Foreclosure Help in Oregon

The Oregon housing market jut experienced a huge leap back in 2018. With the average median home value growing from $239,000 to $345,000 between 2015 and 2018. This year, the average house price in Portland alone is approaching the $425,000 point. With such rapid growth and a substantially increased market overall; how is this affecting us buyers? Let’s take a more in-depth inspection of the housing market, and the rates of foreclosure, in the state of Oregon.

Housing Market Experiences Sharp Growth

The housing market growth of recent years has led to a period of cooling for this market. Home values increased by more than five percent last year. Portland has become a particular problem area for foreclosure rates with house prices shooting far beyond the reach of the average earner’s prospects. In this area the average time spent on market for a new property is 45 days – that’s a lot less than the national average of 68 days.

Across the state as a whole, the average home is valued at $346,300, making Oregon one of the most expensive states to buy in. Currently, 4.1% of homes on the market have negative equity but only 0.6% are delinquent on their mortgage payments. The most expensive places to live outside of Portland are Bend, Beaverton and Hillsboro. Unfortunately incomes have not risen alongside the cost of homes, leading to government intervention in 2016 in the form of the Oregon minimum wage.

Have a specific question about Avoiding Foreclosure in Oregon? Check out our Foreclosure FAQ’s section.

Housing Prices and Income

The average rent price in Oregon is $1,850, which is almost 80% higher than the national average. Fortunately, Oregon are one of the few states that have set their own national minimum wage, independent of the federal law. While federal minimum wage is only $7.25 per hour, Oregon low paid workers receive $11.25 per hour. This can go some way to account for the 0.6% mortgage delinquency rate. However, based on this statistic, a low paid worker would only earn $1,800 per month before tax… this would make home rental impossible on a single wage.

The average family income in Oregon is $60,212, still low when compared to the prices of homes. The Oregon national income is some $124 less than the national average, even though the home values are higher. The rate of foreclosures in Oregon is surprisingly low, with only one home in every 4,217 being closed.

Facing Foreclosure in Oregon

If you are facing foreclosure in Oregon then you should familiarize yourself with the litigation in this state. You can do so by following this link. It is important to remember that you maintain your rights while in the process of foreclosure. Getting help from reputable and experienced sources can guide you through this process, safely.