So what’s wrong with the Southern Oregon real estate market and what can we do to fix it? Recently, the stock market rallied to 10,000 only to dip back down and regress due to a loss of confidence for a sustainable economic recovery over a lot of things, from unemployment to inflation. Meanwhile, the stability of the Housing Sector may have strengthened, but only incrementally. The overall road to recovery for the Housing Sector continues to be road-blocked by foreclosures and short sales.

Like communities nationwide, the Southern Oregon real estate market is undergoing a profound increase in the overall numbers of foreclosures and short sales. There seems to be no end to the gross numbers of homes going into foreclosure these days. The numbers seem to be escalating ever since they began aggressively appearing three years ago and the numbers of foreclosures continue to crash on the shores of the real estate market like waves from a tsunami. It is a recognized and accepted fact that before overall economic recovery can begin to gain serious traction in the Southern Oregon real estate market, the foreclosure rate must be greatly reduced. So why aren’t the numbers of foreclosures slowing down?

Typically, foreclosure proceedings are triggered when homeowners miss three payments and become 90 days late. Most homeowners immediately recognize the dangers that foreclosures pose and so they take steps to remedy the situation. Of course, if homeowners have joined the ranks of the unemployed, their situation immediately escalates into a 911 emergency and their options become limited. But for others, the answer may lie with negotiating a mortgage modification or putting their home on the market, seeking a short sale named such because the sales price will fall short of the amount of money that is owed the bank.

More about the procedures and foibles of the short sale in my next post. Stay tuned.

Michael Masters

A Socially Conscious Real Estate Consultant

     

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This entry was posted on Tuesday, November 3rd, 2009 at 11:30 am and is filed under the category Green Real Estate, Michael Masters, Real Estate, Southern Oregon Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.