More Foreclosed Homes in Bend’s Future?

Where are we at with this whole foreclosure mess?  That seems to be the million dollar question lately.  Last year (2011) we saw a 39 percent reduction in the number of foreclosure filings in Oregon from 2010 which for now has been the peak year of foreclosure activity.  So does that mean we are out of the woods?  Not according to an article by Suzanne Stevens in the Portland Business Journal.  She quoted a statement from RealtyTrac CEO Brandon Moore who said, “The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages.  There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010.”

The chart above is from RealtyTrac and illustrates foreclosure activity by county in Oregon.  You can see that Deschutes County has one of the highest foreclosure rates per housing unit in the state.  Another, less scientific reason to think that there are more bank owned homes in our future is my daily drive.  There are three vacant, bank owned homes not yet on the market within a mile and a half of our home.  Actually there are probably a lot more than that but I only counted those on my route.  There is no way to know exactly how many homes in Bend are in the same situation but I think it is safe to say that if I can find three without trying, there are many more.  Here are photos of those homes.  The second and third homes have views of the Cascade Mountains.

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About Dan Seim

Dan Seim is the primary contributor to Preferred Residential's blog. He has been writing about real estate issues that affect home owners in Bend and Central Oregon since 2011.