An audit of newly filed judicial foreclosures in Multnomah, Clackamas, and Washington Counties during the 4th quarter period of 2012 clearly reflects the fact that distressed property owners remain in need of professional short sale real estate services. Banks are encouraging distressed homeowners in Oregon to seek short sale agents (SFR) to eliminate and settle real estate mortgage debt rather than the expense of a judicial foreclosure or notice of default procedural foreclosure.
Short Sale Transactions have proven far more beneficial than foreclosures for both home owners and banks.
With today’s home values similar to values of 2003 we have a ways to go before we reach a full housing market recovery as distressed property owners owing more on home mortgages than market sale price will deliver still represent a large number of home owners. The spread between what they can sell for and what they owe remains substantial. Homeowners must take action to avoid foreclosure and a short sale is a valid action in avoiding foreclosure.
Foreclosure PDX Home Sales
Newly filed Real Estate Foreclosures in Portland Oregon remain substantial during the 4th Qtr 2012 while conventional home sales increased a bit. Buyers seem to be cooling off to housing price pressure but remain especially active towards distressed real estate pricing. An impromptu survey of my peers confirms a cooling off of buyers due to increased RMLS home listing prices. No one interviewed believes real estate prices will drop further but they expect more of the same with little price change. Additional new home inventory or newly processed foreclosures as cautioned by HUD will further ease current price pressure.
In Washington County areas like Beaverton, Hillsboro and Tigard home value recovery remains a step or two behind that of Portland. The over all Real Estate Market appears stabilized and is anticipated to remain so, as long as we don’t experience any global financial hiccups. Low oil prices may have been the primer behind the recent activity.
Clackamas County’s Happy Valley, West Linn and Oregon City are really no different than the rest of Portland’s suburbs. Happy Valley experienced mass housing development in 2005 and 2006 has yet to recover. Real Estate prices today are below 2007 market highs. Happy Valley foreclosure rates remain higher than PDX foreclosure rates.
Our local housing market is a reflection of the greater economy experienced around us. While the recession has been technically over since 2009 the slow recovery is in deed slow.
The Federal Reserve announced last week that they expect the economy to grow 3% in 2013 with little change in job growth and a 2% inflation rate.
As of today our nation faces the fiscal cliff which indeed is nerve racking but a negotiable settlement seems rather doable. Both parties are posturing to be the good guy savior showing measured flexibility towards a resolve. I believe the final deal will be some of this and that and kicking the fiscal can down the road somewhat to be continued at a later date.
It will be quite some time before home sale are back to normal.
Data distributed by the Federal Reserve confirms home sales are far below healthy levels.
Foreclosure Resource Agent
I am a Foreclosure Resource Agent (SFR) Real Estate Broker licensed in the state of Oregon, federally certified and available to people needing assistance or information regarding short sales, distressed properties, or foreclosure notice.
Please feel free to contact me directly.
Bruce Lockwood 503-473-8001