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
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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.
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Northeast Portland
1 Bedroom, Double Car Garage, Lots of
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C entury 21 P eninsula R ealty
"Home o f the Week"
3 Bedroom, 2 Bathroom, Fireplace, Decks,
Contemporary Design.
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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
\
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Thanksgiving Day
November 23
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