Real estate bubble popping (Portland, Oregon City: sale, foreclosures, mortgages)

[oregonwoodsmoke]

Originally Posted by getatag

Oh, don't you know? Everyone on here is "wealthy".

That's not my perception,. I see endless whining on C-D about how greedy other people are and how they wont just give whatever it is for very low cost, or better yet, for free to the complainer. The whiners certainly don't appear to be wealthy and there are a lot of them.

[getatag]

Originally Posted by oregonwoodsmoke

That's not my perception,. I see endless whining on C-D about how greedy other people are and how they wont just give whatever it is for very low cost, or better yet, for free to the complainer. The whiners certainly don't appear to be wealthy and there are a lot of them.

Just blowing smoke at the near-do-well with a bad case of braggadocios.

[snackdog]

Homes for sale shot up in June.
https://www.pdxmonthly.com/home-and-...t-neighborhood

Mortgage starts nationwide are at a 22-year low.

[2bpurrfect]

Originally Posted by jjpop

Likewise. Here in the westside burbs, houses are selling in a weekend.

please, zillow??? those are their own in-house estimates and they a re way off far too often. in fact they single handedly inflated the values of large areas for years, and too many people believed them. aiding and abetting the inflationary trend of housing prices in a lot of areas., i t seems rather obvious . After all zillow has bought up a lot of properties, sold as agents, and flipped em or invested for rentals etc. They are scamming everyone with thier site and phoney estimates. those are NOT appraisals . They are often very irresponsible estimates.

[2bpurrfect]

Originally Posted by blazenjames

Portland is one of the worst real estate bubble in the country and it appears to finally be popping. Long way to fall.

i sure hope so! lots of people moving away, and pdx doesn't look so great to a lot of out of staters. it's about time those prices deflated. it's been lucrative for people who make money off of inflated pricing, but bad for a lot of others. Taxes are thru the roof as well, because of higher home values.. it would be smart to sell now. That' s my gut. and got some inside info . I'm looking to flee, myself.

[jjpop]

Originally Posted by 2bpurrfect

please, zillow??? those are their own in-house estimates and they a re way off far too often. in fact they single handedly inflated the values of large areas for years, and too many people believed them. aiding and abetting the inflationary trend of housing prices in a lot of areas., i t seems rather obvious . After all zillow has bought up a lot of properties, sold as agents, and flipped em or invested for rentals etc. They are scamming everyone with thier site and phoney estimates. those are NOT appraisals . They are often very irresponsible estimates.

What a difference a month makes.

[EasyBeezy]

Taxes are thru the roof as well, because of higher home values..

Just as a public service, I just want to state that this is false. Longtime Oregonians can tell you all about the property tax wars of the 1990's and the resulting ballot measures 5, 47, and 50.

There's a lot to it, but in a nutshell, thanks to Measure 50, property tax assessment increases are capped at 3% annually, regardless of the increase in the value of the property. Measure 5 capped local property tax rates at $10 per $1000 and school district property tax rates at $5 per $1000. No one in Oregon is seeing massive increases in their tax bills due to rapidly appreciating property values.

[LaylaM]

What we’ve noticed is that sellers in our neighborhood have just gotten too greedy and over-estimated how much they could get for their homes based on the crazy bidding wars earlier in the year. Instead of starting at a point where buyers might bid upward, they just started listing at the very top with no wiggle room, assuming demand is so high that buyers would just go with it. This strategy ended up attracting less traffic and, eventually, the homes have sold (still very high) but $100,000-$200,000 less than the list price.

[ukiyo-e]

Originally Posted by 2bpurrfect

please, zillow??? those are their own in-house estimates and they a re way off far too often. in fact they single handedly inflated the values of large areas for years, and too many people believed them. aiding and abetting the inflationary trend of housing prices in a lot of areas., i t seems rather obvious . After all zillow has bought up a lot of properties, sold as agents, and flipped em or invested for rentals etc. They are scamming everyone with thier site and phoney estimates. those are NOT appraisals . They are often very irresponsible estimates.

Zillow stopped buying homes last year. They lost over $300 million just in one quarter on that endeavor.

https://www.npr.org/2021/11/03/10519...-its-workforce

I've been looking online at condos in Portland for several months. I do see a fair amount with lowered prices, but I suspect that's partly because of overly optimistic initial pricing because people assumed the values were continuing to skyrocket. They're not. They're either leveling off for a while or increasing more slowly. But that isn't at all the same as the bubble "popping. If nothing else, higher mortgage rates are going to cause a bit of a slowdown, and price some first-time and lower-income buyers out. Doesn't mean some well-priced homes can't move very quickly, though.

[Anise]

Well, I looked on Zillow and I definitely see a lot more houses available than last year in the southern PDX area, kind of upper Milwaukie, and they're staying on the market much longer. So there's that. I also saw a strange case that I might do a separate post about. It's actually a piece of unbuilt land in Oregon City (technically Canby, but walking distance from downton OR City.) It's between 99 and the railroad tracks, and it's not big enough to be a developer's #1 choice (quarter acre.) But the weird part is that it was on the market for $245,000 in the summer of 2021, and it's now down on 80,000. For something that close in...I honestly don't understand this. It's near the river but not on a flood plain. It's very strange. I seriously wonder why the price has gone down THAT much.