Foreclosure Trends

The mass media- my least favorite people for truthful real estate news- are all abuzz about foreclosures for March. Here's the truth from the foreclosure experts Realty Trac. 1 in 397 housing units in Oregon received foreclosure filing in March, which is higher than the national average of 1 in 351. That seems like a lot, and it is. Unemployment rates are still high, and the longer people are out of work the less savings they have, and the more likely they are to loose their homes. The foreclosures won't slow down until unemployment numbers fall and people have a chance to get back on their feet.  Locally, the hardest hit areas are those that are most populated, and that saw the big boom in prices during the mid 2000s.

The good news in Oregon is that home appreciation has risen dramatically in the last couple of month. Even though foreclosures are still going up, less people will be underwater in their homes, and hopefully people will work harder to hold on to them knowing that the value is there.