Portland is the second largest American city in the Pacific Northwest. Real estate markets have been sluggish here but Portland Foreclosures are on the rise.
Portland is situated in Multnomah County, in the state of Oregon. It is a leading exporter of wheat and is an important port in the Pacific North-west for ocean born trade. It is Oregon’s largest city and set up in 1851 in a ‘clearing’ midway between Oregon city and Vancouver.
Real estate in Portland has been in a crisis in 2009 as nearly 18-20 % of Portland homes are being put up for distress sales. Nearly 18% of active listings are being put up for distress sale- amounting to over 2,600 homes across Portland. Of these 14% are up for short sales and 4% are already foreclosed and returned to their banks. The worst affected regions are Gresham, Beaverton, and Happy Valley where a quarter of homes are foreclosed are on their way. As a whole real estate activity in Portland moved at a sluggish pace last month. Although numbers of sales and pending properties are up by 6%, these figures are less than the seasonal average. Prices are down by 17%-18% below the peak.
If we look at some statistics state wise, the larger picture will be clear-
o For the state of Oregon as a whole, foreclosure filings in April 2009 registered a 13 % increase from March and 127% times that reported in April, last year
o Oregon got the 18th ranking in the country for total foreclosure filed properties in April.
o One in every 419 Oregon homes was slammed with a foreclosure filing in the month.
o Multnomah County was leading in the state with 660 properties listed for foreclosure.
Portland Foreclosures were the result of rising delinquent mortgage payments by house owners. The reason could be the rising unemployment. A second reason could be defaulting by homeowners who had purchased these properties during the housing boom intending to make a profit but could not ultimately fulfill mortgage commitments.
Foreclosures are a wise investment for those interested in making a profit in the real estate business. Banks and owners are ready to sell fast and at cheap rates. Portland is a highly developed, commercial area with good returns on real estate. The increase in Portland Foreclosures must present an opportunity for investors to make a wise purchase
Anu Varela is an author and mother of 2 girls, she has a great passion for writing and she is expert in writing on Real Estates and foreclosures. You may get some great advice and tips from her and she helps people in buying great foreclosure homes. For more details please visit Portland Foreclosures
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Chicago Foreclosures: An Excellent Opportunity For Investing And Buying
People of Chicago are getting aware of the Chicago foreclosures process and consequences instead of blaming banks and brokers through the various fairs that are held very frequently like the one held in Pilsen recently. Foreclosure homes and estates can be bought through the bank involved or the lender himself according to the legal ordinances of Chicago. Since the lender is protected by a PMI insurance, he wouldn’t be worried about the losses at sales. Such properties are sold like hot cakes as they work out worth, economical and the process is fool-proof.
Status today:
By January 2009 the number of foreclosures went around 2000 with Englewood, Logan Square and Gresham neighborhoods leading the list. Its been observed that a majority of foreclosures hit young families or middle-aged couples. A majority of foreclosures were observed in the zip code 60-629,617 and 628 in Chicago. Almost half of such foreclosures are single family structures. Due to such an epidemic many families have started taking extra precautions before they actually make a legal deal of buying a property in Chicago. Many online sites and reliable companies are set up in Chicago to make purchase of foreclosure properties a lot easier.
Measures being taken:
Activists in Chicago are apparently spreading awareness in public about foreclosure and advice renters to know the building details, as in to whom the building belongs to legally and whether the building is in foreclosure, etc. There has been a sudden increase in the number of foreclosure notices recently. Many such activists demanded for a state bill that would need the tenants to get proper and clear notice of foreclosure and ease the transition of tenants to new owners. And such a bill was then proposed which stated that the landlords must notify the tenants whenever a Chicago foreclosures case is filed and to give tenants at least thirty days to vacate after an eviction order.
By: Joseph Smith
Article Directory: http://www.articledashboard.com
Joseph Smith has been educating buyers on the finer points of Chicago Foreclosures purchase at ForeclosureDeals.com for over ten years. Click here to visit and read more advice on finding foreclosure sales.
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