How many Short Sales and Foreclosures are there in Portland?
The reports are in. In 2011 there were 8,590 short sales listed in the Portland metro area, of which 3,668 sold. Also in 2011, 8,134 foreclosures were listed in the Portland area and 7,802 sold. 45,256 regular homes were listed in the Portland area and 22,823 sold. Last year about 27% of homes listed were distressed (short sale or foreclosure), but the sales of distressed properties accounted for 33.5% of all sales. All statistics are provided by your Portland real estate agent and RMLS, Regional Multiple Listing Service in Portland.
In 2012, especially in the fourth quarter analysts are projecting a large increase in foreclosures hitting the market in the Portland area. This will not necessarily cause great damage to the Portland real estate market because things are heating up in the first quarter. Homes sales are increasing and time on market is radically decreasing. The best hope for the Portland real estate market is an overall decrease in distressed properties, a decrease that should be happening over the next five years. Meanwhile, the real estate market should remain stable due to increased buyer demand and the high cost of renting. Contact your Portland Realtor today!
Stephen FitzMaurice, Portland Realtor