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Oregon Foreclosure Buyers Guide and How to Save Your Home from Foreclosure.

Foreclosure Buying Information

Every state in the nation has seen a dramatic increase of foreclosed homes and Oregon ranks near the top of the list in foreclosures nationwide. Ranking #11 for percentage of households that have either been foreclosed on or are in some process of foreclosure, every community in Oregon has been affected by the spike in delinquent mortgages. From Eugene, Corvallis, Salem, Portland, Gresham, Hillsboro, Beaverton, Bend, Medford or Springfield and all the small towns in between, the real estate market in Oregon has been devastated by the mortgage meltdown and the foreclosures that continue to follow it.

Oregon has a comparatively low tax burden, ranking thirty sixth highest in the nation and has seen a greater than average population increase as a result. Most migrants to Oregon arrive from California which has one of the highest tax burdens nationally.

Oregon has the 14th most rapidly growing population in the Nation at 1.1% per year. With a majority of the migrating population coming from the high tech Californian workforce Oregon has become the 26th highest paying states to live in. Creating an educated well paid work force has also created a higher than average number of new mortgages and therefore a higher number than average number of foreclosed homes. When the economy began its spiral downward in 2007, Oregon's growing economy took a greater hit than most states and the unemployment figures reflect it with a full 10.6% of the population of Oregon being unemployed. This is 10% above the national average.

The population of Oregon is separated into pockets in and around its relatively few major metropolitan areas. The total population of Oregon is just under 4 million with the vast majority of its citizens living in one of its ten largest cities. Cities in Oregon are known for their environmental friendliness, varied climate and diverse geography.

Oregon offers such as vast array of positives it is little wonder that the population growth which was relatively rapid also brought with it a slightly worse downside than the national average. This is apparent when measuring the impact of the mortgage meltdown in regards to the number of foreclosures. Oregon ranks 11th highest in the nation even thought the population density is far less than the national average. Foreclosures increased by 76.59% from 2007 to 2009 and appear to be doubling that number as 2010 comes to an end.

A full 62% of Coloradans live in Denver County while Boulder County, Larimer County, Mesa County, Pueblo County and Weld County experience population explosions closely resembling Denver relative to their size.

The rapid population growth in a state of relatively low overall population exacerbate the foreclosure rate as new immigrants to Colorado consequently have fewer roots in the area and when home prices plummet these new migrants are quicker to pull up stakes and head back to where their support network is more established. The deeper the home owner is underwater the greater the chances that they vacate their home and the area increasing the number of abandoned homes and thus foreclosures. Colorado has consequently seen a foreclosure rate increase of a staggering 196%.

The values of homes in Oregon are still in the adjusting to the new market conditions and are in the process of resetting from their high of 2007. The decreasing of home values has not hit the bottom according to most experts. Real Estate values in Oregon are forecast to be at their lowest point by the third quarter of 2012. Before the prices are completely corrected and the market has stabilized is the best time to make as many real estate investments as possible. Trying to time the market perfectly will leave the tentative home buyer and investor out of the market sweet spot. The prices of homes in Oregon will continue to be affected by the percentage of and frequency of homes being foreclosed upon.

The housing recovery will likely be somewhat faster in Oregon than the national average as the same variables that caused the population to increase in Oregon will lead the state out of the housing crisis. Diverse economies similar to Oregon should also see a more rapid improvement than states that rely on a large single industry such as Michigan which will take decades longer to see a marked improvement.

The joblessness in Oregon being higher than the national average has created additional downward pressure on the value of homes. While Oregon has slightly higher than average per capita income it is not without its hurtles to overcome. One of those hurtles is the continuance of the adjusting mortgage rates which will have an impact on foreclosures for years to come.

Every price range, every county and city in Oregon has been hit and will continue to feel the repercussions from the depressed real estate market, but also has a greater upswing relative to the percentage of decreased value and desire of immigrants from other states to move into Oregon which is higher than other states and is a leading indicator that Oregon is poised to experience a faster recovery than average, albeit at lower overall prices than previously seen in years past. Counties such as Benton County, Clackamas County, Deschutes County, Douglas County, Jackson County, Lane County, Linn County, Marion County, Multnomah County and Washington County will see the fastest recovery as their populations are more able to absorb foreclosures as their populations are higher and their housing markets more diverse.

Foreclosure buying opportunities will continue as interest rates adjust on thousands of subprime mortgages that were taken on homes while downward pricing pressure eliminates the possibility of refinancing. Experts agree that this perfect storm of foreclosures will increase over the next several years.

So what do you do if your home is not in jeopardy of foreclosure?

You should be buying foreclosure properties now. Read more about how to buy foreclosures and educate yourself on the communities you are most interested in buying a foreclosure and start shopping here for the foreclosure home that meets your needs. If you are facing a pending foreclosure call a local real estate professional and determine what types of options you have. Your options will depend on your particular situation. Other variables in Oregon include where a home is located, density of that areas population, which can vary widely in Oregon, how much is owed on the home and how much the particular home is worth in today's market.

Q. What does all this mean to the real estate investor or home buyer looking at foreclosure homes in Oregon?
A. It means that housing prices are at an all time low, rehabilitation costs are also reduced as general contractors see additional competition for the same job.

Q. Does the higher percentage of foreclosures mean that opportunities for an investor to sell a home will be fewer?
A. No, in fact Oregon has been the land of opportunity for all types of real estate with additional possibilities presenting themselves in the recent mortgage crisis. Oregon has historically been a highly desirable destination for Californians for both vacationing and relocation. The continued migration of new residents has slowed but it will return as the economy improves. The current Real Estate market in Oregon should result in a greater upside in the near future.

Q. Has the average home in Oregon lost more of its value than in other states?
A. Yes, but this is good news as the Real Estate market proves to more profitable in the years to come and opportunities are more plentiful in today's market. As People are more likely to let their home go to foreclosure and walk away the higher the percentage of lost equity and the more upside down they are on their mortgage. Recent Federal initiatives have also created an environment which has placed the majority of the blame on the banks and removed the financial stigma of being foreclosed on.

Q. Why would Oregon be more affected by the mortgage crisis?
A. With a higher median household income, a relatively small population compared to land area, Oregon is uniquely positioned to offer great foreclosure real estate opportunities while offering a high return on investment and therefore less risk associated.

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