Foreclosure Rate goes down in Oregon
January 19th, 2007 by 
Joseph Smith
Other states are battling skyrocketing numbers of foreclosures but for the state of Oregon, the story is quite different. According to the Portland Business Journal, at the end of 2006, Oregon posted a total of 13,000 foreclosures, down by 5.4% compared to the last quarter of 2005.
The performance of the real estate market, particularly the foreclosure sector, in 2006 was very poor. With an additional 1 million homes in some state of foreclosure, the nation is scrambling to get its act together. States like Colorado, California, Illinois, Nevada and Texas are trying to correct the damages brought about by predatory lending practices. Considered to be the primary reason for high foreclosure rates, predatory lending practices, such as low-approval standards, have allowed buyers with poor credit ratings to purchase properties not within their price range. Add the increasing interest rates and you will have the current real estate situation.
When foreclosure rates are high, real estate investors see it as the perfect opportunity to buy properties. Lenders with a growing number of REOs try to minimize holding costs by selling these REOs at very, very low prices. We are talking about a discount of more than 50% from the property’s current market price.
Investors can even be picky or choosy with the kind of properties they buy because of the many choices available. Lenders, most of the time, choose to enter into listings contract to attract more potential buyers. Real estate agencies such as Foreclosure Deals usually have foreclosure listings containing these properties. They would even have access to insider information that is quite valuable especially if you are thinking of investing.
For Oregon bank foreclosures, real estate investors will profit more because of the healthy investment climate. With house market prices not driven down by a large foreclosure inventory, investing in Oregon bank foreclosures will be worth-while.
