyer can be approved for a home loan. As an example, with foreclosures, deed-in-lieu and short sales the time frame with FHA is 3 years. For bankruptcies the time frame is 2 years. Conventional loans are 2 to 3 years longer in most cases. There are extenuating circumstances that would allow the borrower to be approved in a shorter time period but those approvals are very difficult to come by.
Sometimes borrowers do not have any credit which also can make getting a home loan challenging. The standard industry guidelines request everyone to have a minimum of 12 months of credit history on three traditional credit references. These would be auto and student loans along with credit cards. When a borrower does not meet the minimum standard then FHA allows lenders to establish a nontraditional credit history.
If the borrower does not have any revolving or installment debt on their credit report the lender is required to substantiate payments to other credit references. These may include: rental housing, gas company, electricity, water, landline home telephone service and cable TV. Twelve months of cancelled checks are generally requested. In addition, insurance bills, furniture payments, medical bills and cell phone services may also be utilized.
Establishing and maintaining good credit has become more important than ever before when applying for a home loan.

Welcome to Tree City Real Estate

With well over 19 years of experience, our team here at Tree City Real Estate is dedicated, committed, and passionate about what we do. We do more than just buy and sell homes; we build long lasting relationships with our clients and partners. Customer service is our first priority and we will do everything we can to satisfy your needs when buying or selling your home. If at any-time if you have any questions, comments, or concerns we will always be there to help you through. 

Together with a team of specialized agents who all work in the Portland Metro area, Tree City Real Estate continues to stand tall as a premier real estate brand in the Portland Metro area known for:

-Woman minority owner

-Unequaled worth ethic

-Superior inventory knowledge

-Deep local knowledge

-The best technical and innovative web services available in real estate

-Accelerated and personalized customer service

Give us a call today and find out why we are the hybrids of the Real Estate Industry.