We’ll have to see how the rest of the small towns faire, but Dallas only experienced a 50% jump in foreclosures notices from 2008-2009. It’s pretty sad when a 50% increase is good…Now I think part of that is that some of the builders out there were much smaller builders and went into default in 2008 because they couldn’t hold out as long as some of the larger Salem builders could, but I also think that homes there are just more affordable for most people.
Dallas Oregon Foreclosure Rates
This chart shows notice of defaults that were served in Dallas Oregon in 2009, according to Fidelity National Title Co.
In Dallas Oregon, there were 140 notice of defaults served in 2009 compared with the 94 served in 2008.
How did that translate into the real estate world in Dallas Oregon this year?
Of the homes (regular single family and acreage properties) listed in 2009 according to the WVMLS, 35 were listed as short sales or bank owned homes. That is 8.1% of listings. This is one of the lower percentages of distressed properties in the area, and unlike Silverton which had a huge bump in Notice of Defaults served, Dallas’ jump is more proportional with the increase in foreclosure notices.
The future of distressed properties in Dallas Oregon?
Right now distressed properties make up 7.4% of the Dallas Oregon real estate market. Like all of the metro cities, I would expect this number to rise due to the ongoing unemployment problems in Oregon. Unlike some of the other metro cities where I think the higher end houses will push home prices down, I think just the ongoing supply and demand problems here due to the excessive building (even moderately priced homes) will continue to pull prices down here.
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