Thursday, August 13, 2009

Oregon breaks top 10... for foreclosures

Oregon now has the 10th highest rate of foreclosures in the nation according to RealtyTrac and CNN, putting us in good company with other states like California, Florida and Nevada.

In July there were 1 foreclosure in Oregon for every 446 households, and a total of 3605 foreclosure events.

Hitting closer to home, one house on our block was sold at auction this past week and the flippers are hard at work fixing it up for resale.

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eln said...

what do you think are the chances your new neighbors will be in the black after they sell?

PDX Outsider said...

I think they got the house for about $160k, and if it's done right would likely sell for about $300k. So assuming they spend less than $100k they'll likely do ok.

It does need structural work and was therefore condemned at one point, so they might get caught by surprise and lose this gamble. We'll see!

Anonymous said...

If the gov't allows the $8,000 tax credit to expire at the end of this year and interest rates creep up, it'll be a tuff sell.