Make Money Investing in Portland Bank Foreclosures

by Simon Lindsay on cities

Portland bank foreclosures has seen some good periods with less number of filings and some bad period with higher number of filings. A foreclosure means that the current homeowner will lose his/her home. This usually happens when the homeowner defaults on the bank loan. First the property is filed for foreclosure and then it goes through a pre-foreclosure period. If the homeowner is unable to pay back the loan amount during the pre-foreclosure period then it will be listed in foreclosure homes.

According to a new report, Portland is ranked at 84 among the top 100, which means that the rate of foreclosure in the state of Oregon is not as high as it is in New York or California. The area of Portland-Vancouver saw one foreclosure per 353 households in the first six months of 2007. This has definitely added some more homes into the list of Oregon bank foreclosures.

According to another foreclosures report, Portland has had an increase in the foreclosure rate by almost 7% as compared to the rate at the beginning of the year. As a result there are more bank foreclosures in Portland out there that investors and first time homebuyers can choose from. Is it good or is it bad? It is good for investors as they will have a variety of foreclosure homes to choose from but bad for existing homeowners who will lose their homes.

All these homes are available in a comprehensive database called foreclosure listings. These lists are available with banks, lenders and other financial or government institutions but you can also check for them online. According to another recent study, Portland is ranked 25th among the top 100. It started the second half of 2006 with an increase of almost 188% as compared to the last quarter.