60% of Americans are Homeowners

 

60% of Americans Are Homeowners

According to the Federal Reserve’s Flow of Funds report released This Week in Real Estate, the collective value of all owner-occupied homes reached a record high of $26.1 trillion in the first quarter; 15% higher than the peak prior to the ‘great recession’ in 2006. Below are a few highlights from the first week of June that influence our business:

U.S. Home Values Reach a Record High of $26.1 Trillion in Q1. The value of all U.S. owner-occupied homes increased to a record $26.1 trillion in the first quarter, according to a Federal Reserve report released Thursday known as the Flow of Funds. That was a gain of 4.3% from a year earlier, the slowest annualized increase since 2012. The collective value of U.S. homes is now 15% higher than the bubble peak reached in 2006. Once that bubble popped, it was a decade before values recovered to the same level. As home values rose in the first quarter, so did homeowner equity, meaning the worth of a home compared to its mortgage. Americans owned 60.4% of their homes in the first quarter, the highest level of equity since 2002. An increase in home equity traditionally has been a support to the U.S. economy as Americans either refinance their first-lien mortgages at higher balances, known as cash-out refis or get home equity loans in a junior lien position. That supports consumer spending, which accounts for 70% of the U.S. economy. Cashed-out equity typically is used either for renovations, college tuition, or to pay off credit card debt, according to Fed economists. Americans converted $19 billion of their home equity into cash in the first quarter, the largest amount since the year-earlier quarter when it was $22.7 billion, according to a Freddie Mac estimate. Most were through cash-out refis, at $16.7 billion, while home equity loans accounted for $2.3 billion.

Borrowers Are Sitting on Record Amounts of Home Equity. The amount of equity in mortgaged real estate increased by about $486 billion in Q1 2019 from Q1 2018, an annual increase of 5.6%, according to the latest CoreLogic Equity Report. The first quarter’s annual increase in home equity marked the lowest such gain in equity since Q4 2012, which reflects slowing price growth. Despite the lower growth rate, borrower equity hit a new high in Q1 2019, and borrowers have gained $5.6 trillion in equity since the end of 2011 when equity stopped declining. The nationwide negative equity share for Q1 2019 was 4.1% of all homes with a mortgage, more than 20 percentage points lower than the peak negative equity share – 26% – recorded in Q4 2009. The number of underwater properties decreased by 268,000 from Q1 2018 to Q1 2019.

AD&C Loan Volume Expands at Start of 2019. After a slight dip at the end of 2018, a consequence of rising interest rates, the volume of residential construction loans increased by 1.5% during the first quarter of 2019. The expansion of construction loans mirrors an NAHB survey showing a slight easing of credit conditions at the start of 2019, with an average 6% rate for speculative single-family construction financing. Tight availability of acquisition, development, and construction (AD&C) loans has been a limiting or cost factor for home building growth, but easing credit conditions and a growing loan base helped expand residential construction activity, albeit modestly. According to data from the FDIC and NAHB analysis, the outstanding stock of 1-4 unit residential construction loans made by FDIC-insured institutions increased by $1.1 billion during the first quarter of 2019, placing the total amount of outstanding loans at $80 billion. On a year-over-year basis, the stock of residential construction loans is up just under 6%, the lowest rate since 2013. Since the first quarter of 2013, the stock of outstanding home building construction loans has nonetheless grown by 97%, an increase of $39 billion.

 


CENTRAL OREGON WEEKEND PLANNER JUNE 7-9, 2019

CENTRAL OREGON WEEKEND PLANNER

JUNE 7-9, 2019

SISTERS RODEO
FRI-SUN – Head to Sisters for the 79th annual Rodeo for the Biggest Little Show in the World. The show features the best in the West in bull-riding, team bronc, and saddle bronc riding, steer wrestling, team roping, barrel racing, tie-down roping, and bareback riding.

GOLF FEST
SAT – The Awbrey Glen golf club celebrates golf culture with demos and prizes. Enter to win $5,000 and play a 50ft putt contest.

MUSICAL: SHE LOVES ME
THROUGH JUNE 30 Cascades Theatre hosts a play set in a 1930’s perfumery in Europe. Two individuals may not see eye-to-eye but when they respond to an ad in the newspaper, they discover the true identity of their true loves.

