When looking for a house these days it seems rare to find an actual person selling their house. Short sales and bank owned properties feel like they dominate the Portland market, but RMLS just compiled the stats, and found that they are actually a small percentage of homes for sale. Of all the listed houses on RMLS (31,762) 11.7% (3,731) are short sales and 5.4% ( 1,715 ) are bank owned. As you can see in the chart above, that doesn't seem so overwhelming. Houses actually getting sold is another thing, the percentage goes up for bank owned properties and down for short sales. Many short sales are never sold before the bank forecloses on them, and it is a very long and painful process to purchase a short sale, so it is no surprise that not as many are getting offers accepted (by the bank that holds the mortgage) or actually closing the deal.
Finally, for houses that are sold, of the 17,751 sold in the RMLS area from January 1, 2010 to June 30th, 2010, 9.1% (1,620) were short sales, and a whopping 19.3% (3,422) were bank owned.
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