Sometimes I think I should just write “same ol’ same ol'” hit publish and be done with my blog for that day. There’s only so many ways you can say “market is still out of whack and it will be for a while.”
I’ve been distracted with other things lately which will make blog fodder, I’m sure, at some point in the future, but I did want to chat about the present just briefly. It seems like with our recent elections the angst of Oregonians is really apparent due to the closeness of the governor’s race. Unemployment is high, those who are employed may be underemployed or had pay cuts, and housing, of course, is still in turmoil.
Foreclosure notices in Salem Oregon
I had been really excited about the drop in the number of homes served with foreclosure notices in Salem Oregon. We had two quarters of pretty substantial drops in notices served and this past quarter had a bump up of 6.5%. Keep in mind that this bump is still down 22.8% from the worst quarter so that is still a good thing.
The closing of one of the prison’s doesn’t help the local job situation, but the Home Depot distribution center is getting ready to hire. I think we are going to be in a job gained, job lost situation for a while, which means our unemployment numbers are probably going to hang up high for a while. Obviously the higher the unemployment numbers the worse our foreclosures will look.
I don’t think we will spike back up to those 500 notices of default kind of quarters, but we still have a few years ahead of us in working all of these homes through the system. As of the minute I typed this post, (that’s how totally up to date I am), 14.2% of homes sold to date in Salem Oregon were foreclosures or short sales. For all the home buyers out there that think that every seller is in foreclosure, only 14.2% of active listings are short sales or foreclosures. So 85% of home sellers…not in foreclosure.
So other than these juicy little tidbits of data, I’ve got nothing new for you.
Same ol’ same ol’.
Foreclosure data is calculated from information received from Fidelity National Title Co. Sales data is calculated from the WVMLS.