Mortgage delinquencies decrease in Portland to create strengthening housing market
Homeowners and potential buyers in the City of Roses area can breathe a sigh of relief as foreclosure rates and mortgage delinquencies decrease to create a strengthening housing market. The recent upturn in the economy is being seen throughout the nation, especially in regions such as Portland. Real estate in Portland remained relatively strong the past few years, and is now slowly returning to its former glory.
New figures from the most recent edition of the Obama administration's Housing Scorecard, from the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury, is painting a promising picture of the market across the nation.
"The data this month show that we’re making important progress in providing relief to homeowners under the Obama Administration’s programs. With fewer borrowers falling behind on their mortgages and some 425,000 families taking advantage of our enhanced Home Affordable Refinance Program – standing to save on average $2,500 per year – it’s clear that the Administration’s efforts continue to provide significant positive benefits," said HUD Assistant Secretary Raphael Bostic, according to LoanSafe.org.
The efforts of the current administration, experts and the improving economy are being portrayed right in the heart of the Portland area. Lenders foreclosed on 487 single-family houses and condo units in the five counties making up Portland during January 2012, reports DataQuick. This is a .4 percent increase from the month before and 3.7 percent from a year earlier. According to foreclosure figures based on the number of Trustees Deeds filed with the county recorder offices, the City of Roses had 5,940 foreclosures in 201, which is down 21.7 percent from 2010.
This significant decrease in mortgage delinquencies and foreclosures results in high home values – an attraction for most potential homebuyers. Purchasing a property is a financial investment that impacts everything from a credit rating to how valuable an individual is in terms of net worth. Capitalize on the decreased prices and low-interest fixed-rate mortgage rates to buy a new home that fits the needs of the entire family. The MLS listings in Portland can provide potential homebuyers the information they need to check out quality communities such as Beaverton or Gresham. Both of these neighborhoods provide quick access to the city for commuters, feature diverse entertainment options and a growing market.