M arch IO , 1993 « T he P ortland O bserver
P age AIO
U n fo r tu n a te ly ,
HOUSING
dow n ed
ATTENTION
HOMEOWNERS
po w e r l i n e s
25 HOMES
WANTED
To Train Applicators
(Under Supervision-
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To Install
don I
NEW 1993
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Financing
O.A.C.
MAIL COUPON OR CALL
ANDERSON BUILDERS &
CONSTRUCTION, INC.
3511
N.L 74th M a n d , OK 97213 J
(503) 281-1855
NAME
ADDRESS
CITY
PHONE
CCB#526O3*™ " "
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Unsure If You Can Afford
To Buy A Home?
w i i t k
k u ilt-ii
w a r n in
&
sy ste m .
Il's im possible to tell il a
dow ned powerline is hot.
o r not II you see one.
d o n t touch But do call
911 and ask for assistance
Portland General Electric
--- Then you will want to attend a
free seminar concerning home buy­
ing and home ownership. The semi­
nars will provide an overview of the
home buying process, explain mort­
gage financing in general terms and
assist with a household budgeting
plan. Specific mortgage programs,
designed to assist low to moderate
income households will also be dis­
cussed.
Some specific questions that will
be addressed include the following:
• How much house can I afford?
Sales price?
Mortgage amount? Loan eligi­
bility?
• What would my monthly pay­
ment be? How much down payment
would I need to have?
• What if I have bad credit, or no
credit at all?
Franciscan Enterprise (FEO) Completes
Renovation Of First Of 14 Houses Moved
To King And Vernon Neighborhoods
• What about inspections, assess­
ments, building codes, home mainte­
nance?
The seminars will be conducted
every month and attendance at the
seminars will be required in order to
qualify for certain loan programs.
Space is limited-reservations will be
taken on a first come, first served
basis. Please call the Portland Hous­
ing Center at 282-7744 to receive
your pre-registration form.
The Home Buying Class will be
ALL DAY SATURDAY, MARCH
27 at CONCORDIA COLLEGE, LIB­
ERTY #105, 2811 NE Holman,
9:00am-4:00pm
The Portland Housing Center is
a private, non-profit program of Ecu­
menical ministries of Oregon, and is
supported by a unique partnership of
private and pubic funds.
One of the many home's in the Franciscan Project located on 8th and Emerson
Franciscan Enterprise of Oregon
(FEO), a non-profit organization that
rehabilitates abandoned houses in in­
ner North/Northeast Portland, has
completed renovation on the first of
14 houses relocated in August 1992
from the site of the former Rose City
Fred Meyer.
The house, located in the King
Neighborhood at 839 N.E. Sumner, is
a one-story structure that has been
rented to a family of four. Over 1,000
hours of volunteer labor went into the
renovation of the property. Renova­
tion of the next two houses, at 821 and
914 NE Sumner, began March 6,1993.
Loan financing for the project is
being provided by the Portland Devel-
t=l
opment Commission and Pacific First
Bank. The houses will be insulated
through the city’s Block-By-Block
W eatherization Program.
The project, the largest ever un­
dertaken by FEO, is a collaborative
effort joining individual volunteers,
city agencies and the foundation and
business communities. Grant support
has been provided by the City of Port­
land, US Bank and First Interstate, US
West, PacifiCorp, Weyerhaeuser Com­
pany Foundation, the Jackson Foun­
dation, T ucker Trust, Standard Insur­
ance and Rejuvenation House Parts.
Founded in 1987, FEO currently
owns and manages 10 housing units
which are rented to low income fami-
First Interstate Ñames New VP
For Community Develpment/
Comercial Real Estate
Margaret S. Van Vliet has been
promoted to Vice President for First
Interest Bank's Northwest Region with
responsibilities for community De­
velopment Lending in the bank’s Com­
mercial Real Estate Division.
Van Vliet has been with First
Interest Bank since 1985 and most
recently was an Income Property Loan
Officer for the bank ’ s five-state North­
west Region.
Her responsibilities will include
working with developers and housing
advocates to arrange financing and
technical assistance for housing
projects in O regon, W ashington,
Alaska, Montana and Idaho which are
designed for low-and-moderate in­
come families. Van Vliet will also be
responsible for maintaining First In-
Housing Demand To Rise To
Meet Needs Of Baby Boomers
The aging of the baby boom gen­
eration will have a positive impact on
housing demand through the turn of
the century, according to research
sponsored by the Herbert U. Nelson
memorial fund of the National Asso­
ciation of Realtors.
