This chart shows the number of Bank Owned and Short Sales in all areas of the RMLS™ system during the first quarter of 2012. To download or print the chart, click here.
Below are links to additional charts for some of our larger areas*:
Portland Metro
Clark County, WA
Lane County, OR
Douglas County, OR
*If you want information on percentages of distressed residential sales in other areas not represented by our charts, please contact us at communications@rmls.com.
Here are some additional facts about distressed residential properties in the first quarter of 2012:
All Areas when comparing percentage share of the market 1st quarter of 2011 to 1st quarter of 2012
- When comparing the first quarter of 2011 to 2012, distressed sales as a percentage of new listings decreased by 0.6% (29.5% v. 28.9%).
- In a comparison of the first quarter of 2011 with the same period in 2012, distressed sales as a percentage of closed sales decreased by 2.0% (40.9% v. 38.9%).
- Short Sales comprised 15.0% of new listings and 13.0% of sales in 2012, down 0.2% and up 2.7% from first quarter 2011, respectively.
- Bank Owned properties comprised 13.9% of new listings and 25.9% of sales in first quarter 2012, down 0.4% and up 4.7% from 1first quarter 2011, respectively.
Portland Metro when comparing percentage share of the market 1st quarter of 2011 to 1st quarter of 2012
- When comparing the first quarter of 2011 to 20112 distressed sales as a percentage of new listings decreased by 0.5% (31.5% v. 31.0%).
- In a comparison of the first quarter of 2011 with the same period in 2012, distressed sales as a percentage of closed sales decreased by 2.5% (41.7% v. 39.2%).
- Short Sales comprised 16.1% of new listings and was down 0.2% from 2011. However, the percentage of sales rose from 9.9% in 2011 to 13.5% in 2012, a 3.6% rise.
- Bank Owned properties comprised 14.9% of new listings and 25.7% of sales in first quarter 2012, down 0.3% and 6.1% from 2011, respectively.
Clark County when comparing percentage share of the market 1st quarter of 2011 to 1st quarter of 2012
- When comparing the first quarter of 2011 to 2012, distressed sales as a percentage of new listings decreased by 4.6% (39.7% v. 35.1%).
- In a comparison of the first quarter of 2011 with the same period in 2012, distressed sales as a percentage of closed sales increased by 0.3% (47.8% v. 48.1%).
- Short Sales comprised 23.8% of new listings and was down 0.6% from 2011. However, the percentage of sales rose from 17.1% in 2011 to 20.4% in 2012, a 3.3% rise.
- Bank Owned properties comprised 11.3% of new listings and 27.7% of sales in 2012, down 4.0% and 3.0% from 2011, respectively.
I think we all know that the market is skewed but it is hard to tell how bad without knowing what is a “normal” market
I think these figures are off…..there is definitely more distressed properties (short and bank owned) in Clark County than what this is indicating…..
Hi Greg,
Thanks for your comment. These figures are compiled from the information submitted to us by our subscribers. We believe they are accurate based on our coverage areas and subscriber participation. However, these figures do not include office exclusive listings.
The stats for distressed properties are NOT correct; RMLS chooses to not require the HUD Foreclosure listing agents to fill in the “Bank Owned Field”. Those of us that follow the inventory of distressed properties know that the volume of HUD REO properties, are significant.
Hi Dennis, Thanks for your comment. The RMLS Board has also recognized this problem and the issue will be addressed in the upcoming forms change at the end of this month. We will be changing the field to “Bank Owned/REO” which would require a “yes” answer if the owner is HUD.
With completed negotiations that affect the largest lenders/servicers, we should see a more comprehensive market picture of distressed properties after the 2nd quarter – and their influence in the market place after the 3rd quarter.
what percentage of real estate sales are reported to rmls to get these stats?
Have private transactions all gone away? Just curious.
Carol Smith
Hi Carol,
The statistics reported are for listings and sales that go through the Multiple Listing Service only.
How bad?… A “normal” market has 3% distressed sales not 39% distressed. There are 13 times more distressed properties then there should be. Suggested reading “The Total Money Makeover – A Proven Plan For Financial Fitness” by Dave Ramsey. There needs to be a shift is thinking from “debt” to “debt free.” Quit spending and speculating on money you do not have. Home Owners need to buy within their means, and our nation needs to quit taxing and spending money they do not have.
I am an appraiser in North Bend (Oregon), and our “distressed” data is only partially accurate. We have brokers who believe that a HUD, Fanny or Freddie owned house is not a “bank owned” property, and they report them as standard listings and sales.
Reblogged this on Say What?! and commented:
Some of the biggest facts to me were that the distressed, both short sales and bank owned properties, that are on the market and have closed are down (for the most part) from 1st quarter 2011. Where we have seen a rise is in the percentage of sales coming from short sales has risen 3.6%. Though not high, it may indicate a few things. That buyers are getting more comfortable with the process. Short sales have been around on the market now for a few years. One would hope that, not only the bank, but us Realtors are getting more efficient and better equipt to handle short sales. I can say from experience that I have 4 short sale files currently and have been able to streamline the process (as best I can on my side) than I was able to do 3 years ago. It could also indicate that the systems, such as equator, that that the banks have implemented may also be helping to give short sales as a logical way to purchase and invest for the right, patient, buyer. We can also thank well educated Sellers that realize that doing a short sale may be a good option for them instead of foreclosure and that they are participating in this process as best they can providing necessary documents in a timely manner.