A pril 13, 1994 • T he P ortland O bserver
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Consîiriicîîon
January Homes Sales Show
Strong Selling Year Ahead
Despite ncarcatastrophic weather
conditions in many parts of the coun­
try, sales of previously owned homes
showed continued strength during
January, setting the stage for what is
expected to be a strong selling year,
according to the National Associa­
tion of Realtors. Healthy activity was
posted in all regions.
The association recorded a sea­
sonally adjusted annual sales rate* of
4.22 million existing single-family
homes in January, up 12.3 percent
from the same month a year age,
when the resale rate was 3.74 million
units. The January rate marks the
second highest rate on record, 3 per­
cent below the December 1993 all-
time high of 4.35 million resale units.
According to NAR President
Robert H. Elrod, the resale increase in
January compared to a year ago reaf­
firms predictions that 1994 will be an
active year of selling. “Despite poor
weather conditions and the recent
uptick in interest rates, strong de­
mand in the market and some of the
best affordability conditions in years
have enticed many who had been on
the fence about buying a home, to
jum p on the purchase side,” Elrod
added.
Activity in the resale market is
being generated by both first-time
and move-up buyers, Elrod noted.
“Buyers are seeing that they can af­
ford to own and that in many cases,
they can get more house for their
dollar. Even with the recent rise, in­
terest rates still remain nearly a point
lower than the v were a vear ago, Elrod
said.
The Federal Home Loan Mort­
gage Corp, reported that the national
average commitment rate for 30-year,
conventional, fixed-rate mortgages
was 7.07 percent in January, down
from 7.17 percent the previous month,
and down from 8.00 percent a year
ago.
January’s national median exist­
ing single-family home price was
$107,900, which was 4.9 percent
higher than one year earlier, when the
price was $102,900. The median is
the midpoint in the price range - half
the home sold cost more, half cost
less.
NAR Chief Economist John A.
Tuccillo attributed the slight drop in
home sales experienced between De­
cember 1993 and January 1994 to the
bad weather conditions that have
plagued most of the county, and to the
recent bump upward in interest rates.
Still, Tuccillo said, 1994 has the po­
tential to be a record-breaking year
for home sales.
“Strong demand in the housing
market has outwitted bad weather
and a small jum p in rates. We could
see a slow down in activity in Febru­
ary though, as the effect of continued
adverse weather and the recent earth­
quake in the West are felt, Tuccillo
added. “However, what we lose in
terms of activity now, w e’ll make up
later in the year,” he noted.
On a regional basis, the West
posted the greatest gain in resales.
That region recorded a rate o f940,000
units in January, up 17.5 percent from
the pace one year earlier. The reg ion ’ s
median price was $144.300 last
month, up 2.1 percent from one year
earlier.
Ranking second was the South,
which posted a resale pace of 1.57
million units, up 15.4 percent from
January 1993. The median price for
existing single-family homes in the
South was $95,800 last month, up6.9
percent from one year earlier.
The Midwest also experienced
strong gains with a resale rate of 1.07
million units in January, up 9.2 per­
cent from one year earlier. The me­
dian price in the M idw est was
$86,000, up4.1 percent from January
1993.
In the N o rth east, the resale
rate was 6 4 0,000 m illion units in
January 1994, 6.7 p ercen t higher
than the p revious January. The
m edian price in the N ortheast was
$138,800 in January, up 3.5 p e r­
cent from the sam e m onth one
year ago.
Currently, NAR is predicting
existing single-family home sales to
total 3.99 million units in 1994, rep­
resenting a 4.8 percent increase from
the 1993 total, and essentially trying
the record set in 1978. The median
price forexisting single-family homes
is expected to be $110,400, rising 3.4
percent above the price for last year
The National Association of Re­
altors, “The Voice for Real Estate,” is
the nation’s largest trade association,
representing nearly 750,000 mem­
bers involved in all aspects of the real
estate industry.
