I’m sensing some frustration on the part of Salem Oregon buyers as they try and seek out all of those short sales and foreclosures that are supposed to be all over the market. The reason that local buyers are struggling to find these well publicized bargains is because there aren’t a lot of them out there. In the past months, distressed properties have made up 10% of our local Salem Oregon market. The current rate is 8.3% for the Salem Oregon real estate market. The Keizer market has 8.6% of active listings listed in distress.
I also broke down by general area, where the distressed properties can be found. Not surprisingly most are in the corridor east of I-5 (East on the chart). Homes have traditionally been more affordable in these areas and folks that were unable to purchase homes in the past, purchased starter homes here. The other areas tend to be more of a mix of starter and move up buyers.
So long story short…you are going to have to continue to wait a while if you are looking for one of those bank owned deals you read about in the newspaper. Just not a lot of them here.
Data is based on information provided on the WVMLS.