Many think the worst is over.

The New York Times offers good news:


After a plunge lasting three years, houses have finally become cheap enough to lure buyers. That, in turn, is stabilizing prices, generating hope that the real estate market is beginning to recover.

For the first time since early 2007, a composite index of 20 major cities was virtually flat, instead of down.

“We’ve found the bottom,” said Mark Fleming, chief economist for First American CoreLogic, a data firm.

The release of the surprisingly strong Case-Shiller Price Index, compiled by Standard & Poor’s, followed earlier reports that sales of existing homes rose last month for the third consecutive time, while sales of new homes rose in June by the largest percentage in eight years.

All of these improvements are tentative, and come after a relentless decline that knocked more than half the value off houses in the worst-hit cities.

Some skeptics say they believe the market is merely pausing before it resumes falling and that much of the life in the market is coming from speculators. Even the most enthusiastic analysts acknowledge that rising unemployment, another leap in foreclosures or a significant jump in interest rates could snuff out progress.

Still, hope is growing in some quarters that the worst has passed.

“Recession is over, economy is recovering — let’s look forward and stop the backward-looking focus,” John E. Silvia, the Wells Fargo chief economist, wrote Tuesday in a research note.

Kirit Shah decided to look forward a few weeks ago. A retired forensic chemist for the New York Police Department, he closed on a house in Royal Palm Beach, Fla.

Mr. Shah was not dissuaded when the salesman at K. Hovnanian Homes told him the five-bedroom place had been empty since it was finished three years ago. “It was waiting for me,” said Mr. Shah, 64. “I’m on a lakefront. I never dreamed I would be on a lakefront. I’m within walking distance of a swimming pool.”

But the thing he likes best is this: he paid $260,000 for the five-bedroom house, half of what that model was fetching during the boom. “An excellent deal,” he said. “Plus I got a good rate on my mortgage, under 5 percent.”

Turning markets are full of uncertainty. If Mr. Shah was one reason new home sales were up 11 percent in June from May, it is unclear just how many others like him are out there.

Brad Hunter, chief economist for Metrostudy, a research firm, said the new home numbers appeared to illustrate less a return of buyers like Mr. Shah and more a resurgence of investors and speculators. Metrostudy’s own data showed that the number of buyers during the second quarter who actually moved into their new house declined 2.6 percent.
“Investors are turning right around and putting the houses on the market for sale or for rent,” Mr. Hunter said. “What appears to have been an absorption of excess inventory can be just a changing of ownership of that inventory.”

The good news in the Case-Shiller index, the most widely watched source of price information about the housing market, is equally provisionary. Tracking only large urban areas, the monthly index does not represent the country as a whole.

The Case-Shiller figures released Tuesday showed May prices were down 17.1 compared with May 2008. As bad as that may sound, it was the fourth consecutive month that price declines slowed — a step in the right direction, but perhaps not cause for widespread celebration.

More attention was focused on the news that, when May was compared with April, the price index for 20 major cities showed a half-percent gain. It was the first month-over-month increase in the index in 34 months.

“It is very possible that years from now we will say that April 2009 was the trough in home prices,” said Maureen Maitland, vice president for index services at Standard & Poor’s.
When the numbers were adjusted for seasonal factors, however — the usual way housing figures are presented — the slight gain disappeared and the index was essentially flat. Half of the cities showed continued declines.

One reason the market is perking up in some places, real estate agents say, is the encouragement offered by such measures as the first time buyer’s tax credit of $8,000.

All the more reason, said the National Association of Realtors, to not only extend the credit but expand it. The association is lobbying for the current credit, which expires in December, to be replaced with a $15,000 credit for all buyers.

“This is a relatively low-cost way to keep the housing market moving forward,” said Paul Bishop, the association’s managing director of research.

Another reason for the market’s resurgence is the prevalence of foreclosures, which make up about a third of all existing home sales. In some troubled regions, agents say they cannot remember the last transaction that did not involve a bank disposing of a property.

These communities are not yet showing any improvement in prices. Las Vegas was the worst-performing city in the May Case-Shiller index, falling 2.6 percent. Prices have fallen there by a third in the last year.

“The mom and pop that work at the Hilton can now afford a home here again,” said Justin Pechonis, a Las Vegas real estate agent. “Las Vegas is a great place to buy now.” But not from him. Sickened by seeing so many clients foreclosed on, he is getting out of the business. He now drives a taxi.

