Nearly 1/3 of Oregon Home Sales are Foreclosures
Oregon is one of 7 states nationwide where foreclosures make up 32% or more of home sales. In the first quarter of 2011, bank-owned home sales made up 28% of all home sales in the country.
The average foreclosure sales price of a home in Oregon is approximately $176,000, which is 24% lower than a non-distressed home sale price.
The chart below lists the 7 states with the worst foreclosure home sale rates:
Not only have home prices in the metro areas reached their lowest levels since 2002, but the total percent drop in home prices in the last decade is greater than what the U.S. experienced during the Great Depression.
With the absence of a healthy private sector in Oregon and an unemployment rate that continues to exceed the national average, Oregonians can and should expect this housing trend to continue.
click here to view this FlashFact as a PDF