Foreclosures in Town?
Posted by CityBlogOR on May 28th, 2007
Can anyone speak to the issue of foreclosures in Salem, Oregon? Foreclosures are up around the country due to the sub-prime lending practices. Is there any foreclosure impact on real estate in Salem?
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Oregon has the second lowest foreclosure rate in the nation. Salem and much of Oregon historically has and always will be late to the party. One of the biggest reasons we are is because we never saw huge appreciation the way much of the country did. We saw very good appreciation but realitively cool. Our biggest appreciation came from the price of our land. The UGB has made buildable land so much more expensive and thus caused existing land and real property to appreciate. Another factor is new construction. Every time a house is built it costs more money and the new construction pulls up the existing homes values.
The impact of Foreclosures here in Salem is realitively low and is yet to be deteremined by recast of loans and adjusting interest rates on variable loans. As for finding deals, read my post “this is the time to buy”