South Oregon real estate

December 8, 2009 by · Leave a Comment
Filed under: Oregon 
The Oregon coastline looking south from Ecola ...

South Oregon real estate has seen the best and the worst of the housing market as changes to the area’s local dynamics have shifted over the last couple of years in response to the devastating global recession that has affected people around the world.  Some good news for owners of real estate in South Oregon came on November 16, 2009, when Michael Rose, an author for the Statesman Journal, reported that lenders foreclosed fewer homes in October than previous months.  The article claims that “About 190 homes in Salem and a portion of Marion County along the northeast edge of the city are either in default or owned by lenders, according RealtyTrac, a property and foreclosure listing firm.”  While this comes as good news to many interested parties, Rose warns that most people are not out of the woods yet.  In fact, “foreclosure activity nationwide has declined for the third month in a row, but high-risk mortgages, negative equity, and unemployment continue to put homeowners in peril.”

The Statesman Journal article also claims that current owners of South Oregon homes for sale are finding it harder to woo interested buyers and even harder to get a fair prince since “homeowners seeking to refinance sometimes learn that the appraised value of their property is less than anticipated because the comparable sales in their neighborhood include distressed sales.”

An upward momentum in the local real estate market was noticed by Steve Cook who published an article on November 12, 2009, in the UPI.  Cook wrote that “home sales activity across the country is picking up even though we are entering a period when sales usually slow down as the holidays approach.”  More specifically, “In Gold Beach, on the south Oregon coast, there are 18 pending sales this November compared to zero pending sales a year ago.”  Much of the increase can be attributed to President Obama’s homebuyers’ tax credit that went into effect and provided potential buyers with incentive to purchase immediately.

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