August 30, 2011
August 30, 2011
Foreclosures Still Plague Oregon Housing Market Account for One in Three Home Sales
By Oregon Tax News
Foreclosures continue to flood Oregon’s housing market and accounted for one-third of all home sales this spring. At 33 percent, Oregon’s housing market is in the top 10 in terms of foreclosed homes as a percentage of all home sales. In Oregon, foreclosed homes sell for about 30 percent less on average than non-foreclosed homes. The number of foreclosed homes on the market, therefore, continues to contribute to declining home values in Oregon and elsewhere.
A few other states fared worse. Oregon’s numbers roughly mirror the national average of 31 percent, while foreclosures accounted for 65 percent of all home sales in Nevada and accounted for more than 50 percent in California and Arizona.
Overall, the nationwide numbers reflect a modest decrease in the number foreclosed home sales in recent quarters—a figure that peaked at 37.6 percent two years ago. However, state and federal authorities have been investigating faulty paperwork and other practices at mortgage banks, delaying the foreclosure process in many states. Once related issues are resolved, it’s likely that the pace and number of foreclosures will increase, along with the number of foreclosed home sales.
More than 3,300 foreclosed homes were sold in Oregon last quarter at an average price of $166,550.
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