Quoting Kai Ryssdal, of NPR’s Marketplace, “Let’s go to the numbers!” There is no question that beginning in 4Q 2013, the number of foreclosures began to decline in the tri-county area. Of course, when this first occurred, I couldn’t be sure that it wasn’t some devious plot hatched by the Big Banks, perhaps to limit the number of foreclosed homes coming back onto the market at one time, thus increasing demand and pricing.
I suppose there might be some of that going on, but today the conclusion is clear: Foreclosure numbers for the last six month have been trending down in the Portland Tri-County area. The first quarter 2014 stats are below. I also have two sets of charts attached here and here with more numbers and detail.
Quarter Multnomah Washington Clackamas
- First Quarter 2013 698 474 376
- Second Quarter 2013 914 742 609
- Third Quarter 2013 948 548 549
- Fourth Quarter 2013 393 194 172
- First Quarter 2014 434 474 181
The trend looks good, at least from a humanitarian point of view. Of course, if I was a young attorney toiling away at a foreclosure mill, I’d probably dust off my resume’ and start hitting the classifieds for some other form of legal work. Besides, a business model whose success is inversely tied to the Misery Index isn’t one you should spend a lifetime at anyway….Posted in Foreclosure, Foreclosure Mills, Loan Modifications, Market Conditions, Miscellany, News You Can Use, Q-Law Articles, Real Estate/Distressed, Realtor Risk Management, Realtors, Residential Housiing, Short Sales | Tagged Foreclosure, Market Conditions