All this uncertainty breeds a hesitancy that seems to show up in nearly every sale, especially at the higher end of the market. When Margot and Pascal Lalonde decided in April to sell their two-bedroom condominium in the North End of Boston, they methodically quizzed six experienced agents about a good price.

List it for under $500,000 unless you want to be here for months, said one agent. Two others said they should demand $675,000. The other three were in between.

“In a market with so few sales, no one knows what to do,” said Ms. Lalonde, a consultant.

After 80 days on the market and two small price reductions, the condo is now under contract for $550,000. The buyers examined the apartment six times. The Lalondes, who are moving to Short Hills, N.J., expect to be no less careful when they buy.

New Law affects Home Sales

Last week the Governor signed a bill requiring that a carbon monoxide detector and alarm be installed in every home sold (limited on “one and two family homes or multifamily homes”). The bill was signed as an “emergency bill” which means it is in effect immediately.

So, starting now, all homes that have a carbon monoxide producing element (gas stove or oven, gas/oil furnace, fireplaces, gas water heater, etc.) must have an installed and active carbon monoxide alarm devise. Failure to have the devise in place at the time of transfer of title will not invalidate the transfer. The penalty for not having the devise in place at the time of transfer is $250 per incident or actual damages.

I'll try to locate the best, most cost-effective source for carbon monoxide detectors and have the information on hand. Please contact me to learn more.

Brandstetter Family Reunion

Summer, 2010








Mirror Lake, Wisconsin Dells,

















Picture us here....
























I dibs being the cook.























Pam, Cary, Joe and Bedo. Spouses, nine kids. (all but two are already out of college) My kids haven't seen their Midwestern cousins since 1997!














Eight bedrooms, bunks above the boat house located down a dark, scary path through the woods, waterslides in one direction, Taliesen in the other. A trip to Sparta to see the second and third cousins, and, hopefully, a swim in the Sparta Pool, root of all my happiness....the planning starts now. I can hardly wait.

Ugly Door Contest

"If you live in the Portland Metro area and missed his show this week, Handyman Bob (one of my fave contractors, Bob Strong) announced a great contest. If you could really use a make-over on your front door, visit Bob's website, fill out the entry form and upload a picture of your "ugly" door. One of his listeners will be the lucky winner toward the end of the summer.

If you know someone else who could use the make-over more than you, share the opportunity. And, at the same time, let them know about the show and invite them to become a fan of Around the House with Handyman Bob Radio Show

If you'd like to hear about how awesome Bob is, just give me a call. He's tweaked my own front door (which isn't ugly anymore, but it used to be!) and fixed broken drawers, re-caulked the shower, and fixed all the little problems that piled up, but we just never got around to. I'd happily recommend him!

Home

Working from home for a few weeks and getting in some pool time.

*flowers courtesy of Kim
*placemats quilted by Pam

Thanks, all, for all your birthday wishes and fabu goodies...

Scenes From The Nines

We spent the night in a hotel in downtown Portland last night. The Nines opened last October in the worst of times. Their occupancy hasn't been what they had hoped, so their prices are really attractive for such an upscale hotel. We decided to take advantage of it, and have a little get-away.

Dinner at Urban Farmer wasn't quite as wonderful as we'd hoped, but the hotel room didn't disappoint, and a night away was a perfect way to end my birthday.

















The lobby featured mannequins, big jewels and high heels - fashionable art!





















A ninth floor view of The Pioneer Courthouse and Pioneer Square, where we searched for the brick with our name engraved on it, but never found it!


























I'd loved the decor - chic & a little bit fru-fru with a crystal chandelier & gold swirls in the wallpaper.

Oh, the food!

It's been quite the foody week over here at chez Cary.

On Monday, we held a baby shower for a wonderful friend of mine at work. Several people offered to bring things, and the cake made by friend Burdean was unbelievable! A life size pregnant woman's chest and belly! (And so delicious - we had a lot of discussions on where exactly we should make the first cut!)

But being Annette's daughter, I had to make sure there was enough food to go around and then ten times that again...