MAUPIN MADNESS
SAT – Head to uptown Maupin for breakfast and enjoy a poker run, bike show, and an ultimate chili cook-off.

THE BUTLER DID IT
THROUGH JUNE 14 – The Sunriver Stars bring a murder mystery to the big stage with a classic whodunnit and a comical twist.

DESCHUTES DEMOLITION
SAT – The Deschutes Demolition competition at Sunriver Village hosts two member teams of athletes in RX, Scaled, and Masters divisions. Win cash prizes and trophies!

PRIDE GOLF DAY
SAT – Out Central Oregon hosts Pride Golf Day at Juniper Golf Course. Enjoy a game of golf, cornhole, giant Jenga, a live DJ and karaoke as well as a dinner and dance.

BIG BAND JAZZ
SUN – Head to Tower Theater for Oregon’s finest jazz musicians highlighting modern big band jazz with a classic twist.

SATURDAY MARKET
SAT – Head to the Bend Saturday Market featuring local artists, businesses, and produce.

LIVE MUSIC
ONGOING – The Volcanic Theatre and Pub hosts live music that’ll move you. Check their calendar for live theatre and movies as well!

A STARRY NIGHT AT THE OBSERVATORY
ONGOING – Come to the observatory at night and view a guided constellation tour with experts

MOVIES OPENING THIS WEEKEND

  • XMEN: Dark Phoenix
  • The Secret Life of Pets 2
  • Late Night
  • The Gangster, The Cop, The Devil
  • Papi Chulo
  • This One’s For The Ladies
  • Chasing the Dragon 2: Wild
Click here for movie times and theaters.

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT CENTRAL OREGON EVENTS

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

 

www.bhhsnw.com


Portland Metro Weekend Planner June 7-9, 2019

 

PORTLAND METRO WEEKEND PLANNER

JUNE 7-9, 2019

FLORAL PARADE
SAT – The Portland Grand Floral Rose Parade is back with floats, bands, equestrian units, marching groups, drill teams, vintage vehicles, and much more!

ROSE SHOW
FRI-SUN – Stop and smell the roses at the Portland Rose Society’s Spring Rose Show, America’s longest-running rose show. View the magnificent blooms that our “Rose City” is known for.

PRIDE CONCERT
SAT – The Northwest Queer Chorus Pride concert will be filled with songs that uplift, inspire, and empower our community with a message of hope, love, and self-worth. The event will also be honoring the 50th anniversary of the Stonewall riots, come celebrate Pride month!

CONTEMPORARY COMEDY
FRI Native Gardens follows a story of neighbors disagreeing over a property line, while it unknowingly reveals their differences in class, entitlement, and taste.

ART EXHIBIT
THROUGH FRI – Head to Portland Community College Sylvania for showcases in student art ranging from music to art, writing, and theatre.

HORROR FILM FESTIVAL
THROUGH SAT – Portland’s premier 4-day festival of independent and international horror films is back this week with scary, funny, gory, and some horrific.

OLIVER
THROUGH SUN – This popular tale is told by the Eastside Theatre Company, about the classic tale from Charles Dickens.

CITYFAIR & FIREWORKS
FRI-SUN – Enjoy the final weekend of CityFair on the Waterfront. The final weekend features a Fairy Tale theme and a salute to all branches of the military. Catch a concert, and participate in the Grand Floral Scavenger Hunt.

UNDERGROUND ART SHOW
SAT – The Portland Pancakes & Booze Art Show hosts 60 artists with free pancakes, live music by a DJ, live body painting, and a bar at Hawthorne Theatre.

CHOCOLATE TOUR
ONGOING Chocolate Pursuit tours share an afternoon (3.5-hour) walking tour highlighting five stops. Learn about the Portland chocolate culture while sampling local bites.

CURTAIN UP
THROUGH JUNE 22 – This all-female cast hosts a comedy about inheriting a dilapidated theatre and the comical attempt to fundraise for their future.

SCANDINAVIAN FESTIVAL
SAT – Oaks Park hosts the Midsummer Festival in celebration of the summer solstice with games, Scandinavian traditional dancing, food, and a beer garden.

