Thursday, February 12, 2009

Southern Oregon home prices drop 40%

From the MailTribune:

Low housing prices are driving investors to White City, where the average number of days a single-family home stayed on the market dropped to 66 from 164 the same quarter a year ago, according to the Southern Oregon Multiple Listing Service.
Historically one of Jackson County's most affordable areas for housing, White City's median price for existing homes fell 10 percent, to $148,500, during the most recent quarter, Nov. 1 through Jan. 31.
"This is the first area you can get back into," said Stan Alexander, owner of DreamHouse Realty in White City.
"Investors can afford to buy at a price where the rent covers the mortgage payments. In recent years, you haven't been able to pay the mortgage with rents. Investors are
telling us that any time we find a good deal, call them immediately."
Countywide, the median price for existing homes dropped nearly 16 percent, to $198,000, from $235,250 the same period a year ago.

By some estimates, two out of five local home sales involved foreclosed properties during the past year.

Jackson county's median sale price was $325,000 in June 2007; it has fallen 39% since then.