Like the Sleeping Giant in countless fairy tales, the Southern Oregon real estate market is finally awakening from its deep slumber and regaining consciousness. And like the Sleeping Giant that awakens, the Southern Oregon real estate market must rub the sleep out of its eyes, yawn, scratch, and stretch before finally struggling to its feet. Then, once upon its feet, it will no doubt require several cups of coffee as it bumbles around shaking off the sleepy-time grogs.

Intoxicated and seduced by the greed of the sub-prime market, the Sleeping Giant has been in a near-comatose siesta since real estate’s high water mark of May, 2005. That’s been 4 years ago and the Southern Oregon real estate market is just now awakening and struggling to regain consciousness.

But to overwork the metaphor, like a Sleeping Giant nursing a horrific hangover, the temptation to return to bed, pull the covers overhead, and fall back into a deep slumber remains a possibility, one that we hope does not occur.

Instead, it is our hope that Continue reading The Sleeping Giant Awakens In The Southern Oregon Real Estate Market

While there seem to be plenty of headlines being made about the beginning of the end of the Great Recession, there are still a great many homeowners nationwide and in the Southern Oregon real estate market, that need a mortgage modification in order to avoid losing their home to foreclosure because they can no longer afford to make their full mortgage payments. If you are seeking a mortgage modification, here’s what you can expect.

To qualify for the “Making Homes Affordable” program set up by the government to assist you with a mortgage modification, the mortgage in question must be on your primary residence, it be worth less that $729,750, and it must have been written before January 1st, 2009. Additionally, you will have to show proof that you’re a having difficulty making your payments and that your current payment is more than 31% of your gross income. And if that’s not enough, if you owe more than your house is worth, your lender will be reluctant to accept anything less than the full amount due.

But don’t despair. There is help out there for homeowners Continue reading Mortgage Modification and the Southern Oregon Real Estate Market

As the temperatures in the Southern Oregon real estate market approach triple digits, it always reminds me why people who live, work, and play in Southern Oregon love to call it home. The hotter it gets, the more we head for Southern Oregon’s rivers, ponds, creeks, and lakes for water sports, recreation, and just plain cooling off.

Southern Oregon real estate is blessed with three magnificent rivers and an assortment of creeks and lakes that impress visitors with their beauty, accessibility, and grandeur. The mighty Rogue River is well known for its recreation value to rafters and fishermen (and women) and for its offering of various water sports from jet boats to water skiing. The Applegate and the Illinois Rivers also enjoy great reputations as waterways to visit for recreation and water sports.

And if you prefer to enjoy the comfort of a lake for fishing, water skiing, or pleasure boating, consider Continue reading Water Sports, Recreation, and the Southern Oregon Real Estate Market

With a few exceptions, whether your primary residence is located in the Southern Oregon real estate market or just about anywhere else in the United States, you are probably wondering just how long it’s going to take to attain an unquestioned real estate recovery let alone a real estate rebound.

Ever since the market began its slide into the land of plummeting prices, Optimists have been predicting the repair of the market and a return to growing equity, but with every passing month, then quarter, and now every passing year, sellers desiring to move on must calm their anxiety and instead seek Continue reading The Southern Oregon Real Estate Market Recovery and the Real Estate Rebound

150 years ago the State of Oregon joined the United States of America and beginning in the early 1880’s, Grants Pass began to grow as a community. Today, the Josephine County Historical Society keeps track of Grants Pass history, both past and present.

When visitors arrive by car and approach Grants Pass from the north I-5 exit, they are greeted by a towering 18 foot tall statue of the Grants Pass mascot, the Caveman, seen pictured as part of this blog. Often those from out-of-town searching for Southern Oregon real estate wonder about the Caveman and his history.

In the early 1900’s, perhaps because of the influence of the nearby historic Oregon Caves in Cave Junction or perhaps because of Continue reading The Grants Pass Caveman and Southern Oregon Real Estate

Using 20-20 hindsight to look back into the recent history of the Southern Oregon Real Estate market, we now see that starting around 2002, Southern Oregon real estate went on a remarkable 4 year run that ignored the internet crash and saw prices nearly triple. A home that sold for $60,000 in 2002 was up to $180,000 (and beyond) by 2005, securing lofty retirement goals through home equity more than just a dream. After a 5 year run like that, a real estate market correction shouldn’t have been surprising… but it was, catching not only home owners and investors off guard, but also the global financial community.

