Portland's Real Estate Repos This Week: 115
Banks Pay $ 28 million To Repossess More Than 100 Properties
Roughly 45 banks were active this week, taking back properties in the Portland metro area for some $ 28 million. Having quietly lifted the moratorium on foreclosures, Fannie Mae and Freddie Mac were among the biggest buyers this week, doling out $ 6.1 million in exchange for 25 properties. Apart from the usual suspects (US Bank, First Franklin etc), regional player MBank also featured prominently, taking back entire subdivisions in Washington County.
Greater Portland Suburbs Dominate Repo Activity
The bulk of the repo activity remains in the suburbs. Roughly a dozen homes in West Beaverton/Aloha fell into the hands of banks this week. On the eastside, Milwaukie and Gresham were among the top contributors. Repossessions have tapered off in Happy Valley – currently home to more than 30 bank-owned properties and dozens of short sales. As has been the case over the last couple of weeks, distress (in terms of repossessions) has been moderate in close-in neighborhoods and for city center condos. Roughly half a dozen properties were repossessed in these areas this week.
Foreclosure Sale Prices Typically 25% Off Last Sale
Banks are typically taking back properties at a 25% discount over the most recent sale. Most of these sales occured during early ’06 and mid ’08. When listing these properties the bank will want to recover the book value as well as any fees incurred over the last couple of months. Nonetheless we are still seeing some pretty decent discounts on some of these listings, such as these condos at the South Waterfront:
-John Ross, 640 SF, listed at 199k, sold in mid ’07 for 290k, down 31%
-Elizabeth, 900 SF, listed at 331k, sold in mid ’06 for 439k, down 24%
-Meriwether, 982 SF, listed at 324k, sold in mid ’06 for 387, down 16%
Check out the latest Foreclosure Files for more details!
