Blog
A Little Good News
It has been a little while since I have seen something in the media that was positive about the local housing market. On Saturday, The Oregonian ran an article about Legend Homes that explained how they have been able to work out a deal with many of their lenders to allow them to keep operating, and begin building houses again. They plan to start building again on Monday.
Now, I am not sure whether starting to build a bunch more houses is the smartest thing to do right now, however, maybe they know something we don’t. If they start houses now they should hit the market next spring, and maybe that will be the end of the bottom, and the beginning of a new up swing. Time will tell.
What I do think is positive is that Legend Homes’ lenders are taking a creative and helpful approach to the problems in the housing market. The fact that they are willing to stick it out with Legend Homes, makes sense. Lengend Homes can finish the houses that are in progress, which is good for everyone. People can keep working. Typically an unfinished home has to be bought with cash which is tough for most people, especially in today’s market. A finished home can be financed, thus making it easier to sell, keeping it out of foreclosure, bringing money into Legend Homes and then onto the lenders.
I applaud Lengend Homes and their lenders for working out a deal that keeps Legend Homes from being another catastrophe of the housing down turn. Hopefully, this is just the beginning of many more stories of good news that will help our market to rebound.
See “Bankrupt and building again” by Ryan Frank, The Oregonian, September 13, 2008
Introducing the NW REO Team
We at WestOne Properties are thrilled to announce our newest division, NW REO Team. After concentrating our efforts on short sales in the Portland, OR area for the past two years, we are adding REOs to the pool of listings we offer to our investors and home buyers.
Unfortunately, the amount of foreclosed homes in the Portland area is exploding. As more and more banks are getting properties back, they are turning to NW REO Team to market these properties. We offer many services to help banks restore distressed properties, market and maintain bank owned properties, and bring the largest pool of buyers to get REOs sold.
If you are a bank, asset manager, lender, or buyer looking for a great opportunity in the Portland and surrounding areas, you have found your real estate partner. WestOne Properties’ NW REO Team is the team you want working for you.
As the leader of the NW REO Team, through this blog I will keep you updated on the latest industry news on a national level, how that compares with the Oregon housing market, our great REO listings, and tips for buyers who are looking for a great deal on a house in Oregon. Check back soon. See you then.
