CNN just reported that Oregon in comparison to the rest of the U.S., is doing better than most:

Street Sign

“Portland is the shining example of smart growth. In 1973, Oregon passed an urban growth boundary law, which required that each of the state’s municipalities set a line in the sand on which open land could be developed.

The policy is credited with fostering Portland’s excellent reputation as an attractive, livable city — but it may have been too successful. Population growth has been so robust that some residents have complained about too much congestion in its core. And some building has been pushed out into nearby areas, such as in adjacent Washington, that have less strict policies. Meanwhile, home prices in Portland recorded a more than 86% gain from 2000 through the middle of 2007. The median, at $255,000 during the second quarter of 2009, is well above the national average of $174,000.”

PORTLAND NEIGHBORHOOD “BEST NEIGHBORHOOD” IN 2009

Ladd’s Addition in SE Portland has been named one of the “Great Neighborhoods in America for 2009″.  The American Planning Association (APA) announced the country’s 10 Great Neighborhoods, 10 Great Streets, and 10 Great Public Spaces for 2009 through the organization’s Great Places in America national program.  Ladd’s Addition ranked #6 out of the 10 Great Neighborhoods. 

BANK-OWNED vs. SHORT-SALE STATS

The chart below shows activity from 9-1 to 9-30-09 from RMLS™ for the three areas my blog covers – RMLS™# 147 Lake Oswego, RMLS™#147 Lake Oswego, RMLS™#148 West Portland and RMLS™#151 Tigard.  I wanted to see the comparison of bank-owned properties vs. short sales in those three areas.  There were fewer active foreclosure listings than short sale listings in all three areas.  However, there were more than twice as many foreclosures that sold and closed than short sales here locally.  Bottom line, it’s the bank-owned properties that represented the better deals that buyers wanted to purchase.

According to the Oregon.live blog, the (National Association of Realtors®) NAR said that early signs from an consumer survey yet to be released indicate that first-time home buyers accounted for more than 45 percent of home sales during the past year. A separate survey shows that distressed homes accounted for 29 percent of transactions in September. (via Calculated Risk)

SHORT SALES

West Portland led the group with the highest number of short sales listed at 31 and 6 sold, Lake Oswego followed in second place with 22 short sales listed  but only 1 sold, then Tigard with 20 short sales listed and 6 having sold.  West Linn had the fewest number of short sales listed at 18 and 0 sold.

FORECLOSURES

West Portland again led the group and had 15 foreclosures that sold and Tigard was in second place with 12 bank owned properties that sold, West Linn had 5 foreclosures that sold whereas Lake Oswego had only 2 that closed.  According to a REALTrends Report, it states that foreclosures will drop off next year due to national and local economic conditions-including a reviving economy, slowing house price depreciation, and tighter underwriting of recent loans-will lead to a decline in foreclosures in 2010.

(c) Betty Jung 2009

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