The report, ’’The Effects of De­
mographics on future House Prices,”
was written by Dr. Dowell Myers and
John R. Pitkin of the University of
Southern California. It found that as
the baby boom population grows older,
people in that age group will continue
to buy homes, resulting in steady sales
and stable home values throughout
the next decade. The study refutes
reports predicting that home purchases
by baby boomers will taper off as the
generation grows older, thus forcing
real home prices to decline.
A ccording to NAR President
William S. Chee, as baby boomers
grow older, their housing needs will
continue to change, causing an actual
increase in housing demand and in
home prices. “Baby boomers will not
stop buying homes just because they
are growing older," Chee said. “There
will be an ongoing need to meet vastly
diverse housing requirem ents-for af­
fluent trade-up couples, baby boomers
approaching retirement, and growing
numbers o f non-traditional house­
holds. We are looking for many years
of steady growth in the residential
sector.”
The report contends that shifts in
population composition, not just popu­
lation growth, often drive change in
showing demand “Rapid population
change may later both the consump­
tion preferences and the effective de­
mand o f the total population,” the
study says.
The report evaluates the housing
consumption of cohorts-people who
are bom in certain time periods and
then move through age groups as they
grow older. The study notes that mea­
sures of life cycle changes in housing
demand, derived by tracking genera­
tions of Americans over a 30-year
time span, provide a sound basis for
forecasting future activity.
It tracked the home buying pat­
terns of the same group over different
periods o f time, and found that, re­
gardless of age, home expenditures
increased at the end of each time
period “At least since 1960, per capita
housing consumption has, on aver­
age, increased for all cohorts in the
United States as they have aged be­
yond 45 to at least age 70, Dr. Myers
says.
Based on the performance of their
predecessors, cohorts i n the baby boom
generation will continue to create ac­
tivity in housing markets for years to
come. “The importance of this finding
is its implication for the future impact
on the housing market of the large
baby boom generation. This group has
matured from the young ages when
they newly entered the housing mar­
ket (aged 16 to 34 in 1980), and is
proceeding to a mature housing mar­
ket status (reaching age 44 in 1990
age 54 in 2000, and age 64 in 2010),”
the report says
The study projects that per capita
housing consumption for the oldest
members of the baby boom generation
will now even start to fall off until after
2015 (when they reach 70).
According to NAR’s ChiefEcono-
mist John A. Tuccillo, the research
counters “doomsday” reports claim­
ing home values will drop due to the
smaller size of the generation follow­
ing the baby boom group. Such dire
predictions are too simplistic, and fail
to consider the continuing impact the
baby boom generation will have,
Tuccillo said.
“As the leading edge of the baby
boom moves thorough its peak earn­
ing years, demand will pick up for
second homes and retirement homes,”
Tuccillo said. Additionally, some baby
boomers previously unable to pur­
chase hopes will be buying, he noted
In c re a se d sa v in g s by baby
boomers, combined with a larger So­
cial Security trust fund and w hat likely
will be a smaller federal deficit, will
keep interest rates low over the next
several years, Tuccillo added
The report concludes that the long-
lasting impact of baby boom home
buyers will offset any drop in young
households entering the housing mar­
ket. “The baby boom generation will
have a continued positive effect on
future house values,” it says.
Copies of the report are free to the
media. A copy can be obtained by
calling one of the contacts listed above
for NAR’s public affairs division
The National Association of Re­
altors, “The Voice for Real Estate,” is
the nation's largest trade association,
representing nearly 750,000 members
involved in all aspects of the real
estate industry.
lies and individuals. FEO also pro­
vided volunteer labor and construc­
tion management assistance to other
non-profit community organizations
in its service area.
Franciscan Enterprise does much
of its renovation work by drawing on
a base of over 300 skilled and non-
skilled volunteers. Its purpose is to
provide housing for low income fami­
lies, bring churches into coalitions
with neighborhood organizations an d
to foster and support residents’ initia­
tives to reclaim their neighborhoods.
FEO is supported in part by the Bu­
reau of Community Development, the
Neighborhood Partnership Fund, do­
nations, and rent income.
Margaret S.Van
B u y or Sell
W ith Us
e.e.
JU STIC E REALTY
eo.
9 0 3 -2 8 3 -3 6 2 3
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