Lisa Simpson
Jul 30,2008
In: Foreclosure Homes

Portland Foreclosure Homes

Portland City in Oregon State sits at the confluence of the two rivers Willamette and Columbia. It is the greenest city in USA and the second greenest internationally. Nearly two million people reside in Portland. It is the seat of Multnomah County and noted for microbreweries and coffee houses. Here on the Pacific coast summers are warm with rain and the winters temperate. Portland is also known as the City of Roses.

Into such a paradise of quiet wealth and well-being has sneaked in Portland foreclosure homes. It is the contention of many experts that at the root of Portland foreclosure homes and elsewhere is racial discrimination. But this argument does not hold water because here about 78% of the population is White with 83% of the people speaking English. So Portland foreclosure homes cannot be the outcome of racial factors and that of language.

During the first two quarters of 2008 there was in increase by 50% from 2002 of Portland foreclosure homes and the surrounding four counties. To understand Portland foreclosure homes today one needs to know something about what happened in 2002. According to Mortgage Bankers Association in the first quarter of that year Portland foreclosure homes peaked together with the entire Oregon area to 1.3% of all the loans because of the dot.com crush. Before that Portland foreclosure homes did not attract notice. Previously Portland foreclosure homes had once more caused worry during the 1980’s timber recession.

According to the recent findings of Mortgage Bankers Association during the first three months of 2008 Oregon’s foreclosures stood at 0.9%. Portland foreclosure homes can be inferred from this number. Indications show that Portland foreclosure homes will increase right through the second quarter.

Portland foreclosure homes are mainly because of those who took risky loans during the housing boom period. Today they are unable to meet increased rates and the result is Portland foreclosure homes. Oregon has been unable to dodge the housing crisis and it is but natural that Portland foreclosure homes will be a fall out. There are too many Portland foreclosure homes and very few buyers. Roger Erickson is a realtor and opines that things are going to get worse. In the first few months he sold five foreclosed houses but today the number has gone up to 22.

Foreclosures in Portland have led to innumerable scams. Recently Portland Police held a meet in Woodstock, East Portland, in which fraud expert Richard Hagar was introduced to the participants. The aim was to educate the people about the dangers of foreclosure related scam.