Portland Short Sales
10 Listings found with the following criteria:
- Property type and category like any
- CONDO, DETACHD, ATTACHD
- Foreclosure status
- Short Sale
- Order
- created_at DESC Narrow your search
- $295,000
- 1,453 ft²
- 3 Bed
- 2.1 Bath
- $320,000
- 1,610 ft²
- 4 Bed
- 2.0 Bath
- $450,000
- 1,529 ft²
- 3 Bed
- 2.1 Bath
- $350,000
- 886 ft²
- 3 Bed
- 1.0 Bath
- $188,000
- 798 ft²
- 2 Bed
- 0.1 Bath
- $224,900
- 886 ft²
- 1 Bed
- 1.0 Bath
- $1,395,000
- 6,637 ft²
- 4 Bed
- 3.1 Bath
- $450,000
- 2,604 ft²
- 3 Bed
- 2.0 Bath
- $250,000
- 1,046 ft²
- 2 Bed
- 2.0 Bath
- $700,000
- 4,637 ft²
- 3 Bed
- 3.1 Bath
10 Listings found with the following criteria:
- Property type and category like any
- CONDO, DETACHD, ATTACHD
- Foreclosure status
- Short Sale
- Order
- created_at DESC Narrow your search
Portland Short Sales In 2013?
The mortgage debt relief act was scheduled to end on December 31st 2012, but lawmakers managed to get an extension of this law passed as a part of the "Fiscal Cliff" legislation. The way that the law works is as follows: When a property owner sells his or her home as a "Short Sale" the bank takes a loss. That loss could be a taxable event for the homeowner because it results in a 1099 from the bank to the homeowner for the amount of the loss. The Mortgage Debt Relief Act extends the amount of a time that a homeowner can be exempt from this "Phantom Gain" until the end of 2013,
Short sale inventory in Portland has been drying up. See the graph below:
As this graph clearly illustrates, the number of short sale listings placed on the market have declined substantially over the period of Jan. 2012 to Dec. 2012. This decline may in part be to the uncertainty about whether or not congress would approve an extension of the Mortgage Debt Relief Act.
Now that the uncertainty has been removed for 2013, I expect many sellers who are still "underwater" to list and sell their homes. Inventory in the Portland Metro Area remains low, and short sales are a significant part of overall sales. In 2012, approximately 831 short sales were recorded in Portland. There were about 1139 bank owned (REO) sales and there were about 6919 traditional sales. In other words, about 9% of the sales recorded in Portland last year were short sales... about 13% were bank owned sales, and about 78% were traditional sales.