Real Estate Auctions (Roseburg, Redmond: sales, real estate market, foreclosures)

[Larry Caldwell]

People looking for a deal on real estate should keep an eye on the sheriff's auctions published in the newspapers. I think you have to go to the online classified ad section of newspapers in the area you are looking at.

One that I just saw advertised yesterday is 295 Umpqua View Dr., Roseburg. You can get the scoop on the property at the Douglas County Assessor's search page at Douglas County Oregon e-Government. It looks like the outstanding mortgage is $131,000, plus a few thousand in back taxes, late charges, etc. Call it $140,000 to clear the debts, which is about what it sold for in 2004. Current appraised value is $181,000. It's a 1447 sq. ft. 3-bedroom in a brand new subdivision, without much in the way of landscaping or trees. If you click on the map link on the assessor's page, it won't get you there. Once the map opens, do a search on Silverado Ct., which will get you into the neighborhood.

It would probably be a pretty good investment for someone looking for a home. I was looking at it as an investment, but it needs too much yard work to be practical. That close to the river, I would check flood plain certs with the county planning department. County Planning and County Building don't talk to each other, so things sometimes don't get built to the right grades.

With the sub-prime mortgage crisis, foreclosures are starting to happen quite a bit. Look for local papers.

[CHEWY12]

Sad to say even in Or. fourclousures are going to happen.

Try this link.



Oregon Public Notice

[Larry Caldwell]

Originally Posted by CHEWY12

Sad to say even in Or. fourclousures are going to happen.

Try this link.



Oregon Public Notice

That's a great resource, though the search interface is sort of clunky.

I'm afraid that Oregonians got sucked into adjustable rate mortgages just like people in other states. The ones that show up as forclosures are the "nothing down, no principal, adjustable rate" mortgages. I have been seeing people just walk away from their homes. Most of them paid more than the house is worth in the current market. The first few I saw, I was wondering why they didn't sell for the mortgage balance, and avoid a foreclosure on their credit record. Then I realized that they can't. The house isn't worth that much.

I think that's what is making Wall Street so nervous. The sub-prime lenders have put a bunch of money out there that isn't adequately secured.

[UseJeff]

If you're truly interested in foreclosures, you can also call a local title and escrow company. They will be able to get you information very fast with lists of houses that have had a notice of default filed. Most will do this if you let them know you'll use them for the escrow if you have the opportunity.

[CHEWY12]

Originally Posted by UseJeff

If you're truly interested in foreclosures, you can also call a local title and escrow company. They will be able to get you information very fast with lists of houses that have had a notice of default filed. Most will do this if you let them know you'll use them for the escrow if you have the opportunity.

Good idea, when I am ready to jump back into real estate I'll keep this in mind.

[CHEWY12]

Originally Posted by Larry Caldwell

That's a great resource, though the search interface is sort of clunky.

I'm afraid that Oregonians got sucked into adjustable rate mortgages just like people in other states. The ones that show up as forclosures are the "nothing down, no principal, adjustable rate" mortgages. I have been seeing people just walk away from their homes. Most of them paid more than the house is worth in the current market. The first few I saw, I was wondering why they didn't sell for the mortgage balance, and avoid a foreclosure on their credit record. Then I realized that they can't. The house isn't worth that much.

I think that's what is making Wall Street so nervous. The sub-prime lenders have put a bunch of money out there that isn't adequately secured.

Oregon is about 12 to 18 months behind the bubble areas that have been feeding the real estate market here. I spoke with one of my bussiness contacts in Fl. the other day and he let me know that volume is now slightly lower than "01" levels and still falling with no end in sight yet.

The housing rush out there started in "02" and came to a near stand still in "06" I was in Redmond Or. at that time and decided to sell while we still could.
Since that time I have been watching both markets very closely and have also seen default rates going up. Fl. being much worse than Or. but Or. in IMHO going to catching up.

I also think that borrowers stretched to far to be a homeowner and threw common sense out the window upon advice from someone that only wanted their money. Now we all will pay for their GREED as our economy unwinds from this PONZI SCHEME. NO offence meant to anyone its just how I see it.

If you want to read real news from other parts of the country I suggest
this web site. It may save you from making a very big mistake.
All of the qoutes are from articals that have links to them so you can read the full version for your self.Some of the reader comments are blunt and to the point, no sugar coating here.

[urlModerator cut[/url]

Read and be informed

[Larry Caldwell]

Originally Posted by CHEWY12

I also think that borrowers stretched to far to be a homeowner and threw common sense out the window upon advice from someone that only wanted their money. Now we all will pay for their GREED as our economy unwinds from this PONZI SCHEME. NO offence meant to anyone its just how I see it.

The way I see it, speculators drove up real estate prices. Then people bought homes at the inflated prices. Then the speculators quit buying. There are a lot of people out there who own real estate that is years ahead of the inflation curve. I saw that back around 1980, when hyper inflation forced extreme mortgage interest rates. In 1986, I bought 5 acres and a house for 35% less than it sold for in 1979. It was classic distressed property. The owner had been holding on to it for so long that any offer looked good.

I read somewhere that in 2005, 31% of home sales were not for primary residences. Some of those were obviously second homes, but a lot of them were speculators who just wanted to flip the property and get their money for nothing.

[CHEWY12]

Deschutes County 7-1-07 thru 7-25-07 25 notice of trustee's sale (foreclosure).
It will be interesting to compare this in the coming months to the ARM reset chart that Credit Suisse published a short time ago. This chart shows a steady increase with Oct&Nov being the highest months.This is a sad thing to see happen.

[Larry Caldwell]

According to the IHT, the big bubble in adjustable mortgage rate resets will arrive in October.

Mortgage renewals set to prick U.S. property bubble - International Herald Tribune

[Waterlily]

That's going to happen a lot of places. Sure there will be some forclosures in Oregon ,but I don't expect it'll be worse here than other states.

Some of the states that have the worst forclosure rate also have massive amount of new homes that were built. I am inclined to think lots of people got risky loans to buy a new home. Although some new homes were built in Oregon there were not a lot.

That's my 2 cents worth as far as looking into the future.