With the kind of ugly nature of the Silverton Oregon real estate market for 2008 and 2009, its not surprising that foreclosures are up a lot here.
Silverton Oregon Foreclosure Rates
This chart shows notice of defaults that were served in Silverton Oregon in 2009, according to Fidelity National Title Co.
In Silverton Oregon, there were 110 notice of defaults served in 2009 compared with the 51 served in 2008. This 115% increase is one of the worst in the Salem Metro market, barely coming in less than Salem’s 119% increase. Yuck.
How did that translate into the real estate world in Silverton Oregon this year?
Of the homes (regular single family and acreage properties) listed in 2009 according to the WVMLS, 34 were listed as distressed properties (ie short sale OR foreclosure). That is 10.8% of listings which is lower than both Salem and Keizer which are over 11%.
The future of distressed properties in Silverton Oregon in my opinion?
Right now distressed properties make up 9.5% of the Silverton Oregon real estate market. Of potential concern is the large number of default notices, yet the number of active listings isn’t showing as being distressed. This is potentially concerning because of the large increase in notice of defaults: there should be a corresponding large increase in short sales on the market. If home sellers have some equity to sell and be able to clear title, then this is a good thing for sellers because they won’t have the foreclosure or short sale ding on their credit. If home sellers are just not putting their homes on the market, then that is a whole other concern. Short sales seem to depress real estate values less than foreclosures do since they tend to sell at less of a discount than foreclosures do. If these homes don’t hit the market as short sales, but rather foreclosures, then home prices will absolutely continue to drop in Silverton. A 10% drop in real estate values in 2010 in Silverton Oregon is a very real possibility with the current market dynamics.
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.