S Oregon Real Estate Forum, for August 29, 2018
Hello Friends:
School is back in session, Fall sports season begins this week in earnest, agriculture harvests are underway and hopefully the smoke will leave us. Yes, it’s a busy time of the year and real estate is no exception.
On last week’s Real Estate Show, (KCMX AM 880) Jackson County Sheriff Nate Sickler joined in with a frank discussion of marijuana issues relating to real estate and what the sheriff’s office is doing to monitor the situation and enforce OLCC and local laws set up for the industry.
The show also features an update on mortgage interest rates with Guy Giles of Bank 34 Mortgage who also serves along with the Sheriff on a Jackson County Marijuana Task Force. Our discussions have come a long way since the initial vote to legalize cannabis in Oregon.
Pictures above, Joe Brett, Sheriff Nate Sickler, Guy Giles and myself. Check out the show at www.realestateshoworegon.com
I am always available to answer questions you have about properties or for some advice to help you make good real estate decisions. Email is easy petebelcastro@johnlscott.com
Real Estate Activity continued along last week despite the smoke. MLS figures shown below compare new listing, pending sales and closed transactions. A steady week all across the board for both Jackson and Josephine counties.
It wasn’t that long ago (2009) in fact, that there were more foreclosures and short sales then there were regular real estate sales. Many homeowners lost equity in their homes and worst many lost them. But the downs of real estate have turned around and American have overall seen a tremendous amount of equity gains in real estate in the last few years. See slide below. This is good news for many homeowners, as equity increases have created wealth for homeowners, proving real estate remains a pretty good investment.
Don’t miss the Real Estate Show this Saturday when Danielle Remley joins us for a discussion on the rental housing market and update on availability and types of rental investments happening today.
Danielle owns Sterling West Property Management and has appeared with us before. Her firm managers hundreds of rental properties and she tells us that the market has changed and will tell us how on this program.
Below is a photo of last week’s Real Estate Show guests Sheriff Nate Sickler and Guy Giles. Both members of Jackson County’s new Marijuana Committee. Pictured here with Joe Brett at KCMX Radio Studio.
As we reported two weeks ago when Frank Mania, Ticor Title’s marketing manager, visited us that commercial activity was seeing quite a bit of activity in Jackson County especially. We are not along, this is happening across the USA as the economy continues to expand and providing opportunities for business. Read more.
.“Commercial and multifamily real estate borrowing and lending continues to track with last year’s level,” MBA’s Vice President for Commercial Real Estate Research Jamie Woodwell said in a statement.
According to MBA, the rise in originations for hotel and multifamily properties was primarily responsible for the bump in lending volumes.
Hotel originations had a 22% increase in YoY dollar volume of loans in Q2, while multifamily posted a 17% increase YoY in dollar volume of loans in Q2.
Quarter-over-quarter, multifamily originations jumped 25% from Q1 to Q2, while hotels received an 87% boost in originations in the same period.
According to MBA’s data, dollar volume of loans originated increased for government sponsored entities by 18% YoY; life insurance companies increased by 6% YoY; commercial bank portfolio loans decreased by 1%; and commercial mortgage backed securities loans decreased by 8%.
Enjoy your Week, we’ll see you next Wednesday for our first Fall show.
Upcoming Real Estate Show Schedule:
September 1, Rental Housing Market
September 8, Jessica Gomez, State Senate Candidate
Pete Belcastro
Principal Broker, John L Scott Southern Oregon
541 621 7036