Report: Foreclosures and short sales represent 43 percent of residential market

Wendy Culverwell ^[1]

Business Journal staff writer- Portland Business Journal

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Foreclosure rates showed a noticeable drop at the end of 2012.

RealtyTrac, an Irvine, Calif.-based real estate research firm, reports nearly 950,000 U.S. homes were in some stage of foreclosure in 2012, down six percent from 2011 and 11 percent from 2010.

Foreclosures represented 21 percent of all 2012 sales, down from 23 percent the previous year. Short sales accounted for 22 percent of all residential sales for the year.

RealtyTrac tallied 11,317 foreclos8re sales i Oregon, 5.87 percent fewer than 2011 and 15.8 percent fewer than 2010. The average price paid for a foreclosed home in Oregon was $175,799, a 26.39 percent discount off non-foreclosed homes.

Short sales represented 16 percent of all sales in Oregon in 2012, 11 percent more than in 201O on average, the average short sale was $56,1010 less than the outstanding balance of the existing mortgage. The national average was $81,621.

According to the Regional Multiple Listing Service, the average price of all Portland area homes was $292,200 at the end of 2012, 11.3 percent more than in 2011.

Wendy Culverwell covers real estate, retail and hospitality.

References

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