The economic indicators for national and local real estate markets are mixed these days. At the national level for January, 2009, home prices plunged by 19% from a year ago in 20 of the largest cities in America. However, while the Grants Pass, Medford, and Southern Oregon real estate markets have experienced a drop in prices compared with prices from a year ago, the price drops have not been nearly as severe as in the large metropolitan areas.

The price drops for both the national and the local markets are directly related to the inflated inventory of foreclosures, unsold homes, and the forces of supply and demand. Meanwhile, over the last 2 months, applications for refinancing have surged, and for the month of February, the number of pending sales nationwide is up compared with a year ago.

These mixed statistical messages suggest Continue reading The Latest Economic Indicators for the Grants Pass, Medford and Southern Oregon Real Estate Market

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