INFOGRAPHICS: Distressed Properties for January – June 2011

See a visual representation of distressed properties in our market!

Last May, we debuted new infographics to show how distressed properties identified as Short Sales and Bank Owned were represented in the 2010 housing market. Now, we’re pleased to present new infographics on distressed properties for the first two quarters of 2011! When compared with the data from 2010, these stats offer a more comprehensive picture of how the local housing market has changed in the past year and a half.

(Click the image to enlarge.)

The above infographic shows a visual representation of the number of Bank Owned and Short Sales in all areas of the RMLS™ system during the first half of 2011. The top half shows new listings and sales from January through June 2011, while the bottom half shows new listings and sales by quarter. To download or print the infographic, click here.

Below are links to additional infographics for some of our larger areas*:
Portland Metro
Clark County, WA
Lane County, OR
Douglas County, OR
*If you want information on percentages of distressed sales in other areas not represented by our infographics, please contact us at communications@rmls.com.

As can be seen from the above infographic, the percentage of distressed sales in the overall housing market increased for closed sales compared with new listings. However, the amount of short sales decreased as a percentage of closed sales versus new listings, while the amount of bank owned properties greatly increased.

The quarterly trend shows a decrease of new listings that were distressed, when comparing Quarter 1 with Quarter 2. Distressed sales also decreased as a percentage of closed sales in a comparison of Quarter 1 and Quarter 2. This trend remains consistent with the data from Quarters 1 and 2 from 2010.

Here are some additional facts about distressed properties in the first half of 2011:

  • In a comparison of the first half of 2010 with the same period in 2011, distressed sales as a percentage of new listings increased by 4.5% (20.9% v. 25.4%).
  • In a comparison of the first half of 2010 with the same period in 2011, distressed sales as a percentage of closed sales increased by 9.9% (28.1% v. 38%).
  • Short Sales comprised 13.4% of new listings and 10.1% of sales in 2011, up 2.1% and 1.1% from 2010, respectively.
  • Bank Owned properties comprised 12.1% of new listings and 27.9% of sales in 2011, up 2.4% and 8.8% from 2010, respectively.



Top Safety Concerns and Incidents Affecting REALTORS®

Guest Post Written by Kelly McKenna, Administrative Assistant at RMLS™!

These are lean and mean times in which we live. REALTORS® face occupational hazards that simply do not exist in most other industries. A recessed market seems to only encourage more bad behavior from those looking to take advantage of real estate professionals and the susceptibilities within their profession. So to celebrate REALTOR® Safety Month, listed below are some of the more prominent safety concerns reported to us over the years including a short list of scams special to the real estate community.

Lockbox Theft: Regardless of price brackets, there has been a surge of lockbox theft all across the state. Vandals have been known to remove an entire doorknob or guardrail just to get to a lock box. Usually, that’s the extent of the damage. The perpetrators cut the shackle with bolt cutters and take it to another location to try the lock’s mechanisms, expecting to come back to the property later. Either they are unsuccessful, or the locks have been changed by then.

Unfortunately, there are other times when they are able to access the property. There have been reports of staged houses getting completely cleaned out, down to the copper wiring. It’s rotten luck, but is a possibility to always consider when listing a vacant house.

In the event of a stolen lockbox, absolutely have your clients change the locks. Consider putting the lockbox in less conspicuous areas around the property to deter the more impulsive vandals. Staging furniture, timed lights and even house-sitters are great solutions to consider if you are worried your listing is susceptible to vandalism and theft.

Squatters: This is an extension of people gaining access to vacant listings unlawfully. Keep checking on your listings from time to time, even if there are no showings for the week. Certainly call the police if ever you get the sense that someone is in the house and never enter it until backup arrives.

Other Theft: Open houses, broker tours and regularly scheduled showings have all served as backdrops for theft, particularly that of prescription drugs. Sometimes working alone or in pairs to serve as a decoy, people will rummage through bathroom drawers and medicine cabinets or wherever they think they might find… something. Unfortunately, theft occurs during private showings, too. This is limited to small items like jewelry or a box of checks. Please advise sellers to lock up everything when their house is being shown in any capacity.

