Well, our fair state is used to finding itself included in Top 10 lists, but here's one we would have preferred to have been excluded from. According to RealtyTrac's U.S. Foreclosure Market Report for the first quarter of 2009), Oregon now has the 10th highest foreclosure rate in the country.
We still have quite a ways to go before catching up with the number one culprit, Nevada -- where one in every 27 housing units received a foreclosure filing (that's more than five times the national average). In Oregon, one in every 153 homes received a foreclosure filing. Two of our neighbors came in at numbers eight and nine (Idaho had one in 147 homes; Utah had one in 151 homes).
Amazingly, five states accounted for nearly 60 percent of the nation's first-quarter total: Nevada, Arizona (number two, with one in 54 homes); California (number three, with one in 58 homes); Florida (number four with one in 73 homes); and Illinois (number five with one in 135 homes).
What's Happening in Our Neighborhood
With those numbers in mind, I decided it was time to check in on our local market and see where we stand.
Here's what I found (stats at the end of the first quarter 2009):
The Sisters Single Family Residential Market: Of the 96 Active listings; 13 are distressed properties (three bank-owned and 10 short sales). That's a little over 13 percent.
The Sisters Residential with Acreage Market: Of the 70 Active listings, six are distressed properties (two bank-owned; six short sales). That's just over 8.5 percent.
The Tumalo Residential with Acreage Market: Of the 98 Active listings, 15 are distressed properties (one bank-owned; 14 short sales). That's almost 15.5 percent.
The Bend, Sisters and Redmond Residential With Acreage Market: Of the 476 Active listings, 81 are distressed (20 bank-owned; 61 short sales). That's 17 percent.
Meanwhile, Back in Bend
And now (drum roll, please), for contrast's sake:
The Bend Single Family Residential Market, homes $200,000 & under: Of the 254 Active listings, 177 are distressed (44 bank-owned; 133 short sales). That's just under 70 percent.
That's right; 70 percent of Bend homes listed for $200,000 and under are distressed properties. Considering that this is the market segment in the highest demand right now, Bend buyers are going to need to be patient and diligent and have skilled representation -- especially with the high percentage of short sales, which are still typically tough to close.
About the Author:
Lisa Broadwater is a Central Oregon-based real estate professional who recently was awarded the Certified Distressed Property Expert designation. She specializes in listing and selling homes in Sisters, Tumalo, Redmond and Bend. If you'd like to learn more about Central Oregon, please visit http://www.centraloregonhome4you.com.
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