News | local | Economy

Oregon And Washington Real Estate Markets Normalize

OPB | Aug. 18, 2014 9 p.m. | Updated: Aug. 19, 2014 6:38 a.m. | Portland

Contributed By:

Sale pending sign, Southwest Portland.

Sale pending sign, Southwest Portland.

Rebecca Roberts Galloway / OPB

Oregon and Washington’s real estate markets are showing further signs of a return to normal.

During the peak of the foreclosure crisis in 2012, a full 6 percent of all homes in the U.S. were bought by investors. That is, people interested in sprucing them up, then flipping them for a profit, or renting them out.

Nationally, the percentage of investor sales dropped to 4.7 percent this spring.

But Daren Blomquist of the internet data firm RealtyTrac, says in the Pacific Northwest, the percentages are significantly lower.

For example, just 1.3 percent in Oregon and 2.6 percent in Washington.

“I think the good news for both Oregon and Washington is that the market recovery there was not as dependent on these investors coming in and propping up the market,” said Daren Blomquist.

“Some of these markets, places like Atlanta or Phoenix, these investors were buying 20 percent of the homes in some months. If they leave the market, that’s a big source of demand that’s leaving that has to be filled by regular buyers.”

Economists say that institutional investors’ retreat from the market is evidence of stabilization.

Comments

blog comments powered by Disqus
Thanks to our Sponsors:
become a sponsor
Thanks to our Sponsors
become a sponsor