So much real estate news, and so little time! First, the mortgage front:

 

FHA, Fannie Mae and Freddie Mac appear to be tightening underwriting standards again, this time by adjusting debt-to-income ratios. Stay tuned.

 

Second, the housing front:

 

On Monday, I did four—count ‘em, four—Broker Price Opinions (BPO) for Corelogic, a large national asset manager. Lenders need BPO’s for loans and short sales. I don’t do them for very many companies (the pay stinks) , but I have professional reasons for doing Corelogic’s. Anyway, the houses ranged from a $2 million one in Portland Heights to one near the NW 23^rd area to a huge home on Bald Peak to a modest near-rowhome in Hillsboro.

 

Values were enormously difficult. The historic homes in Portland heights aren’t moving, but there is some activity. Still, buyers for those properties are few and far between. Prices are off 10% to 20%. Conversely, the market in the NW 23^rd area was surprisingly good. Market times are short and while prices are off from 2006, they’re not off much. A couple of REO properties, but not many short sales.

 

The others are another story.  In the Bald Peak area, there were no sales for two years to use as comps. Scary. Yet, driving there and back, I was stunned at how many homes are listed for sale. That home was very difficult to price.

 

The small home in Hillsboro was vexing for similar and other reasons. It wasn’t a rowhome, but the lots were less than 2,000 feet and the units all leaned up against one another. Construction quality was modest, and they were built in 2003. I would guess they were full of construction defects, but that’s another story.

 

Sales comps were very few and not very similar. I had to go two miles away to find listing comparables. The data indicated a price range around $195,000, down from the $220,000 the owner paid for it. In my heart, though, I’m certain the home would sell for $180,000, because of all the short sale and lender-owned properties.