Thursday, March 5, 2009

2 out of every 5 homes for sale in Southern Oregon is in foreclosure

From the MailTribune:

Nearly half the homes listed as sold in a new report from Southern Oregon Multiple Listing Service are from foreclosures.
Foreclosure sales made up 40.1 percent of all existing home sales in the report that covers December through February, said Steve Blanton of the Rogue Valley Association of Realtors in a press release.
The agency is reporting foreclosure data for the first time during the period, which included 292 sales countywide. Foreclosed homes accounted for 117 sales while "normal" sales accounted for 157 others. The remainder, 18, were "short sales" that required authorization by a third party.
Blanton called the foreclosure rate "truly an astounding number."