Home foreclosure filings are on the decline across much of the state. The most dramatic is in Linn and Jackson counties. They each saw declines of 56 percent. Does this mean that the Oregon housing market is on its way to recovery? Maybe not. In Portland the story is a little different: foreclosure rates increased by 36.8 percent. That’s the highest level in three years.
Meanwhile, low interest rates don’t seem to be spurring home buying. Due in part to the continued high unemployment rate, many potential home buyers are apprehensive of large investments. Many of the people who are buying houses tend to be those that already have houses, as opposed to first time buyers which are indicative of an improving housing market.
And many people who do want to get loans, aren’t having success. Because of the current economic instability, lenders now have tougher requirements for who qualifies for a loan.
Have you tried to get a loan or buy a house recently? What challenges did you encounter when trying to sell your house?