- Of the counties for which 2007 and 2008 data was available, Deschutes County had the highest spike in homes headed to foreclosure with a 238% increase in notices of default.
- Of the same counties, Coos County had the “lowest” increase with a 38% increase in notices of default.
- The percentage increase of the other counties:
- In Benton County, notices of default increased 94% in 2008 as compared to 2007.
- In Douglas County, notices of default increased 70% in 2008 as compared to 2007.
- In Jackson County, notices of default increased 124% in 2008 as compared to 2007.
- In Josephine County, notices of default increased 59% in 2008 as compared to 2007.
- In Lane County, notices of default increased 56% in 2008 as compared to 2007.
- In Lincoln County, notices of default increased 223% in 2008 as compared to 2007.
- In Linn County, notices of default increased 85% in 2008 as compared to 2007.
- Not all homes that enter the foreclosure process are sold at foreclosure auction; a majority of homeowners are able to avoid foreclosure either by selling their home or working with their lender to bring their loan current. In 2008, 34% — about one in three homes — that received a Notice of Default ended up being sold at foreclosure auctions.
- The first month of 2009 appears to be following the 2008 trend, as the we saw an 81% percent increase in the number of Notices of Default between January of 2008 and January 2009.
Another interesting trend is the rising percentage of homes being sold to banks. In 2007, an estimated 78 percent of Oregon homes in foreclosure were sold to banks. In 2008 that number increased to 91 percent. In January of 2009, an estimated 94 percent were sold to banks.
The figures we are seeing suggest the housing recession is far from over in Oregon. We can expect to see hundreds more homes being sold at auction in the months ahead, offering ample opportunities for buyers.
Article adapt from one written by Gorilla Capital
February 22nd, 2009
Posted by
RE Niches
at 07:32pm |
Borrowing, Building a Business, Foreclosure, Foreclosure Trends, Short Sales |
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Stewardship’s offices in western Oregon–more accurately known as the GREATEST REAL ESTATE INVESTMENT FACTORIES on the planet. Okay, so we’re a legend in our own minds as well!
Central OR: 1247 Villard St. • Eugene, OR 97403 • (541) 343-7070
Bill Syrios, Eugene
Married to Teresa for 32 years, with 4 sons. Began Stewardship Properties in 1989 and has been in real estate investment full-time for 17 years. In 2005 he expanded Stewardship’s reach through internships and a 2nd office: StewardshipProperties.com
Kenny Weaver, Eugene
Married to Audra and has a daughter. Was a plumber for 20 years in Las Vegas. In 2005 he decided to “plunge” full-time into real estate investing. So, he sold his house in Vegas (does Kenny have great timing or what!?), moved to Eugene and never looked back.
Jered Souder, Eugene
Started out as a full-time real estate investor at 21 and still the youngest on the team. Lives in a home he bought as a great deal but never got around to installing the new kitchen cabinets. Oh, the life of a single guy. Is an expert on tracking, valuing and bidding foreclosures at auction. His dog: Roxy.
Michael Wilson, Eugene
Married to Shanon with a very cute daughter in stow. Has an MBA but never considered the corporate world much of a draw. The most mechanically inclined of the Stewardship team with a hankering for monster trucks.
Morgan Braze, Portland
After graduating from Oregon State Univ. he decided to get a REAL JOB so he immediately became a full-time real estate investor! Has more wander-lust than most and has already done real estate investing in Corvallis, Eugene, Salem and now Portland.
Jon Davis, Salem
Graduated from the Univ. of Oregon with a law degree but couldn’t see himself practicing law and giving up the life of a real estate tycoon. So he “enrolled” in Stewardship’s 2006 summer internship and graduated again–into becoming a vtal partner on our team.
Northern Oregon: 2055 Liberty St. NE • Salem, OR • (503) 365-7070
We don’t tell you what to do…
WE SHOW YOU HOW TO DO IT!
GO TO: RealEstateNiches.com/Coaching
Should you hire a real estate investment MENTOR?
That depends how much time, energy and money you have to tolerate the “trial and error educational method”? Depending which way you look at it, the right mentor can save you or make you thousands and thousands of dollars. So, when it comes to real estate investment, who is the RIGHT mentor? Here’s some questions:
.How long has this person been investing in real estate?
What kind of real estate investing has he/she done?
How many deals has he/she done?
How much is his/her average profit per deal?
Where have he/she found the capital?
What do his/her private lenders think about them?
Do you want to be where he/she is at three/five/ten years from now?
Now: What is it going to cost you? In commitment? In money?
If it is true that you “get what you pay for,” the last thing you want is free real estate investment advice! Make sure you are getting the kind of coaching that will help you reach your goals by someone qualified to give it. And one more question: Why hire an individual when you can hire a team?
Want to find out more about being mentored by the Stewardship Team?
GO TO: RealEstateNiches.com/Coaching
Or just call us today at (541) 343-7070 and ask for Kenny.
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