Harassment & Harm: General safety precautions such as the buddy system and alerting people to one’s whereabouts are essential when meeting with new clients. There have been reports ranging from phone or e-mail harassment to REALTORS® cornered or even mugged at showings or worse. Know your surroundings and limit your vulnerabilities as much as possible when alone or meeting someone for the first time.

Craigslist Rental Scams: REALTORS® are increasingly victimized by individuals taking their listings or photos from the internet and posting them on bulletin sites in attempt to secure deposits from prospective renters. Flag these listings whenever you encounter them and, if you like, contact the FTC and FBI’s Internet Crime Center. Find more information at http://www.ic3.gov/default.aspx and http://www.craigslist.org/about/scams.

Large Homes, All Cash, Quick Escrow…: You usually lose nothing but time and gain only frustration with deals that seem too good to be true. A prospective buyer claims to have X amount of money, all cash, and needs a quick closing. Everything is perfect until the time comes to submit earnest money or sign papers. Always go on instinct and trust your judgment.

Leads for FSBO Listings: Someone claims connections with frustrated FSBO’s who need REALTORS® or other listing leads and attempts to sell these names for $10-15 a head. Usually they claim to get their leads through an affiliation with either a reputable brokerage firm or educational institution. The names are either of FSBO’s with no interest in working with an agent, or home owners who are not even in the market to sell. Always approach such offers with extreme caution.

Overseas Transactions: People from overseas purchase property all the time. However, scams originate overseas as often as they do locally. It is always a good policy to enter into transactions with people you can see past an e-mail and with verified funding.

Real Estate Scam for Lawyers: Someone will contact a real estate agent expressing interest in a large property. They will then request a recommendation for an attorney to set up a trust for escrow, sending a cashier’s check to the attorney for an exorbitant amount of money. After the deal is written, the scammer then rescinds and requests a refund back when the original check was no good in the first place.

The nature of the business of real estate requires REALTORS® put themselves in potentially dangerous situations. Meeting strangers in strange places is business as usual. Please be sure to take precautions at every chance for every scenario. It will work out so much better in the long run. For more information, please contact your local and national associations as well as your local MLS.




Supra Lockbox Activity – Updated Through Week of September 6 – September 11

Activity declines during early September

When comparing the week of September 5 – September 11 with the week prior, the number of times an RMLS™ subscriber opened a Supra lockbox decreased 1.7% in Washington and 1.9% in Oregon.

Washington

Oregon

Archive

View an archive of the Supra lockbox statistical reports on Flickr.




Supra Lockbox Activity – Updated Through Week of August 29 – September 4

Activity decreases during weekend before Labor Day

When comparing the week of August 29 – September 4 with the week prior, the number of times an RMLS™ subscriber opened a Supra lockbox decreased 8.3% in Washington and 7.1% in Oregon.

Washington

Oregon

Archive

View an archive of the Supra lockbox statistical reports on Flickr.




How Indestructible is a Supra Lockbox?

See for yourself! Someone REALLY wanted to get into this lockbox, but even after it got this badly mangled, the key is still held safely locked inside it!




Supra Lockbox Activity – Updated Through Week of August 22 – August 28

Activity shows slight increases in both WA and OR

When comparing the week of August 22 – August 28 with the week prior, the number of times an RMLS™ subscriber opened a Supra lockbox increased 1.3% in Washington and 0.4% in Oregon.

Washington

Oregon

Archive

View an archive of the Supra lockbox statistical reports on Flickr.




September Real Estate Events & Education

This September, take advantage of FREE RMLSweb training!

Here’s a quick rundown of upcoming real estate events and education for September in Oregon and Southern Washington. If you have an event that is not listed here, please let us know by commenting below. For future events, please send an e-mail to communications (at) rmls (dot) com.

RMLS™ Events:

-September 15: Join us for this FREE educational event, where you can earn 3 CE credits, as part of our ongoing Broker Education Series:

Topic: Fair Housing & Advertising for Realtors®
Speaker: Jo Becker, Fair Housing Council of Oregon
When: September 15, 2011 9:00am – 12:00pm
Cost: FREE!
Course Description: Come learn how to protect yourself and your clients! There’s so much more to fair housing law than “treating everyone the same” or what you studied in pre-licensing classes.

