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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (Nov. 23, 1989)
Portland Observer NOVEMBER 22, 1989 Page 8 NAR Outlook Anticipates Lower Mortgage Rates, Steady Home Sales WASHINGTON Mortgage interest r ues have lev eled off at a point low enough to keep home sales steady through 1990, iceording to the latest monthly ‘‘Outlook for the Econ omy and Real Estate" from the National Association of Realtors. The November outlook says slow eco nomic growth during the fourth quarter likely will trigger further loosening of the Federal Reserve Board's monetary policy. As a re sult, mortgage interest rates probably will remain at about 9.75 percent through the end of the year, before falling lower in early 1990, it says. Lower rates are not expected to substan tially boost home sales, however. The sales rate of existing single-family homes is ex pected to average 3.36 million units for the final quarter of 1989, then slow to a rate of 3.24 million units in the first quarter of 1990, generally the slowest sales period. New homes are expected to be sold at a rate of 628,000 units in the final quarter of the year, before Families Approved Peninsula Kealty Xurth furtland 2 Bedroom, I Bath, Oversized Garage on a spacious 1-1/2 lot. Only $36,000 * Consumer price inflation is expected to reach a rate of 4.8 percent, compared to 4 .1 percent in 1988. Call 282-4696 1 Bedroom, Fireplace, Deck, Nice Yard, Priced to Sell at $19,500. - Contract. 2413 NE Martin Luther King Jr. Blvd. We Can Help $25.00 Application P * t Northeast Portland 1 Bedroom, Double Car Garage, Lots of Space. Priced Right at $17,000. W ont’t Last!!!!! C entury 21 P eninsula R ealty "Home o f the Week" 3 Bedroom, 2 Bathroom, Fireplace, Decks, Contemporary Design. What A Deal!!!! At $45,999. Extra Lot • Patio Dog Run • Storm Windows Full Cyclone Fencing • Family Room Soma Appliances Dual Adjusting Gas Heating Systems Full Finished Basement with Build-In Drawer & Cabinet Space Bathroom • Motion Light Detection System Floodlights Brick Fireplace 2 Car Garage with Remote Control Security System Office with Storage Area Honeywell Security System with Panic Button Circulation Fan • 2» Bedrooms (newly painted) Kitchen with Eating Area Before You Try The Rest, Why N ot Try the Best! fers by county but last year incomes ranged from $ 14,050 to 528,950 for a family of four. Loans and grants to individuals include home ownership loans to purchase, build, repair or improve a home. Grants are available to home owners 62 years or older who have incomes so low they cannot repay any part of a loan. The agency also funded 9 rural rental and 4 labor housing projects totalling $7.4 million. The 10 rental and labor housing units presently under construction will house 225 families when completed. Three loan for improvements to existing rental projects made up the balance of the $27.4 million expended by the agency in Oregon. FHA $ 4 5 , 0 0 0 . 0 0 A ssum able Are you interested in selling your house and arent't sure of what the value would be in today's m arket call for a free "Competitive M arket Analysis." A "Competitive M arket Analysis" will give you a range of value by showing you what homes are currently selling for, what your compe tition is in today's market and what buyers are not willing to pay for homes similiar to yours. Responsibility Pride Integrity Can Meet All Your Estate Needs, We Specialize In Sales o f Residental and Commercial Properties. Call Rose M arie Davis for your Free "Competitive M arket Analysis!" 21 Come in for a free consultation for CONVENTIONAL, FHA, VA LOANS, including HUD properties. PENINSULA REALTY INC. 8040 North Lombard Portland, Oregon 97203 Business: (503) 286-5826 FA X: (503) 286-8675 Residence: (503) 281-8976 We Look Forward To Meeting YOU Soon. Winter Means Home Heating That Means Firesafety First the stove and the floor and walls are adequate. Also check clearances between the stovepipe and the wall where it en ters the chimney. Keep combustibles, including wood, at least 36 inches away from the stove (or more, if the manufac turer's directions say so). * Check stovepipes and chimney flues for creosote buildup. Creosote can't be prevented; it's a natural by-product of burning wood. If more than an eighth- inch accumulates on stovepipe or flue walls, a severe fire could result. Have creosote cleaned off by a professional. * Check cords on electric heaters before using them. Especially check the connection between the cord and the plug on one end and the cord and the heater on the other. If the cord is frayed anywhere, have it replaced. Never leave portable heaters run ning all night. Instead, put an extra blan ket on your bed to stay warm. Remem ber, before you go to bed, put your space heater to sleep. Turn it off!! * Install and check smoke detec tors to assure that they are in working condition. * It's important to stay warm dur ing the winter but it's also important to stay safe. If you use stoves, fireplaces