SINGIN’ IN THE RAIN
THROUGH SUN Lakewood Theatre Company closes out its 66th season with the triumphant movie musical Singin’ In the Rain, tapping its way from cinema’s silver screen to the Lakewood Headlee Mainstage. Hilarious situations, snappy dialogue and a downpour of unforgettable songs and real rain make it the perfect entertainment for any fan of the golden age of movie musicals. Production directed by NW acclaimed Director, Ron Daum and features many well-known and award-winning performers from the local stage.

CAR SHOW
SAT Cruisin’ Sherwood hosts 500 hot rods from classics to collector and custom. Join a burnout contest, vendors, a kids’ zone and a beer garden.

ZOO BREW
FRI – Kick off summer with more than 40 of Portland’s best cider houses and breweries with live music and keeper chats at the Oregon Zoo.

WATER LANTERN FESTIVAL
SAT – Laurelhurst Park hosts the magic of lanterns as they light up the water, bring the family and witness a memorable night.

ART MUSEUM DISCOUNT
SAT – The Portland Art Museum hosts $5 admission after 5 pm on Fridays in a relaxed and interactive experience.

RENAISSANCE FAIRE
SAT-SUN – Join a “royal Queen” in the time 1563 and enjoy the amusement of jugglers, musicians, and lancing during a weekend in the Scottish countryside.

OMSI EVENT
ONGOING – OMSI takes a behind the scenes glance at Pixar creations. Experience the science, technology, art, and concepts by Pixar artists for award-winning films.

HISTORIC CHINATOWN
ONGOING – Head to the Portland Chinatown Museum for a look beyond the gate. This exhibit uses rare objects and visuals to explain the history and old tales of Portland’s historic Chinatowns.

 

VANCOUVER METRO EVENTS 

 

CRAFT BEER & WINE FEST
SAT – Craft nation and Wine fest have come together to celebrate drinks handcrafted in the Pacific Northwest.

WA STATE PARKS DAY
SAT-SUN – Head to any of the 140 Washington State Parks for free entrance! Hike, picnic, and play all day!

CIRCUS
THROUGH JUN 10 – Experience the American Crown Circus under the big top, with an array of talent from magic, to death-defying stunts and elaborate illusions.

NATIONAL DONUT DAY
FRI – Come out for coffee and free donuts on National Donut Day at a participating Safeway! Don Francisco’s Coffee has teamed up with 98.7 The Bull radio and social media influencer Kristina McInnis to celebrate this day. Win prizes and tickets to the Roots and Boots Tour!

PAC WEST SERIES
SUN – Washougal MX Park hosts Round 4 of the Pac-West Motocross Series. Head out to watch motocross competitors fight for a spot in the championship.

VANCOUVER FARMERS MARKET
ONGOING –  The Vancouver farmers market features local fresh produce and products.

MOVIES OPENING THIS WEEKEND

  • XMEN: Dark Phoenix
  • The Secret Life of Pets 2
  • Late Night
  • The Gangster, The Cop, The Devil
  • Papi Chulo
  • This One’s For The Ladies
  • Chasing the Dragon 2: Wild
Click here for movie times and theaters.

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT

www.events12.com/portland

 

www.bhhsnw.com

 


Mortgage Rates Plummet to the High 3’s

 

Mortgage Rates Plummet to the High 3’s

According to a report from CoreLogic This Week in Real Estate, as the pace of home price appreciation has decelerated so too has the percentage of homes selling at or above asking price. At the end of Q1 this year the percentage of homes selling at or above list price was 31.1% compared to 40% in Q2 2018. Below are a few highlights from the last week of May that influence our business:

Share of Homes Selling at or Above List Price Returning to Normal Levels. Ten years after the financial crisis, the national CoreLogic Home Price Index (HPI®) has exceeded its pre-crisis peak and continues to grow but at a slower pace. With home prices reaching many homebuyers’ budget limits, the share of homes selling at or above list price has returned to normal levels. The share of homes selling at or above list price has returned to early 2000 levels. In Q2 2018 that share peaked at more than 40% of total sales – almost triple the level during the trough in January 2008. As annual home price growth started to slow in Q3 2018, the share of home buyers able to negotiate a better price began to rise. As of March 2019, the share of homes that were sold at or above list price has fallen to 31.1% – about the same level as in 2000 and 2001.

