Distressed Property Update for Portland & Clark County

Distressed Property Update for Portland & Clark County

21.9% of listings distressed in PDX, 31.7% in Clark County

The latest report from the Mortgage Bankers Association indicated that the rate of foreclosure for people with fixed rate loans and good credit is on the rise.

The AP reports that homeowners’ inability to keep up with payments is now more due to unemployment, rather than the subprime loans that contributed to the initial increase in foreclosures.

A quick search on RMLSweb reveals that in the Portland Metro area, distressed properties currently make up 21.9% of active residential listings (this number takes into account listings that require third-party approval, as this typically indicates a short sale and those that are marked as bank-owned).

In Clark County, 31.7% of residential listings are  distressed.

Alert: Listings on Craigslist Being Re-Listed as Rentals in Possible Wire Scam

Tip: Use RSS Feeds or Google Alerts to monitor your listings on Craigslist

We’ve received reports of homes that were listed for sale on Craigslist being fraudulently re-posted as a low-rate rental listings. These types of scams may be aimed at getting prospective renters to wire or send first and last month’s rent. For example, a case was reported where a home listed at over $400,000 was fraudulently offered for just $700 a month.

Suggestion: If you’re concerned that listings you have posted on Craigslist may be at risk, you can setup an alert using RSS feeds – here’s how:

1. If you don’t use an RSS Reader currently, sign up for an RSS Reader, such as Google Reader or Bloglines (these are just a couple examples of free programs you can use).
2. Visit craigslist.org and find your region’s Craigslist page.
3. Click on the “Housing” section and type your property address or a unique phrase from your property description into the search field and click search.
4. At the bottom of the page, there is a button that reads “RSS” – click on this.
5. Copy the link of the page that opens and add it to your RSS Reader.

By doing this, you would be notified when you check your RSS Reader if someone has copied information from your listing & re-posted it on Craigslist in the housing section.

Another option would be to use Google Alerts:

1. Visit google.com/alerts.
2. In the search terms field, enter the property address or a unique phrase from your listing.
3. Select “Comprehensive” as the type of search.
4. Select how often you want to be notified if it returns search results.
5. Enter the e-mail address you want notification sent to.

Google Alerts searches the web, news articles, etc. and will return any results that match your search criteria.

If you see any fraudulent listings on Craigslist, report it to Craigslist.

Please also notify RMLS™ of any similar activity by e-mailing Kelly McKenna at Kelly.m (at) rmls (dot) com.

Supra Lockbox Activity – Updated Through Week of September 7-13

Supra Lockbox Activity – Updated Through Week of September 7-13

Lockbox Activity Back Up

The deadline to be able to get the $8,000 first time home buyers credit is coming up. Perhaps this fact spurred the increase in lockbox activity this last week. When comparing the week of September 7-13 with the week prior, the number of times an RMLS™ subscriber opened a Supra lockbox increased 6.7% in Washington and 3.9% in Oregon.


Click the chart for a larger view (Washington, top; Oregon, bottom)

Archive
View an archive of the Supra lockbox statistical reports on Flickr.