JP Morgan/Chase announced Friday that it will be temporarily suspending foreclosures and has instead turned its efforts to modifying loans to make them more affordable for homeowners so that they will not leave their homes.

 A big part of the troubled mortgage loans come from the recent acquisition of Washington Mutual which has been a long-time top lender in all areas of Oregon including Portland, Bend, Eugene, Salem and Medford.

Large banks are looking to put to use the bailout funds issued last month.

It also appears that unlike most modification programs offered by lenders, a homeowner does not have to be delinquent on his/her mortgage in order to receive help.  The practice of only helping those who have fallen behind on their mortgages has bee criticized recently, so I think this is a good step.

In the 4th Quarter report issued by Zillow.com Oregon’s real estate market is showing signs of stagnating or even declining for homes purchased in 2007. Of course this information is based mostly on estimates and the ranges for error are significant.

Perhaps the more telling sign for Oregonians is what is happening in California. As can be seen by this image California is the hardest hit real estate market which has cut off the supply of buyers moving north to Oregon which Oregon has benefited from your the past 5-6 years.

Portland State University’s Center for Real Estate just released it’s first quarter report for 2008.

This is a very informative tool for Oregon home buyers, and though the majority of the focus is on the Portland area, there is also a great deal of information on the rest of the state including Bend, Medford and Eugene.

You can download the report here:

http://www.pdx.edu/media/r/e/RE_Quarterly_08_1Q.pdf

The Oregon Deparment of Veteran’s Affairs (ODVA) has a great program for eligible veterans buying a home in Oregon.

The program is different than the Federal VA program, and each have their own benefits. You also can’t get an ODVA loan at as many locations as you must use an approved broker to obtain this program.

The Lending Company became an approved broker in 2007 and is one of two locations in Eugene that currently offer this great program.

Interest rates were dropped on Tuesday February 5th to 4.875% (5.025% APR) or 4.99%(5.141% APR) with two different fee structures.

For more information on this program and to dtermine your eligibility, check out the ODVA’s website at : http://www.oregon.gov/ODVA/Rates_And_Maximum_Loan_Amount.shtml