Mortgage Rates Drop Well Into the High 3’s. Mortgage rates were decisively lower today, following a massive market movement on news of new tariffs to be imposed on Mexico. In general, trade wars are economically negative. They hurt stocks and help bonds. When bonds are improving, it means bond prices are rising and yields (another word for “rates”) are falling. Long story short, investors are pricing in a new reality where trade tensions do measurable damage to the global economy. This not only forces money out of stocks and into bonds, but it also implies lower inflation and increased odds of Fed rate cuts. The specific implication for mortgage rates was quite good today. Mortgages have been lagging the moves seen in Treasury yields, for the most part. That was NOT the case today – at least for the lower portion of the rate spectrum. The average lender improved by the biggest amount of the past several weeks with top tier scenarios now easily seeing quotes of 3.875%. That said, different lenders have responded to the market movement at drastically different paces. Volatility tends to have that effect.  If the bond market stabilizes at the beginning of next week, we’ll see some more cohesive pricing between lenders.

Nearly Half of Prospective Buyers are Actively House Hunting. Many people start thinking about a home purchase well in advance of actually engaging in the process of finding a home. In a national poll in the first quarter of 2019, 13% of adults reported planning a home purchase within the next year. Of those prospective buyers, 46% are already actively involved in trying to find a home to buy. The latter finding is not different from a year earlier, when 17% of poll participants were planning a home purchase and 46% of them were actively engaged in the search process. Are actively engaged buyers spending a lot of time house hunting? In the first quarter of 2019, 53% of those searching have been at it for three months or longer, while 46% have looked for less than three months. A year earlier, 50% of active buyers reported looking for a home for less than three months. Future polls will determine if there is a trend for more people spending upwards of three months searching for a home.

Looking to purchase a new home or see how much of a mortgage you qualify for? Speak with a HomeServices Lending Mortgage Loan Officer in Oregon or Washington today!

 


Central Oregon Weekend Planner May 31 – June 2, 2019

CENTRAL OREGON WEEKEND PLANNER

MAY 31-JUNE 2, 2019

CASCADE CYCLING CLASSIC
FRI – Top racers from around the world find their way to Central Oregon this weekend for North America’s longest running stage race.

SUNRIVER BREW FEST
FRI – Head to Sunriver Resort to enjoy over two dozen participating breweries from craft beers to cider and wine, tingle your taste buds at a family (and pet) friendly event.

SALMON BAKE
SAT – The Native American Salmon Bake features a silent auction with Native American arts and crafts, drumming, and vendors. This event benefits the first Nations Student Union Scholarship Program.

OREGON TRAIL GAME
FRI – Can you survive the Oregon Trail? Grab your partner and head round to the High Desert Museum for an obstacle course inspired by the Oregon Trail game. Enjoy the chili buffet afterwards.

AMERICA’S GOT TALENT
SAT-SUN – Puddles the famous clown from America’s Got Talent heads to The Tower Theatre Sunday for a ‘Pity Party’ for truly unique entertainment.

CARNIVAL
FRI-SAT Avid Cider brings the carnival to Bend! Enjoy the Ferris wheel or delight in a variety show, and dance to live music.

THE BEER CHASE
SAT – This one-day event requires a six-person running relay over 50 miles, from Bend to Redmond, and back.

SATURDAY MARKET
SAT – Head to the Bend Saturday Market featuring local artists, businesses, and produce.

TRIVIA
SUN – Head to Jackson’s Corner for Friends Trivia night! As Chandler Bing would say “Could this BE more exciting?!” Assemble a team and test your knowledge with media rounds including music, video, and audio.

LIVE MUSIC
ONGOING – The Volcanic Theatre and Pub hosts live music that’ll move you. Check their calendar for live theatre and movies as well!

A STARRY NIGHT AT THE OBSERVATORY
ONGOING – Come to the observatory at night and view a guided constellation tour with experts.

MOVIES OPENING THIS WEEKEND

  • Godzilla
  • Rocketman
  • MA
  • Leaving Home: Coming Home
  • Funny Story
  • Loners
  • Mayday Life 3D
  • Rich Boy, Rich Girl
  • Yomeddine
Click here for movie times and theaters.

