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Recently I saw an article stating there are 3.5 million houses for sale across the U.S. and 2 million are vacant. The Portland Tribune reported that Oregon ranked 73rd out of 100 of the largest metro areas in foreclosures in 2007. The paper also said as of February 1, 2008, there were 2,464 foreclosed properties in Portland. Here’s a link to “The Portland Tribune”

When I started my research for this blog, I was looking for “positive” news and wanted to see if I could dispute The Portland Tribune article. However, I did a check on the First Quarter 2008 for Tigard (MLS Area 151), Lake Oswego (MLS Area 147), and SW Portland (MLS Area 148) from MLS and www.foreclosure.com. The MLS data shows a large number of vacant homes. The foreclosure.com information contradicts the information from our MLS in regards to short sales and foreclosures. Our MLS information is not only data we as Realtors® rely on but our clients do as well so they can make good decisions about their own properties.

Information is only as good as what is input into MLS. There is no way to know if a house has a pending short sale unless the listing agent indicates that on the listing. This data does not indicate those who have missed mortgage payments, are unemployed, who are in the process of negotiating with their lenders or those who are in pre-foreclosure. Perhaps it would be a good idea if our MLS added a “short sale” and/or “foreclosure” parameter in our search as it doesn’t appear that our MLS stats give a true picture!

I can’t verify the accuracy of the foreclosure.com data nor can I verify the accuracy of our MLS data. However, I would venture a guess that our MLS data is not accurate! Frankly, I am frustrated by the lack of correct data provided by the real estate agents themselves and by our MLS. I feel the foreclosure situation here in Oregon, specifically Portland, is greater than is being reported by our MLS. Further, if in fact the numbers at foreclosure.com are correct, we are in for an incredible number of homes still to be foreclosed upon.

Here are my results as per the date I searched:

(NOTE: My MLS search did not include condos, townhouses, attached houses or new construction. My totals do not include the large number of listings saying sellers were “motivated”. Motivated could mean sellers were possibly close to a short sale, foreclosure or needed to sell for other reasons. As far as vacant houses, it would seem those homeowners are just as anxious to sell even if the agents didn’t mention they were “motivated” in the MLS listing. I checked MLS stats two different ways. First, I checked each individual listing and if the listing agent indicated short sale, foreclosure or vacant anywhere on the listing it was noted. We have a search parameter for “3rd party approval” and I checked those listings individually. Third party approval also means relocation (transfer). Those RELO listings were not included in my totals. This data only represents three of our MLS areas and all are on the westside of Portland.)

TIGARD (MLS Area 151):

According to MLS:

January had 56 new listings of which 11 were vacant, 7 were listed as short sales and 2 in foreclosure.

February had 85 new listings of which 25 were vacant, 2 were listed as short sales and 1in foreclosure.

March had 140 new listings of which 30 were vacant, 2 were listed as short sales and none in foreclosure.

In addition, there were 6 properties showing bankruptcies.

According to the website www.foreclosure.com when I did my search, Tigard’s 97223 zip code showed 20 foreclosures and 84 in pre-foreclosure. In the 97224 zip it showed 10 foreclosures with 75 in pre-foreclosure. CLICK HERE to go to the site and you can search by zip codes.

LAKE OSWEGO (MLS Area 147):

According to MLS:

January had 65 new listings of which 13 were vacant, 5 were listed as short sales, and none in foreclosure.

February had 76 new listings of which 20 were vacant, none was a short sale, and 2 in foreclosure.

March had 120 new listings of which 36 were vacant, none was a short sale and 1 in foreclosure.

According to the website www.foreclosure.com when I did my search, Lake Oswego’s 97034 zip code showed 2 foreclosures and 24 in pre-foreclosure. In the 97035 zip, it showed 6 in foreclosure and 66 in pre-foreclosure. CLICK HERE to go to the site and you can search by zip codes.

SW PORTLAND (MLS Area 148):

According to MLS:

January had 124 new listings of which 33 were vacant, 4 were listed as short sales and 1 in foreclosure.

February had 151 new listings of which 59 were vacant, 2 were listed as short sales and none in foreclosure.

March had 191 new listings of which 70 were vacant, 2 were listed as a short sale and 2 in foreclosure.

According to the website www.foreclosure.com when I did my search, it showed Portland (specifically Multnomah County) to have 25 foreclosures and 10,318 pre-foreclosures. CLICK HERE for the site, click on the Oregon map and then find the data for Multnomah County or other counties.

(For more local and national real estate-check out my monthly real estate newsletter-Jung’s Journal-at my website www.bettyjung.com).