Portland Tribune Has Hardest Hit Story With Portland Metro Focus.

Tribune story from reporter Steve Law is HERE.

Originally created and posted on the Oregon Housing Blog.

Tribune Runs PBA Response to My B-O-G-U-S OP Ed on Portland Housing Prices and Cost of Living.

Portland Tribune has run a response HERE [Family wage jobs are key to homeownership] from the Portland Business Alliance to my previous OP ED in which I said the housing data used was B-O-G-U-S in a PBA study that said that City of Portland housing costs were high compared to other cities.

I will let readers evaluate for themselves the complete PBA response. Several points I saw were: 

1. Portland is less affordable than our peer regions because our housing prices are high relative to our incomes, a point Mr. Cusack did not address.
2. Personal income in our region has been declining for more than a decade and now sits below the national average and is 16 percent to 21 percent lower than Seattle, Denver and Minneapolis metros.
3. [PBA is looking with private and public sector partners for] ....creative and collaborative ways to increase the number of higher paying, family-wage jobs in our region.

 My thoughts about PBA response:

1. With regard to 1st point, since it was clear that housing price index used was indeed B-O-G-U-S, PBA needs to come up with a DIFFERENT housing cost index from which more valid comparisons across cities can be made.
2. PBA continues to use "personal income" for comparison purposes. Since annual and three year American Community Survey data on household income is readily available AND includes data for both renters and homeowners I suggest that "household income" may be a better income standard to use. (I have no idea why PBA response is apparently now focused on "homeownership"; as I pointed out in my OP ED, the ACS indicates that homeowners are only 55.5% of City of Portland households). 
3. I suspect PBA is right that City of Portland incomes relative to national average and other peer cities may be falling, but partners and PBA need to look closely to see if there are any age/educational differences that help explain some of those differences. I am all for unsubsidized and transparent ways of increasing higher paying jobs, and encouraging families to live in the City, and it will be interesting to see what specific revenue neutral suggestions PBA and its partners present in the coming months.  

Originally created and posted on the Oregon Housing Blog.

Data Sources Used for My Portland Tribune Guest Opinion Challenging Accuracy of Portland Housing Cost of Living Data.

Today's Portland Tribune has a guest opinion from me HERE that challenges the accuracy and applicability of housing cost data used in a Portland Business Alliance study that said, in the City of Portland:

..."Housing was 31.6 percent more expensive [than the national average for all cities surveyed]. Housing is the main cause of the high [cost of living] ranking...”

Below are links to sources for the data that I referenced in the opinion piece: 

1. 5 Year (2005-2009) American Community Survey Housing Occupancy Characteristics for City of Portland
2. Consumer Expenditure Survey 2009, Quintiles of Income before Taxes
3. HUD Housing Scorecard for December (Page 5)
4. March 2010 RMLS Report Portland Metro
5. Marcus and Millichap 1st Qtr. 2010 Portland Market Report (pg. 3)

Originally created and posted on the Oregon Housing Blog.

Portland Tribune Leads with Data Rich Story Showing Suburban Foreclosure Growth Exceeds Portland's.

Well researched story from Steve Law in Portland Tribune HERE has lots of detailed RealtyTrac Inc. data for individual zip codes and summaries for individual cities.

Hillsboro On Track for 1,000 Foreclosure Actions This Year; Lake Oswego, 600.

To me most stunning detail in story is that Hillsboro is on track for 1,000 foreclosure actions this year, and Lake Oswego 600. (There could be some double counting of actions on individual properties despite RealtyTrac efforts, but irregardless, this level of foreclosure activity in two of the most prosperous cities in Oregon is indeed stunning).

(Story has a quote from me too, along with reference to a prior Oregon Housing Blog web post HERE pointing out that serious delinquencies and foreclosures on recent FHA loans are higher for loans with higher mortgage amounts). 

Hardest Hit Funding Allocation?

With suburbs outpacing City of Portland in the growth of foreclosures by 31% (8.5%/6.5%-1), and recent $50 million increase in Hardest Hit funding, OHCS will need to look more closely to see if suburban Portland markets should be selectively added to the Hardest Hit areas.

Originally created and posted on the Oregon Housing Blog.

Portland Tribune Story on Loan Modfication Progress, Problems: One Homeowner Example is Former Shelter Resident and Section 8 Voucher Holder.

Portland Tribune has story today HERE about progress and problems with HAMP loan modification program in Oregon and metro Portland.  

I was interviewed by reporter Steve Law and am quoted in the story:

Critics say the federal program has been poorly managed. And a homeowner trying to redo a mortgage still faces a “gauntlet from hell,” says Tom Cusack, editor of the Oregon Housing Blog and the retired federal housing chief for Oregon.

“Once you can make it through, the savings are substantial,” Cusack says. “But the process is very difficult to get through for most people.”

One homeowner in trouble and interviewed for the story is Cassandra Garrision who some might remember is a former welfare mom, shelter resident, and HUD Section 8 voucher holder. 

Editorial comment: I have consistently found Tribune reporter Steve Law to be a diligent and thoughtful reporter on a variety of topics. Check out his this recent story HERE about the shrinking middle class as an example of his work and HERE is another about rising foreclosures that was initially published in the Fall of 2008. (Steve is also editor of Tribune's Sustainable Life section).

Originally created and posted on the Oregon Housing Blog.