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT CENTRAL OREGON EVENTS

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

www.bhhsnw.com


Portland Metro Weekend Planner May 31-June 2, 2019

 

PORTLAND METRO WEEKEND PLANNER

MAY 31 – JUNE 2, 2019

CITYFAIR & FIREWORKS
FRI-SUN – This weekend is jam-packed with music, carnival rides, exhibits, a food fair, and more at the Waterfront.

FESTIVAL OF FLOWERS
THROUGH JUNE 4 Pioneer Courthouse Square offers live music and a flower sale with a giant design made of 20,000 flowers.

CONTEMPORARY COMEDY
THROUGH JUNE 16 – The Native Gardens performance displays neighbors arguing over a property line and their unsettled differences.

OREGON TRAIL RALLY
FRI-SUN – Head to the Portland International Raceway for a driver meet & greet and rally. Watch the race in Durfur and Hood River on gravel logging roads.

ALICE IN WONDERLAND
THROUGH SUN – The Alpenrose Opera House offers a modern take on the classic tale of Alice in Wonderland. Join Alice on her journey of self-discovery as she ditches high school to  join a rock band.

TASTE OF CANBY
FRI-SUN – Get a true taste of Canby wine, food, and brew from local vendors and vintners. Bring the family and enjoy live music on the Fairgrounds stage!

STARLIGHT PARADE
SAT – Watch the Starlight run followed by the parade at Waterfront Park during CityFair.

CHOCOLATE TOUR
ONGOING Chocolate Pursuit tours shares an afternoon (3.5-hour) walking tour highlighting five stops. Learn about the Portland chocolate culture while sampling local bites.

PORTLAND MODERN HOME TOUR
SAT – Join a tour of uniquely modern homes and get a chance to meet the designers and architects that put it all together for inspiration.

TASTE OF TIGARD
SAT – Enjoy and sample bites of the Tigard community! The festival is free and open to the public. The location of downtown Tigard is public transit, walking and biking friendly!

COUNTRYFEST
SAT – 98.7 The Bull Radio Hosts a music festival at Waterfront Park featuring hit musicians like LOCASH, Uncle Kracker, Jordan Davis, Hardy, Dillon Carmichael, and Britnee Kellogg.

SINGIN’ IN THE RAIN
THROUGH JUNE 9 Lakewood Theatre Company closes out its 66th season with the triumphant movie musical Singin’ In the Rain, tapping its way from cinema’s silver screen to the Lakewood Headlee Mainstage. Hilarious situations, snappy dialogue and a downpour of unforgettable songs and real rain make it the perfect entertainment for any fan of the golden age of movie musicals. Production directed by NW acclaimed Director, Ron Daum and features many well-known and award-winning performers from the local stage.

POLICE DOG TRIALS
SAT – This family-friendly event hosts Washington County K-9 Trials, watch dogs showing off their skills at Hillsboro Stadium as they compete for the prize of “Top Dog.”

OMSI EVENT
ONGOING – OMSI takes a behind the scenes glance at Pixar creations. Experience the science, technology, art, and concepts by Pixar artists for award-winning films.

HISTORIC CHINATOWN
ONGOING – Head to the Portland Chinatown Museum for a look beyond the gate. This exhibit uses rare objects and visuals to explain the history and old tales of Portland’s historic Chinatowns.

 

VANCOUVER METRO EVENTS 

THE BIG PADDLE
SAT – The Ridgefield Waterfront hosts the 8th Annual Big Paddle with rentals available for kayaks, paddle boards, and canoes. Enjoy live music, a beer garden and fun activities like kayak polo!

BIRD ID WORKSHOP
SAT – Head to this Columbia Springs workshop to investigate bird identification and learn about the 25 common bird species in the area, native to the Pacific Northwest.

MASTER CHORALE
SAT-SUN – Vancouver Master Chorale presents True Colors, inspired by Cyndi Lauper’s hit song with a mix of contemporary music and hits from Queen, James Taylor, and Billy Joel for a rounded outlook on music.

