Distressed properties in Portland offer plenty of opportunities
Potential homebuyers in the greater Portland area may want to consider checking out distressed properties. This classification of homes includes short sales and foreclosures, an these homes for sale in Portland offer bang for the buck and could be an individual's next dream house.
According to real estate market research company DataQuick, the sale of distressed properties accounted for approximately 30 percent of the Portland resale market in June 2012, which is down from 34 percent in the previous month and 37 percent from June 2011.
Foreclosure sales made up 15.4 percent of June 2012's resales. This is down from 19.6 percent in May and the 27.7 percent seen in June 2011. In contrast, short sales made up 14.4 percent of the June 2012 resale market, claims the source. Unlike the decrease in foreclosure activity, short sales actually increased from last month, when the rate was 14.1 percent. In June 2011, this segment of property purchases only accounted for 12.1 percent.
Homebuyers looking for affordable property in Portland may want to consider homes listed as distressed.