Here’s an update on home sales, foreclosures, and short sales in Grants Pass, Medford, and the Southern Oregon real estate market. The real estate market in Southern Oregon is traditionally slow during the winter months and this winter was no exception. After a brief flurry of sales in December and January when the 30 year mortgage rates dipped for a time to the low 4% range, sales in Grants Pass and Southern Oregon slowed to a rate seen in past recessions which is about half the amount seen during the housing bubble. Overall, prices have dropped an average of 25% or more since the peak year of 2005. Sales in the Southern Oregon real estate market are slow in all price ranges and types of properties. The two bright spots in sales numbers are short sales and foreclosures and statistics bear that out.

Of all the homes sold in Josephine County between December 1, 2008, through Feb. 27, 2009, 131 of the closed sales were single-family homes. Of these, 66 were either short sales or foreclosures. This number represents 50% of all sales and is actually a lower percentage of sales than we have seen of late. Some of the factors behind the drop in foreclosures and short sales may be because of the moratorium that was placed on foreclosures and evictions by Fannie Mae and Freddie Mac, Countrywide, Bank of America, and Citibank. This moratorium on foreclosures and evictions Continue reading Home Sales, Foreclosures, and Short Sales for Grants Pass, Medford, and the Southern Oregon Real Estate Market