VANCOUVER FARMERS MARKET
ONGOING –  The Vancouver farmers market features local fresh produce and products.

MOVIES OPENING THIS WEEKEND

  • Godzilla
  • Rocketman
  • MA
  • Leaving Home: Coming Home
  • Funny Story
  • Loners
  • Mayday Life 3D
  • Rich Boy, Rich Girl
  • Yomeddine
Click here for movie times and theaters.

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT

www.events12.com/portland

 

www.bhhsnw.com


Mortgage Rates Decline As The Market Moves

 

 

Mortgage Rates Decline As The Market Moves

This Week in Real Estate mortgage rates fell to the lowest levels in more than a year while new home sales are up 6.7% through the first four months of 2019 compared to the same time the prior year. Conclusion: the market is positioned for a strong summer selling season thanks in part to a healthy job market, continued low-interest rates and steady sales pace of new homes. Below are a few highlights from the third week of May that influence our business:

New Home Sales Post Solid Numbers in April. After an upward revision, March and April newly-built single-family homes sales data indicate that lower mortgage rates and price incentives increased the volume of transactions as the spring home-buying season stabilized after weakness in late 2018. Contracts for new, single-family home sales declined to a 673,000 seasonally adjusted annual rate according to estimates from the joint release of HUD and the Census Bureau. However, this decline was off a strong 723,000 sales pace in March, making that month’s sales rate the best since the Great Recession. Furthermore, the April rate was the third strongest of this cycle. The March data places the industry back on a trend line that has been in place since 2011. For the first four months of the year, new home sales are 6.7% ahead of the sales pace of the initial four months of 2018. However, those gains have distinct regional clustering. Year-to-date sales are up 10.3% in the South, 6.7% in the West (concentrated in the Mountain states), and 1.3% in the Midwest while recording a 17.6% decline in the Northeast.

Rates Are Back to Lowest Levels in More Than a Year. Mortgage rates fell again today as mortgage lenders got caught up with yesterday’s market movements. Mortgage rates are based on bond market trading levels, but mortgage lenders only adjust rates once per day unless there’s quite a bit of movement. Yesterday saw such movement, and in those cases, lenders typically adjust rates to reflect only part of the overall shift in markets until the shift is confirmed for a certain amount of time. As such, when bond markets began the day in similar territory to yesterday, lenders were able to bring mortgage rates even lower than yesterday. With that, the average lender is back to the lowest rates in more than a year. It should be noted that several lenders are still a bit higher than they were on March 27th and 28th of this year. Other lenders are in noticeably better shape, however. In outright terms, that means rate quotes of 4.125% are common, 4.0% is not uncommon, and 3.875% is possible for the most flawless scenarios–especially in cases where borrowers are willing to pay a bit more in upfront closing costs to buy down the rate.

Grocery Store is Most-Desirable Neighborhood Amenity, Federal Reserve Report Shows. When the Federal Reserve released on Thursday its Survey of Household Economics and Decision-making, known to economists as the SHED report, the biggest number covered by the financial media was: Four in 10 American adults wouldn’t be able to cover an unexpected $400 expense. But buried in the 64-page annual report there were nuggets about the housing market. For example, people said the most important neighborhood amenity is a grocery store. About 87% of respondents said it is “moderately or very important” to have nearby. Next on the list of desired neighborhood amenities was a combined category of “shops or restaurants,” which 75% of people cited as being important to have nearby. The next slot went to banks, with 65% of people citing them as important, then places of worship, at 48%, a library, at 48%, a park or playground, at 43% and public transportation, at 37%. Another housing-related data nugget was insight on “boomerang kids,” the pop term for adult children who return to live at home. About 61% of Americans ages 18 to 21 years are living with parents, according to the Fed report. The share drops to 51% for 22- to 24-year-olds and 26% for 25- to 29-year-olds. About 13% of 30- to 39-year-olds continue to live with their parents.


Central Oregon Weekend Planner: May 24-27, 2019

 

CENTRAL OREGON WEEKEND PLANNER

MAY 24-27, 2019

HAPPY GIRLS RACE
SAT Happy Girls Bend offers a 5K, 10K, and half marathon for a run along the beautiful Deschutes while you push yourself and challenge your limits.