So I made Ina Garten's sun dried tomato dip, and served it with blanched asparagus, carrots and wavy potato chips. (the pregnant girl is craving salt)

And Martha Stewart's spicy noodles, which we served in small portions in cute little cups (it was a cocktail affair)

And Cooking Light's lettuce wraps, with fresh mint, peanuts, bean sprouts, lime and a garlicky sauce (in the cutest tiny boston lettuce leaves)

And Ter's famous BLT Guacamole with bacon, tomatoes and arugula on top

And Pam's Salted Nut Roll Bars, of which I only had to bring half a pan, so we've been devouring those all week

The guest of honor has a deep and wondrous wine cellar, so her hubby brought in bottles of red, white and champagne...all amazing

And I made a recipe from a Nordstrom cookbook (ha ha, I'm really a good customer) for a watermelon, strawberry lemonade.

While I was at it, I decided to just make a kick-ass meal for us, since Cam had just gotten home from school (and only has one summer class plus one semester to go)

So I made a grilled pork loin in a cumin adobo sauce that was so moist and tasty, and served it with a sauce that just magnified those flavors - so so good I almost fell over. And Ina Garten's jalapeno cheddar cornbread (with TWO sticks of butter in it. Egads, it was so good!) Plus grilled fresh pineapple and red peppers. YUM. I could hardly move after that feast, but I had to do all the cooking for the shower!

Last night Whit popped through town as he was on his way to Olympia for work, so we got to have him for dinner. I had a hankering for bruschetta, so I broiled up some garlicky, olive oily baguettes, topped with my own home grown basil and some fresh tomatoes and just a little bit of red onion, and I then when everybody else was eating their entree, I just had some more bruschetta with fresh mozzarella on top because I'd rather eat bruschetta twice!

A foody week and now it's time to head to the gym. And stay there till about November.

Want to be a Princess?

Portland's Northeast Sacramento Street home to 5 Rose Festival princesses, 1 queen

by Lisa Grace Lednicer, The Oregonian
Friday June 12, 2009, 8:32 PM

Lisa Grace Lednicer/The OregonianRachel Seeman, the current Rose Festival queen, grew up on Northeast Sacramento Street and admired her princess predecessors from the block. She went to Amanda Stutevoss' bridal shower and Leslie Wenzinger's wedding.
Here's a tip for girls who dream of becoming Rose Festival princesses: Tell your parents to move. Specifically, to the 7500 block of Northeast Sacramento Street.

That particular stretch of the Roseway neighborhood has produced five Rose Festival princesses over the years, including last week's queen. All the young women at one time lived within tiara-flinging range of each other.

With that track record, 2009 Queen Rachel Seeman was destined to become part of the Rose Festival court, said her dad, Dan.

"I tell ya, those other princesses are very proud of her," he said.

Throughout Rose Festival history, there have been multi-generational princesses within one family, two sisters who were queens in different years and one girl who was voted junior court queen (back when the festival had a junior court) and then Rose Festival queen a few years later.



Joan Arnold, Madison High princess, 1959
But no one at festival headquarters could think of another instance of multiple princesses from one small block.

"Must be something in the water there, huh?" mused Rich Jarvis, the festival's public relations director. "It's cool for the neighborhood."

The Northeast Sacramento Street dynasty began in 1959, when Joan Arnold was crowned Madison High's princess. Then, after a prolonged dry spell, Amanda Stutevoss was crowned Benson High's princess in 1999. Aubrey Isom was crowned Madison's princess the same year.

In 2000, Leslie Wenzinger was crowned Madison's princess. And this spring, Seeman became Grant High's princess and then queen.



Aubrey Isom, Madison High princess, 1999
"Admiring them growing up, I wanted to be just like them," Seeman said, sitting in a living room crowded with rose bouquets, ribbons and other souvenirs. "They were real to us. They were the girls next door, but they happened to be outstanding individuals."

Note to Portlanders who smell a conspiracy: There is none. This isn't a case of stage mother mania gone amok or festival favoritism. The only edge the girls had was occasional advice on speeches and outfits from princess parents on the block.

The young women describe Northeast Sacramento Street as an unusually friendly place, even by Portland standards. The street overlooks the Rose City Golf Course and most of the homes are 1950s-style ranches, with lush lawns and American flags. Neighbors talk fondly of poker games, potlucks and yearly block parties.

"It's a wonderful place to live and raise children in," said Carrie Moses, the street's unofficial mayor. "It's like living in a small town. People take care of each other and really get to know each other."