For more information or to register, click here!

Events around the region:

-September 1: East Metro Association of REALTORS® hosts its Young Professionals Network inaugural event from 5:00 p.m. to 6:30 p.m. in Lucky Staehly’s pool hall at Edgefield McMenamins. For more information, see this flyer.

-September 8: Women’s Council of REALTORS® Greater Portland Area Chapter presents “Finance Options to Get Your Buyers in the Door” as part of their Business Resource Breakfast Series at the Multnomah Athletic Club from 9:00 a.m. to 10:30 a.m. For more information and to register, click here.

-September 12: Portland Metropolitan Association of REALTORS® presents “MERS, MARS, and MAYHEM: Real Estate in a Distressed World,” from 11:30 a.m. to 1:30 p.m. at the Multnomah Athletic Club. For more information and to register, click here.

-September 14: Audition forms are due for PMAR’s Got Talent, a talent show hosted by Portland Metropolitan Association of REALTORS® on October 12 from 6:00 p.m. to 9:00 p.m. at The Tiffany Center. For more information, please click here.

-September 14: Creekside Mortgage, Inc. presents “Working With the Veteran Homebuyer,” a free seminar conducted by the Department of Veteran Affairs from 9:00 a.m. to 1:00 p.m. at Royal Oaks Country Club in Vancouver, WA. For more information and to register, see this flyer!

-September 15: The 4th Annual Taste of Portland event is held from 6:00 p.m. to 9:00 p.m. at the Oregon Golf Club to benefit Oregon Assocation of REALTORS® HOME foundation. To learn more, please see this flyer, and to purchase tickets online, click here.

-September 20: Oregon Association of REALTORS® hosts “Your Real Estate Agency on the Cutting Edge,” a discussion moderated by Real Estate Commissioner Gene Bentley from 9:00 a.m. to noon at the Oregon Convention Center. For more information, please see this flyer.

-September 22: Earth Advantage Institute presents “Creating a Green Home,” from 10:00 a.m. to noon at 808 SW 3rd Ave, Suite 800, Portland, OR, to provide inspiration and techniques for building and remodeling green homes. To learn more and to register, click here.

-September 24: The City of Portland Bureau of Planning and Sustainability hosts the 10th Annual Built It Green! Home Tour from 11:00 a.m. to 5:00 p.m. The Info Fair will be held from 10:00 a.m. to 2:00 p.m. in Southeast Portland and is hosted by Ecohaus/Green Depot. For more information and to purchase tickets online, click here.

-September 28-29: The Council of Residential Specialists presents the Sales Strategies Course from 8:30 a.m. to 5:00 p.m. at Club Green Meadows in Vancouver, WA. To learn more and to register, click here!

-September 29: Portland Metropolitan Association of REALTORS® presents “Show Me the Money: Leveraging Technology to Make Money” at the Multnomah Athletic Club from 9:00 a.m. to 10:30 a.m. For more information, please click here.

Also, if you are an RMLS™ subscriber, we have lots of FREE educational opportunities at a location near you; click the link for your area to view the August Training Calendar:

Coos County
Eastern Oregon
Eugene
Gresham
Hood River
Portland
Roseburg
Salem
Vancouver




Supra Lockbox Activity – Updated Through Week of August 15 – August 21

Activity slightly increases in WA, declines in OR

When comparing the week of August 15 – August 21 with the week prior, the number of times an RMLS™ subscriber opened a Supra lockbox increased 0.8% in Washington and decreased 3.9% in Oregon.

Washington

Oregon

Archive

View an archive of the Supra lockbox statistical reports on Flickr.




CIVIX Settlement

Big news from the RMLS Board of Directors!

Written by Kurt von Wasmuth, President & CEO of RMLS

Recently, some very important actions were taken by the RMLS Board of Directors. The steps they took protect all RMLS subscribers and their businesses. These actions should be understood and celebrated by all involved with RMLS (subscribers, shareholders, vendors and staff).

