While the Portland market has been on the rebound we step back and take a look at the National real estate market. Here to share the good news and the bad on the national market is real estate expert Nick Krautter from Keller Williams Realty and Sellpdx.com
Q. Let’s start with the good news for the national market.
A. The good news is the that rising prices in many markets mean that 700,000 homeowners that were previously underwater are now in the green. Interest rates are at historic lows and that means home affordability is at an historic high right now.
Q. So if the market is recovering what is the bad news?
A. The bad news is that foreclosure activity was up 6% in the second quarter compared to last year. Mostly due to long delays in foreclosure starts by banks waiting for the 26 billion dollar foreclosure settlement that was passed earlier this year. I don’t see the foreclosures making a big impact in Portland because many of the properties will be purchased by investors either to flip or rent. Most of the homes, even if they sell below market still need expensive improvements.