But ever optimistic I press on with the good news. Overall, the U.S. economy remains as one of the best global bets for investment, and the Southern Oregon real estate market continues to be one of the top retirement destinations with positive projections for home equity growth in the coming years. If you had been planning on a comfortable retirement before the financial meltdown upset your nest egg, Continue reading Home Equity, Retirement, and the Southern Oregon Real Estate Market

As we patiently await the passing of the Great Recession, our position is unique. Like wading in the mighty Rogue River that runs through the center of the Southern Oregon real estate market, we find ourselves floating in the middle of a roaring financial river, unsure if we’re in the middle of the waterway or how far it may be to the other side before we can pull ourselves out of this housing crisis. The Great Recession continues to be plagued by the great number of foreclosures currently on the market as well as the large amount of time and patience necessary to close either a short sale or a bank-owned property.

Looking back, we now realize that 2003 marked the beginning of an aggressive surge in Southern Oregon real estate prices driven by the ease of available credit. Today we cringe at the very mention of the term “adjustable rate mortgage,” but back in 2004, an ARM meant cheap money that could buy real estate escalating in price before our very eyes. A buyer could re-sell the property and roll the dice again, or take the equity out of the home and amass a collection of cars, trucks big-screens and computers, all purchased with money borrowed against home equity and supported by the indisputable appraisal.

We all know what happened. Continue reading The Great Recession and the Southern Oregon Real Estate Market

The stats are in. Sales activity for June, 2009, suggests that while its pulse rate may be low, the real estate market is still alive and its condition is stabilizing. Housing recovery for the national and Southern Oregon real estate market is bouncing off the bottom. For the last two months, consumer confidence rose, but in June consumer confidence took a slight dip.

Meanwhile, the number of homes listed in June on our local MLS has fallen to 1,142 from one year ago where the number of homes on the market was at 1,409. Additionally, Josephine County is working its way through its distressed property inventory as evidenced by the number of foreclosures on the market, down to 156 from a month ago where the number of distressed properties was at 165. Anyway you interpret the statistics, it seems the housing recovery for both the Southern Oregon real estate market and the national real estate market points to a reduction in value by 1/3 compared with the real estate market’s peak in the second quarter of 2006. The good news is that the values are unlikely to drop any further. Continue reading Housing Recovery and the Southern Oregon Real Estate Market

As someone who always views my glass as more than half full, it delights me to share some positive news with you about the Southern Oregon real estate market as well as the entire domestic housing sector. The good news is from an association known as the Business Roundtable which is made up of CEO’s from leading U.S. corporations. It seems the Business Roundtable has recently made recommendations to both the White House and Congress regarding the recovery of the struggling housing market. In a nutshell, here is what they recommend: Continue reading Business Roundtable and the Southern Oregon Real Estate Market

It seems that lately messages about the real estate market are mixed. Some messages are reporting signs of a rebound in some of the nation’s large metropolitan areas, while other messages are much more cautious, predicting a turnaround in metropolitan real estate to arrive somewhere around 2012. Meanwhile, the Southern Oregon real estate market is a far-cry away from the definition of a traditional metropolitan area, instead falling into the category of a rural area with big-city benefits.

According to the Adversity Index from MSNBC.com and Moody’s Economy.com thirty-three of the nation’s top 300 metropolitan areas are experiencing optimistic signs of a real estate turnaround. In Vallejo, California, housing starts are up 440 percent compared with a year ago. Longview, Texas is showing a 263 percent increase. Significant increases are also being reported in Ann Arbor, Michigan, Clarksville, Tennessee, and Lawrence, Kansas. While the Southern Oregon real estate market is not nearly as aggressive in its recovery as some of these aforementioned metropolitan areas, we too are beginning to experience an uptick in new housing starts.

And then there are the doomsayers. A featured article in Business Week for the week of June 29, 2009, Continue reading Metropolitan Real Estate Rebound and the Southern Oregon Real Estate Market