Foreclosures are up. In fact, the rate at which homes are being foreclosing on in Oregon is now the third highest in the nation. On past shows, real estate experts have talked about foreclosures, depressed market values, and decimated credit scores. But what about short sales? Those are home sales where the bank agrees to take less than the amount owed on the loan. Rick Sadle who negotiates short sales for a living says his business has doubled in the last year. He thinks that may be because more people are willing to explore that option before they go into foreclosure. But he says, short sales are by no means the answer for everyone who’s upside-down on their homes.
Most experts are not predicting a big turnaround in the housing market anytime soon — that’s despite the lowest interest rates in a half century. Though rates are low, only a small percentage of people can easily qualify for credit.
Have you had trouble getting a loan? Have you sold your home in a short sale? Have you tried? Have you been foreclosed on?
- Gerry Mildner: Director of the Center for Real Estate at Portland State University
- Terry Gunther: recently sold her home in a short sale
- Rick Sadle: Short sale negotiator with the Sadle Real Estate Team
- Jack Graham: Real estate attorney
- Greg Mirecki: Managing partner of Premier Mortgage Resources