CIVIX-DDI LLC (CIVIX) is a corporation that holds a patent that it believes every MLS in the country currently violates. CIVIX’s patent is for an online system that allows users to search, display and transmit data. As you can imagine, all MLSs and innumerable other online companies use technology that allows users to perform these functions.

CIVIX has been pursuing this patent infringement claim against many online businesses, such as companies like Microsoft, Expedia, Move Inc. (operator of Realtor.com®, Top Producer Systems®, ListHub®, etc.), which have all settled after consulting with legal attorneys regarding this claim.

In May of this year, MRIS (then-largest MLS in the country), also chose to settle with CIVIX, instead of risking the large fees involved with fighting a lengthy legal battle. In response, RMLS worked in conjunction with about 50 other MLS providers to ask the National Association of Realtors® to step in to see if they could negotiate a fee for CIVIX to leave the real estate industry alone.

Their response was for MLSs to pay $7.5 million dollars (roughly $9.06 per subscriber). 

RMLS has paid this fee per subscriber, which amounted to just under $100,000, and as a result, is now covered and cannot be sued for this patent infringement. Furthermore, this settlement covers all of our shareholders, brokers, agents and software vendors in this area.

Last, and maybe the best news of all, is that the RMLS Board of Directors voted to pay this fee out of our RMLS emergency funds. This means that there will be no special assessment to subscribers and we will not have to raise dues in order to cover this payment.

I think the Board was generous as well as cognizant of today’s marketplace when they decided not to pass the cost on to our subscribers. Although there is no call to action for our subscribers, they should know that they are covered and that the fee has already been paid.

Thank you for your ongoing support of RMLS.

To view a special video message from Kurt on this topic, go to http://bit.ly/Kurt8242011 

Or, click on this image below!




The “New Language” of Appraisal

Guest Post Written By Bonnie Baldwin, Vice President of the Rose City Chapter of National Association of Independent Fee Appraisers (NAIFA)

The one true constant in our industry is change.  As real estate agents, you have a comprehensive understanding of your market, and you fully describe the properties you list, market and sell. You can identify the components for condition and quality as good, average and poor.  You can define a view and its perception in the market. And, you know how to read the grid section of an appraisal, and comprehend and identify with the comments.

As we all know, when you throw a stone in the water, you get a ripple effect, which in this case will be referred to as the Uniform Appraisal Dataset (UAD), the “new language” of appraisal. This ripple will require a new understanding of the definitions and terms utilized in an appraisal that will code the quality and condition rating of a property. There will be new codes and abbreviations for rooms below grade, view and location codes. One and two story descriptions of the design/style of a home will be a thing of the past; now it will be architectural descriptions only. 61 different fields on four different appraisal report forms will reflect these new changes.

The Uniform Appraisal Dataset (UAD) is the “big news” in the appraisal and lending world today. Fannie Mae and Freddie Mac have established a specific set of responses that all appraisers will be required to comply with for any appraisal being submitted to the secondary market. The intent is to support consistent appraisal reporting, regardless of the geographic location of the property or any localized reporting conventions, by clarifying vague data currently utilized in the typical appraisal report.  

Effective September 1, 2011, Fannie Mae and Freddie Mac are set to roll out the Uniform Mortgage Data  Program (UMDP) creating a uniform approach for receiving and handling appraisal data with the intent to improve the quality and consistency of appraisal data on loans delivered to the government-sponsored enterprises (GSEs). This standardization was mandated at the direction of the Federal Housing Finance Agency (FHFA) to improve operational efficiencies and to require appraisers, lenders, and appraisal management companies to conform to the new standardized requirements. HUD/FHA has also indicated they will be implementing the Uniform Appraisal Dataset later this year.

For more specific information about the “New Language” of appraisal, visit Fannie Mae’s website at www.efanniemae.com. Then, search for the Uniform Appraisal Dataset (UAD). Once there, click “UAD Field-Specific Standardization Requirements,” and print pages 34 – 37 for a useful reference of the codes and definitions. As a Certified Appraiser and Vice President of the Rose City Chapter of NAIFA, I encourage you to contact a Board Member or your NAIFA Appraiser at www.ifanw.com for additional information.