From my interview on News Radio 101.1 FM KXL – Listen live every Monday at 6:20 and 8:20 AM
Now that a federal judge has approved a multi-billion dollar foreclosure settlement, foreclosures make a 13 percent jump from February. Here to talk about what that means to the Portland market is real estate expert Nick Krautter from Keller Williams real estate and Sellpdx.com
Q. Do you think this rise in foreclosures will create a wave of bank owned homes this year?
A. I don’t think we’ll see a huge wave of bank owned homes on the market this year. The banks have been slow to get these homes on the market. I also don’t think we’ll see any big changes until after the election.
Q. What’s the latest news on HARP 2.0 to help underwater homeowners refinance?
A. This new program just started and its designed much better than the first version. One of the big things they’ve been pushing is principal reduction but Fannie and Freddie are resistant because of concerns it will create more defaults.
Q. Could more foreclosures hurt the recovery we just started?
A. The inventory is still so low and buyer demand so high I don’t think it will change the upward move in prices we’re starting to see.