Foreclosures Rising

This last week there was an interesting article in the Medford Mail Tribune about a Jacksonville man who won a court case on his foreclosure proceeding, and also a weekend  article in the Oregonian about Foreclosure filings in Oregon being up 236%

Together they make an interesting article, but I wished that it was a more NY Times in depth analysis, rather than just the few facts and slight research that was there. They brought up some questions as a combined article…and I haven’t been able to figure out what the behind the scenes real story is.

So what I want to know is did the banks file the foreclosure notices to try to race what they think might be the backlash of negative rulings by  Oregon Judges, or is this a feeling that there won’t be a many negative effects, and they are just clearing out some backlog of foreclosures that could have been filed in February, March and April?

However it goes…it does look like we still have some time left before the foreclosures clear off the market.
Interestingly, foreclosure (REO) listings in our area at the end of May only accounted for less than 5% of the active listings on the market….however they accounted for almost 44% of all sales in the previous 3 months.

So as the new foreclosures hit the market…there will be some opportunities out there for  home buyers to maybe get into a home that only 4 years ago was out of reach. But one has to be quick if one comes on the market you like, cause they don’t last long.

You can search for properties on my website www.realestate-southernoregon.com. However, the feature to search REO properties does not work at this time due to some reporting issues with Southern Oregon MLS, but I will be working on fixing that problem to give people better access to doing their own property research.

In the meantime, if you want REO listings sent to you…contact me directly and I will set something up that will alert you when new REO’s hit the market.

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