Every week I get a list that compiles all the public information on homes going into foreclosure. Each page has info on 4 properties and and usually [in the last year since the recovery] there are about 50-70 homes in Multnomah County that have notices of foreclosure. Imagine my surprise today when I opened the list and it was 32 pages long! That means there were 128 properties given notice of foreclosure in Portland Oregon and Multnomah County.
This is heartbreaking to me because everyday the market goes back up there are fewer and fewer people under water in Portland. The problem is that if you are facing a hardship, and we all just lived through a horrible crash and recession, you might not think to ask a Realtor what your home is worth in today’s recovering market. The shift has been shocking from hopeless free fall to the bottom to rapid price increases all in the last 18 months.
I have one story in particular worth sharing. I had a seller that a year ago I was quoting an expected price in the mid $200’s for their house. By Spring it was looking like $275k. When it listed in Summer we started at $300k and it had a bidding war sending it even higher. This person went from breaking even to clearing a great profit. This is definitely not the only story like this out there right now!
I hope that you share this. People you know might be struggling and afraid to ask for help. I can’t tell you how good it feels after years of a tough market to be able to deliver good news… and to some people, life changing good news.
I think the spike in foreclosures this week is due to the banks catching up on the new practice of judicial foreclosure – a change from Trustee sales that were common a year ago. And when I look at the numbers I see many people who likely have equity in their homes and might not even know it!