1 in 5 homes in the US recently sold were foreclosed and bank owned, according to CNN. I looked at recent sales in the Eugene Springfield area, and we are faring better. In the last month, about 1 in 10 sales of houses were bank owned (11%), and about 1 in 10 (9%) were short sales. Why? Perhaps because our market didn’t rise or tank to such extremes as others in the country.
This bargain was a pre-foreclosure, or short-sale, house in Santa Clara listed for 299K that sold quickly. It’s a really nice house and a great deal. It’s 2300 square feet, and only 5 years old. Someone will enjoy making a new home here.
If you’d like to see it, give me a call at 517-6543 and I’ll be glad to show it to you.
New protection for tenants will be in effect at the end of the week, according to the Register Guard, if their rental is in foreclosure. Federal law will allow tenants at least 90 days to move after foreclosure, if they’re on a month-month basis, or allows them to finish out the terms of their lease, unless the new buyer of the foreclosed property intends to use it as their primary residence, in which case there’s a maximum of 90 days. According to the Guard, New Oregon law will allow tenants to apply their deposit to their final days in the house, if they choose to do so.
As my colleague Jared Helton pointed out in response to my last post, he expects the market for Eugene Springfield houses priced at 225K or less to remain strong through the end of the year. I think he’s right on the money; this is the market segment that has shown the most life this year. Granted, our predictions are only 5 months out, but that’s a lot these days.
Here’s an example of the type of house you can get for the money. It was a short sale (or pre-foreclosure), 2,300 square feet, nearly new, and I had it listed at 229K, or under $100/s.f. That’s a good deal in any market, and it sold quickly.
If you’d like to know about the good deals in Eugene Springfield give me a call at 517-6543.