Portland is the second largest American city in the Pacific Northwest. Real estate markets have been sluggish here but Portland Foreclosures are on the rise.
Portland is situated in Multnomah County, in the state of Oregon. It is a leading exporter of wheat and is an important port in the Pacific North-west for ocean born trade. It is Oregon’s largest city and set up in 1851 in a ‘clearing’ midway between Oregon city and Vancouver.
Real estate in Portland has been in a crisis in 2009 as nearly 18-20 % of Portland homes are being put up for distress sales. Nearly 18% of active listings are being put up for distress sale- amounting to over 2,600 homes across Portland. Of these 14% are up for short sales and 4% are already foreclosed and returned to their banks. The worst affected regions are Gresham, Beaverton, and Happy Valley where a quarter of homes are foreclosed are on their way. As a whole real estate activity in Portland moved at a sluggish pace last month. Although numbers of sales and pending properties are up by 6%, these figures are less than the seasonal average. Prices are down by 17%-18% below the peak.
If we look at some statistics state wise, the larger picture will be clear-
o For the state of Oregon as a whole, foreclosure filings in April 2009 registered a 13 % increase from March and 127% times that reported in April, last year
o Oregon got the 18th ranking in the country for total foreclosure filed properties in April.
o One in every 419 Oregon homes was slammed with a foreclosure filing in the month.
o Multnomah County was leading in the state with 660 properties listed for foreclosure.
Portland Foreclosures were the result of rising delinquent mortgage payments by house owners. The reason could be the rising unemployment. A second reason could be defaulting by homeowners who had purchased these properties during the housing boom intending to make a profit but could not ultimately fulfill mortgage commitments.
Foreclosures are a wise investment for those interested in making a profit in the real estate business. Banks and owners are ready to sell fast and at cheap rates. Portland is a highly developed, commercial area with good returns on real estate. The increase in Portland Foreclosures must present an opportunity for investors to make a wise purchase