Foreclosure and Distressed Overview-Deschutes County June 2011

Unlike the news media of today, we look at reality and emphasize the opportunities available in two major Central Oregon real estate markets. ( 1) First time buyers and investors, and (2) sellers who want to sell prior to the shadow release of inventory while the current availability has shrunk.

We are a long ways from the normal of yesterday with the number of distressed properties either in today marketplace or sitting  as shadow inventory waiting for the lenders to release the properties for liquidation.

In the June study of  ReatyTrac, one of the nation’s leading statistics evaluator we see Oregon as one of the top states with a high  inventory of these distressed assets.   1 in every 612 housing units received a foreclosure filing in June 2011.  Below is a heat chart of Oregon, by county placing Deschutes County as one of the heaviest hit counties in foreclosure filings within the state.

For buyers, especially first time buyers entering the market, we see home ownership in real estate now a realistic reality as prices have come within qualifying range, aided by the low interest rates of today, Many of the institutional foreclosure owners give these buyers who will be owner occupants a 7 to 15 days window of opportunitynot to have to compete with aggressive investors, trying to encourage home ownership and the stabilization of neighborhoods. Deschutes County, and especially Bend Oregon is considered by many to be ON  SALE.

Bend with its double digit appreciate rates of 2004 to 2006 has many buyer opportunities.

On the north end of Deschutes County, 14 miles from Bend is the thriving community of Redmond.  Many country residents have household members that work in both towns with an easy commute on US Hwy 97.  Values here a more conservative, and choices high. Redmond -97756

Statistics also can break down the type of distressed property we are looking at.  Pre-foreclosures are homes in some early state of default ( usually with a notice of default filed) and sometimes known as short sales.- Below is an over for the breakdown in Bend, OR.