Sales of Foreclosure Homes in Southern Oregon Still High

by Peter Vernon on States

Total sales of foreclosure homes in Southern Oregon in October declined as a proportion of total home sales in the region, but the 42-percent share of foreclosure and other distressed sales is still very high. The share dropped from the almost 50-percent share of foreclosures over the past months.

In Jackson County, total home sales rose for the ninth consecutive month, but sales prices dropped compared to price levels last year.

According to data from the Southern Oregon Multiple Listing Service, sales of previously-owned houses increased by more than 27 percent during the three-month period ended October 31 compared to sales last year.

The median home sales price in the area dropped to $185,000, down by 2.5 percent from the median of $189,700 during the same period last year. Because of the drop in prices, buyers were encouraged to buy, shortening the length of time properties stayed in the market. In October, homes stayed in the market for an average of only 80 days, down from the average of 104 days in October last year.

Despite the decline in the percentage of sales of foreclosure homes in October, many housing analysts said that the percentage will rise again because of the increase in foreclosure filings in Oregon, as shown in a recent foreclosure report for the July to September quarter.

The pace of foreclosures throughout Oregon rose by almost 80 percent from the same quarter in 2008 and by more than 7 percent from the previous three-month period, putting the state 11th in the state foreclosure rate rankings.

More than 10,000 residential units received default or foreclosure notices during the period, representing one unit out of every 156 residential units in the state.

Meanwhile, while the median home sales price in the Shady Cove area of the Upper Rogue fell to $221,250 over the past year, the median price level is still higher than the median level in 2004.

At Eagle Point, the median price level also held up better than most other areas in Southern Oregon, based on data from the major Multiple Listing Service in the area. The median sales price of $195,000 in the area is almost 4 percent above the median price level of $187,750 in 2004.

Additionally, the nationwide foreclosure report also showed that more than 3,000 housing units across Oregon were repossessed by lenders during the July to September quarter, increasing sales of foreclosure homes in October.

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