Santiam
Realty Opens
Santiam homes has officially
opened the doors on its newest
venture, a full service real estate
brokerage. Santiam Homes is a
distributorof manufactured homes
and has locations in Aumsville
and Woodburn. The move to real
estate operations now enables
Santiam Homes to not only list
properties for its clients, but also
help to locate properties all over
Oregon for the m anufactured
homes that they sell. Long time
Stayton resident, Rick Gonmes,
has been named to run Santiam
Realty. Formally with Ron Bentz
and Associates in Stayton, Mr.
Gomes has over a decade of expe­
rience in the fields of real estate
and manufactured housing.
Santiam Realty will operate
out of the Santiam Homes corpo­
rate headquarters in Aumsville.
Training For Nonprofit
Housing Developers
The Neighborhood Partnership
Fund (NPF) continues its commit­
ment to revitalizing Portland’ low-
income neighborhoods by sponsor­
ing training on “The Role of Con­
struction Management” on April 27
& 28, 1994 for non profit housing
developers from around Oregon at
Steamers (at the Quality Inn), 8303
NE Sandy Blvd, Portland, Oregon.
The cost is $75 per person for non­
profit organizations, and $150 for
other interested individuals. Space is
limited to 30 participants and regis­
trations open until April 22, 1994.
T he R ole o f C o n s tru c tio n
M anagem ent will be lead by Bob
Santucci and K ent B uhl o f The
E n terp rise F o u n d atio n . It w ill
teach n o n p ro fit housing d ev elo p ­
ers proven system s for m anaging
ren o v atio n s and new construction
p ro jects. P articip an ts will learn
how to develop specifications and
p rep are bid docum ents, how to
re cru it and select the best co n ­
tracto rs for the pro ject and how to
co n tro l co sts during construction.
T his course w ill also explain the
d iffe re n c e b e tw e e n m an ag in g
sm all and large projects. Most of
all, this course will show nonprofit
developers simple ways to lower
costs and increase production.
The Role of Construction Man­
agement is one in a continuing series
of course in NPF’s From the Ground
Up: A Training Series for Nonprofit
Housing Developers. In June, 1994
NPF will sponsor the next course
titled Financing Affordable Housing.
These course are designed to combine
technical information with practical
case studies that can be readily ap­
plied to new housing projects or project
already in the works. It’s a start-to-
finish study of the challenges and
solution in in developing and manag­
ing affordable housing.
The N eighborhood P a rtn e r­
ship Fund (NPF) is a fund o f The
O regon Com m unity F oundation
C reated in 1990 to help reverse
the deterio ratio n o f P o rtla n d ’s
low -incom e neighborhoods, NPF
provides gran ts, train in g , te c h n i­
cal assistan ce and lo w -in terest
loans to C om m unity-based D e­
velopm ent C orporations (C D C s).
N P F ’s program s are a co llab o ra­
tive effort betw een governm ent,
local corporations, national fo u n ­
dations and the philanthropic sec­
tor.
Young Children At Highest Risk
To Misuse Lighters
Children set hundreds of fires
each year in the City of Portland.
Most of the fires are set with matches
and lighters. Overall, lighters are the
tool of choice with children. Matches
follow very close behind and are most
popular among children ages 6 to 13.
Perhaps of greatest concern are
the youngest group of children ages 1
thorough 5. These children cause
many fires each year and arc at great-
est risk for dying in fires. Since Janu­
enough time recognizing ordinary
ary 1986, sixteen people have died
disposable lighters from toys. They
because of juvenile set ires. Of those
arc small, bright colored, and often
sixteen, thirteen have been children
convenient.
under the age of 6.
Solving The Lighter Problem
The consumer Product Safety
Questions
about home fire safety
commission has just released a recall
can
be
directed
to the Portland Fire
notice for a lighter that closely re­
semble a toy truck. To small children, Bureau at 823-3700 or your local fire
this can be very confusing. In fact, agency.
most young children have a difficult
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