Decreased Foreclosure Filings In Oregon

The Ripple Effect of the Government Shutdown Started to Affect Home Loans

Foreclosure filings in Oregon’s seven biggest counties decrease a whopping 42% from a year ago and 80% from the prior month. Why? Well, the foreclosure filings are likely decreasing due to the requirement of expanded mediation with homeowners prior to filing for foreclosure.

The new law requires lenders to give homeowners 60 days notice before they can file for foreclosure. While there’s not any assurance that this will decrease foreclosure filings in the long run, it has temporarily. The sixty day requirement could take a few months to catch up.

This will maintain our tighter inventory for now which will help keep up prices stable.

More of Portland’s Real Estate updates from the Real Estate Advisor himself, Rick Sadle. Tune in to KXL‘s “Experts on the 19′s” every Monday morning at 6:49AM and 8:49AM.

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