I was kinda hoping that some of the smaller towns surrounding Salem Oregon would come out a bit more…well…unscathed, but that is not going to be the case. Unfortunately foreclosure notices are equal opportunity.
Keizer Oregon Foreclosure Rates
This chart shows notice of defaults that were served in Keizer Oregon in 2009, according to Fidelity National Title Co.
In Keizer Oregon, there were 238 notice of defaults served in 2009 compared with the 131 served in 2008. While not as ugly as the Salem Oregon numbers, foreclosure notices in Keizer Oregon increased 81.7%.
How did that translate into the real estate world in Keizer Oregon this year?
Of the homes (regular single family and acreage properties) listed in 2009 according to the WVMLS, 43 were listed as short sales. That is 7.5% of listings (same as Salem). 20 homes were listed as foreclosed properties (ie REO’s), which is 3.6% (just a tad higher than Salem). So the total percentage of listings this past year in distress was 11.1%. Of the short sales listed 40% were successfully closed by the end of the year. Of the REO’s listed, 70% were successfully closed. So some of that distressed property market was able to be taken off the market by buyers.
The future of distressed properties in Keizer Oregon?
Right now distressed properties make up 13.7% of the Keizer Oregon real estate market. It’s a bit higher than the Salem Oregon market. Unemployment and layoffs are equal opportunity these days and class less. As I am expecting for Salem, I would expect these numbers to rise for Keizer as well.
If you are interested in foreclosures or short sales and want to start watching the foreclosure market, just email me to get on the list.