Saturday, July 19, 2008

The Foreclosure Bus Tour Arrives In Portland

From the Oregonian:

The foreclosure bus tour will soon roll through Portland.
The tour of broken dreams has cropped up in other cities hit hard by the U.S. housing downturn and it was just a matter of time before it came to town. (Just try a Google search to see how fast the bus tour has spread.)
Craig Reger, a principal broker with The Hasson Co., plans to start a weekly Saturday bus tour by August.
Reger, one of the region's top producing brokers, normally works in the high-end market at $500,000 or higher. But the higher-end homes aren't moving as fast as foreclosed homes.

"The market's changed, and my business model's changing," Reger said.
Last year, Reger closed 106 sales. He's on pace this year for 80 to 85 sales. He hopes the tour bus will drive him back over 100 sales again.
The Regional Multiple Listing Service has 500 homes in foreclosure or short sale -- conditions where the house is worth less than the owner's mortgage. And through the first half of this year, mortgage defaults -- the first step in a foreclosure -- are up 77 percent in Clackamas, Multnomah and Washington counties compared with the same period in 2007. Reger hopes to hit six houses each Saturday on his bus tour.
Reger said he doesn't expect a foreclosure landslide in the Portland area. "But they're picking up momentum every day," Reger said.