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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: loantech who wrote (36952)7/26/2005 11:33:53 AM
From: russwinter  Read Replies (1) of 110194
 
Speculation Common In S Oregon

The Northwest NewsChannel looks at speculation in Oregon. "Skyrocketing home prices have made Southern Oregon a hotbed for 'flipping.' Investors comprise 23 percent of new home buyers in the Medford-Ashland area, according to an analysis compiled by First American Corp."

"What the report found is that about one out of four buyers had a different address than the home just purchased. 'A lot of people are buying newer homes with no intention of moving into them,' said Steve Swearingen, regional manager for First American Title Co."

"Tierney Kramlich, a broker, said the figures reflect what she's been seeing. In one subdivision, where 50 percent of the recent purchases are by investors, Kramlich said it's not unusual for the buyers to take a place without first checking it out."

"(Broker) Ron Galbreath has worked with investors who find a property on the Internet, then request digital photos to help them make their decision. The entire transaction is handled by e-mail and telephone."

"That type of fervor has spurred concerns that prices in some housing markets are reaching unsustainable levels similar to the boom in stock prices in the late 1990s. 'I personally think there is going to be a tremendous correction,' said John Hubbard, account executive for the Oregon region of Real Estate Solutions, a division of First American Corp."
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