WINERY ANNIVERSARY PARTY
SAT – Head to Maragas Winery to celebrate their 20th anniversary of sustainable operation in the wine industry.

CENTRAL OR BEER WEEK
THROUGH SUN – Celebrate Oregon Beer Week with the craft beer culture thriving in Bend. Don’t miss out on this week-long party.

RIFF FEST
SAT – The Riff Taproom hosts a Riff Fest with food, games, beverages, and live music for a family- friendly celebration.

SUMMIT HIGH
SAT-SUN – The Central Oregon School of Ballet presents a classic fairy tale of Cinderella with professional guest ballet dancers from Seattle and Bend alongside the talented children of COSB.

PET ADOPTION DAY
FRI – The Brightside Animal Center hosts an adoption day in downtown Bend. Help dogs, cats, guinea pigs, and other furry friends find a forever home.

SISTERS STAMPEDE
SUN – The Sisters Stampede is a mountain bike race embracing a network of trails on the Peterson Ridge trail.

SATURDAY MARKET
SAT – Head to the Bend Saturday Market featuring local artists, businesses, and produce.

LIVE MUSIC
ONGOING – The Volcanic Theatre and Pub hosts live music that’ll move you. Check their calendar for live theatre and movies as well!

A STARRY NIGHT AT THE OBSERVATORY
ONGOING – Come to the observatory at night and view a guided constellation tour with experts.

MOVIES OPENING THIS WEEKEND

  • Aladdin
  • Booksmart
  • Brightburn
  • Echo In The Canyon
  • Funny Story
  • Halston
  • The Proposal
  • The Tomorrow Man
  • India’s Most Wanted
Click here for movie times and theaters.

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT CENTRAL OREGON EVENTS

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

www.bhhsnw.com


Portland Metro Weekend Planner: May 24-27, 2019

 

PORTLAND METRO WEEKEND PLANNER

MAY 24-27, 2019

CITYFAIR & FIREWORKS
FRI-MON – Friday night features fireworks, carnival rides, exhibits, a food fair, and live music at the Waterfront.

FESTIVAL OF FLOWERS
THROUGH JUNE 4 Pioneer Courthouse Square offer live music and a flower sale with a giant design made of 20,000 flowers.

CONTEMPORARY COMEDY
THROUGH JUNE 16 – The Native Gardens performance displays neighbors arguing over a property line and their unsettled differences.

LOVE, LOSS, AND WHAT I WORE
THROUGH SAT – This women’s play features a hilarious recall of stories regarding clothing they wore in Love, Loss, and What I Wore.

VAMPIRE’S MASQUERADE BALL
SATPortland Art Museum hosts a formal gala with a Gothic and industrial classic theme featuring a buffet and bar.   

WINE COUNTRY WEEKEND
THROUGH MON – Head to the Willamette Valley for more than 130 wineries offering tours and tastings.

THE OREGON SYMPHONY
ONGOING Classical Up Close hosts Oregon musicians and special guests for a series of 15 free chamber music concerts including six full-length evening concerts, six intimate blitz performances, and three kids’ concerts.

CHOCOLATE TOUR
ONGOING Chocolate Pursuit tours shares an afternoon (3.5-hour) walking tour highlighting five stops. Learn about the Portland chocolate culture while sampling local bites.

SWEENEY TODD BINGO
FRI – Odd Fellows Lodge offers a Gothic Bingo Night hosted by Sweeney Todd and Jack the Ripper. Wear your spooky goth attire for a late-night Bingo Party and fundraiser as the villains roam the room, helping bingo-goers cheat for a price. Bring cash to bribe villains for help winning.

MULTNOMAH COUNTY FAIR
SAT-MON Oaks Amusement Park hosts the 113th Annual Multnomah County Fair. Enjoy food, rides, live entertainment, and more!

SINGIN’ IN THE RAIN
THROUGH JUNE 9 Lakewood Theatre Company closes out its 66th season with the triumphant movie musical Singin’ In the Rain, tapping its way from cinema’s silver screen to the Lakewood Headlee Mainstage. Hilarious situations, snappy dialogue and a downpour of unforgettable songs and real rain make it the perfect entertainment for any fan of the golden age of movie musicals. Production directed by NW acclaimed Director, Ron Daum and features many well-known and award-winning performers from the local stage.