Amanda Stutevoss, Benson High princess, 1999
They also tend to stay put. Arnold's mother still lives in the house where she raised her daughter. When Isom's family moved out of their home, the Wenzingers moved in.

Growing up, the princesses formed a tight-knit sorority. Stutevoss and Isom played on the same softball team; Isom and Wenzinger played on the same soccer team.

It was a relief that Isom and Stutevoss went to different high schools because they didn't have to run against each other for princess honors.

"As it turned out, we both got it, and it was fantastic," Stutevoss said. "Aubrey and I had each other, and it was like a security blanket."

And when they won, one little girl took note.

Seeman, 7 at the time, lived across the street from Stutevoss and brought over flowers and a congratulatory card. Her brother, Ross, made Stutevoss a crown out of blue construction paper.

Leslie Wenzinger, Madison High princess, 2000
Last week, when Seeman was named queen, she said she had wanted the title since the year Stutevoss and Isom won.

Recently, another little girl moved to the neighborhood, raising the possibility that the dynasty will continue. "Who knows?" Seeman pondered. "Maybe in 14 years ..."

And in case that fails, there are at least two houses for sale nearby.

Just call me to see my listing... and your daughter might be the next princess!

A homebuyer assistance tool for first-time homebuyers in Portland.

If you know anyone who has never bought a home, here's one more reason why NOW is the time! Especially in Portland, where the PDC offers an amazing credit ON TOP OF the $8000 home buyers credit offered by the Feds. Look at how much they'll save! (and with low home prices, and low interest rates, the time will NEVER be better!)

Housing Services
Mortgage Credit Certificate


A homebuyer assistance tool for first-time homebuyers in Portland.

Features/Benefits
The Mortgage Credit Certificate (MCC) Program is for first-time homebuyers in Portland. An MCC provides homebuyers with an annual tax credit, which reduces their federal income taxes owed as long as they keep the loan and continue to occupy the home as their principal residence. The tax credit helps the homebuyer to more comfortably afford the monthly payment on their first home. The amount of the MCC tax credit will equal 20 percent of the annual mortgage interest paid by the homebuyer.

The following example shows how the amount of the MCC will be calculated. The example below assumes the homebuyer gets a 30-year mortgage of $250,000 with a 6.0% annual interest rate. Based on this example the total annual interest payments during the first year of the mortgage would be $15,000. Based on these assumptions here is how much tax credit they would get:

Example of a Mortgage Credit Certificate Calculation

1. Sample Home Loan Amount $250,000
2. Sample Annual Interest Rate 6.0%
3. Total Annual Interest Paid $15,000
4. Mortgage Credit Certificate Rate 20%
5. Annual MCC Amount (Line 3 x Line 4) $3,000
6. Monthly Credit Amount (Line 5 ÷ 12) $250

The amount of the annual tax credit is then deducted from the homebuyer’s total tax liability. If the homebuyer is not able to use the full amount of the MCC tax credit in a particular tax year— it may be carried forward for up to three calendar years. If the homebuyer’s total annual federal taxes is less than the total amount of the MCC, the MCC is most likely not the right program for them. The amount of MCC tax credit differs based on the amount of the homebuyer’s loan, interest rate and term of the loan. Each lender may treat the MCC differently for underwriting purposes and also depending on the type of loan selected. The above example is for educational purposes only and is not an actual offer of credit.


Eligible Homebuyer

First-time homebuyer, which is defined as not having owned a home in the past three years; this requirement is waived if the property is located in a “Target Area”
Annual household income limit is based on family size as follows:1-2 Persons-$70,000 3 or more persons-$80,500
Must meet first mortgage lender’s criteria for underwriting, credit and down payment requirements
Must occupy property as “principal residence” within 60 days of the purchasing the home

Eligible Property
Must be located within the Portland city limits
Must be owner-occupied during the life of the loan
Single-family units only, including condos and town homes
Maximum purchase price - $361,125 city-wide

You must use a participating lender, and Windermere Mortgage is one of them.

If you'd like more information, I'd be happy to speak to you, or put you in touch with Bertha Ferran at Windermere Mortgage.

More on the PDC web page here...

The 3/50 Project: Save Our Shops!

Save Our Shops!


















thanks, Nadya, for the link!
Who are your favorites?
Mine are Annie Bloom's Books and Paloma...