or portable heaters, practice fire safety behaviors when you use them. It's im portant to follow fire safety rules and learn not to bum. R&R Management Can Help You! We have from one (1) to four (4) bedrooms. Newly remodeled Nice, clean for familys who care about how they live. Sec. 8 We Welcome you 1 Bedroom, Open Floor Plan, Very Secure, Fenced Yard, Carpets. Must Sec!!! $25,499. The National Association of Realtors, the nation's largest trade association, is the voice for real estate, representing nearly 800,000 members involved in all aspects of the real estate industry. S afety As the temperature outside drops lower, the thermostat inside is turned h ig h er-to a point. Because central heat ing costs have risen dramatically in the past years, many people now use wood or coal-burning stoves, fireplaces and portable space heaters as alternative heating sources. They're economical and efficient. Unfortunately, though, they can be dangerous. Today Home heating is the factor that results in the greatest percentage of residential fires. The National Fire Pro tection Association warns that improper use and lack of maintenance o ff wood and coal stoves are primary causes of home heating fires. Another is the im proper use of portable electric and kero sene heaters that arc too often placed near combustible materials such as cur tains or bed covers. W ith winter closing in, it makes sense now to follow some o f these home heating fire safety tips. * If you use the fireplace, be sure it is in good operating condition. Have the chimney inspected and cleaned. Make sure the fireplace opening is covered with a sturdy metal screen or heat-tem pered glass doors to prevent sparks from jumping out or logs from rolling out and starting a fire. * Make sure wood stoves are properly installed. Have it inspected to make certain that all clearances between ATTENTION RENTERS CENTURY 21 6.9 percent front 1988. * Interest rates for fixed-rate, 30-year mortgages are expected average 10.3 per cent, falling from an average of 10.5 percent for 1988. Interest rales for one-year, adjust able-rate mortgages are expected to average 9.7 percent, rising from an average of 8.5 percent last year. * The gross national product (the total value of the nation's goods and services) is expected to total $5.233 trillion in current dollar terms, representing an inflation-ad justed increase of 3.0 percent from 1988. For Home Loans A record number of home loans were made to low income families in Oregon, reported Farmers Home Administration State Director David T. Chen. In the fiscal year ending Sept. 30, the agency approved 776 loans and grants totalling S19.6 million in the individual home ownership program, up from 475 loans made in 1986. “ We have tried hard to reach out to eligible families in rural communities. With this new fiscal year we hope low income people in the market for a home will consider our loan program if they have been unable to obtain credit from a commercial lender and are otherwise credit worthy," Chen said. Eligibility criteria for the program dif- W in ter F ir e slowing to a rale of 546,000 units in the tirst quarter. A copy of the outlook, published by NAR’s forecasting and policy analysis divi sion, is enclosed. Il contains an economic commentary by Dr. John A. Tuccillo, NAR chief economist, along with the following predictions for the real estate industry and economy in general for 1989: * Sales of existing single-family homes are expected to total 3.41 million units, drop ping 5.2 percent below sales for 1988. * Sales of new single-family homes are expected to total 648,000 units, dropping 4.6 percent from 1988. * Housing starts are expected to total 1.41 million units, dropping 6.1 percent from a year ago. A total of 1.02 million starts for single-family units is expected, dropping 5.9 percent from 1988. Starts for buildings with tw o to-four units are expected to total 56,000 units, dropping 5.1 percent from 1988; and starts for buildings with five or more units are expected to total 324,000 units, falling R E A L ESTATE ÖÖ 317 N.E. Killingsworth St. Portland, Oregon 283-4542 Rose M arie Davis Sales Associate Each Office is Independently Owned and Operated Y \ O ra H art, President! Safeway is inyourNeig hborhood to Stay Progressive Realty, Inc. "9fome, o f the ‘We.e.f M N.E. Eliot Neighborhood $28,500 • $2,500 Move-In / / Pork Steak Blade- / Tender, juicy, quality pork with Safeway’s famous ’/«-inch trim tor value! Try this delicious cut of pork broiled, baked, pan fried or use your favorite recipe. 4 k í ¡ Great Starter Home - Near Emanuel Hospital and Boise-Eliot Elementary School. 2 Bedrqvjps, 2-Car Garage, Fenced Backyard and Alarm System. .T.'.V. .'. V., r ‘ X4 * 1-Lb. Premium $^ 4 9 7 Pride L h IU U Safew ay wi/J be Responsibility Safeway Brand Quick and easy to fix «flh» C 9, OPEN Integrity 317 N.E. Killingsworth Si. Portland, Oregon 283-4542 By B. 1 0 1 1 1 * 9 Ora H art, President SAFEWAY Thanksgiving Day November 23 • * * k .* * ? -