OMSI EVENT
ONGOING – OMSI takes a behind the scenes glance at Pixar creations. Experience the science, technology, art, and concepts by Pixar artists for award-winning films.

HISTORIC CHINATOWN
ONGOING – Head to the Portland Chinatown Museum for a look beyond the gate. This exhibit uses rare objects and visuals to explain the history and old tales of Portland’s historic Chinatowns.

 

VANCOUVER METRO EVENTS

 

BREAD AND BUTTER
SAT – Head out to Cedar Creek Grist Mill for Bread and Butter Day, where you can learn how to churn cream into butter.

MEMORIAL DAY WINE TOUR
SAT-MON – Sip on artisan Spring wine while enjoying local handcrafted, newly released wine.

MEMORIAL DAY CLASSIC
SAT-MON West Coast Premier Tournaments compete at the Harmony Sports complex and other sites in a competition for the final game Monday.

VANCOUVER FARMERS MARKET
ONGOING –  The Vancouver farmers market features local fresh produce and products.

MOVIES OPENING THIS WEEKEND

  • Aladdin
  • Booksmart
  • Brightburn
  • Echo In The Canyon
  • Funny Story
  • Halston
  • The Proposal
  • The Tomorrow Man
  • India’s Most Wanted
Click here for movie times and theaters.

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT

www.events12.com/portland

www.bhhsnw.com


The Rise of Housing Inventory and Market Prices

The Rise of Housing Inventory and Market Prices

According to the latest National Association of Home Builders Housing Market Index (HMI), builder confidence has reached its highest level since October 2018 and NAR chief economist, Lawrence Yun, predicted at NARs mid-year meeting This Week in Real Estate, that he expects new home sales to reach a 12-year high this year. Below are a few highlights from the second week of May that influence our business:

Builder Confidence Posts Solid Gain in May. Builder confidence in the market for newly-built single-family homes rose three points to 66 in May, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Builder sentiment is at its highest level since October 2018 after declines in late 2018 due to higher interest rates and concerns over slower growth. Builders are catching up after a wet winter and many characterize sales as solid, driven by improved demand and ongoing low overall supply. All the HMI indices posted gains in May. The index measuring current sales conditions rose three points to 72, the component gauging expectations in the next six months edged one point higher to 72 and the metric charting buyer traffic moved up two points to 49. Looking at the three-month moving averages for regional HMI scores, the Northeast posted a six-point gain to 57, the West increased two points to 71, the Midwest gained one point to 54, and the South rose a single point to 68.

Home Prices Continue on Healthy Course in Q1. Inventory increased and metro market prices rose in the first quarter of 2019, but at a slower pace than the previous quarter, according to new research. From the first quarter of 2018 to the first quarter of 2019, home prices rose 3.9 percent, according to a National Association of REALTORS® (NAR) report. On an annual basis, there were higher home prices in 86 percent or 153 of the 178 metropolitan areas in the report. Comparing the largest markets, the median price was $254,800, up from $245,300 in Q1 2018. Lawrence Yun, NAR chief economist, says the first quarter has been beneficial to U.S. homeowners. “Homeowners in the majority of markets are continuing to enjoy price gains, albeit at a slower rate of growth. A typical homeowner accumulated $9,500 in wealth over the past year,” he said.

NAR’s Yun Forecast for 2019 Housing Sales: New Homes Will Drive Market Gains. Sales of new homes probably will reach a 12-year high this year as builders scramble to meet demand from entry-level buyers, according to Lawrence Yun, chief economist of the National Association of Realtors. Existing home sales probably will be flat, he said. The number of new houses sold in 2019 probably will total 667,000, the highest level since the beginning of the financial crisis in 2007, Yun said at NAR’s Legislative Meetings & Trade Expo in Washington D.C. on Thursday. Sales of existing homes, which tumbled 3.1% in 2018 as mortgage rates rose to an eight-year high, probably will be flat this year, Yun said. Next year, existing home sales probably will gain 3.7%, he said. Nationally, the inventory of homes on the market has grown for eight straight months on a year-over-year basis, and Yun said he expects that to continue.


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