Why so many homes for sale with huge priced reduction in Portland now ? (Tigard: foreclosures)

[Discovery1]

Are we in the PNW looking forward to sink further compare to the rest of the country ?
What do you folks think ?

[roneb]

All the home prices I've seen are still going down. Funny thing is, the county still keeps upping the assessed value on our property tax. How do they figure?

[philwithbeard]

roneb:

Good question!

My guess:
Home sale prices in your specific neighborhood based on comparable lot size and floor space of house
vs
Over all Portland market trends?

It could well be some housing developments are more prone to foreclosure than other neighborhoods.

Use Google map to search for foreclosed homes. Most of the City of Portland has a uniform distribution of foreclosed homes. (Repeat, MOST of city of Portland.) Pockets of high density foreclosures seem to be just at or just across the county lines like Tigard or near Happy Valley.

This is somewhat what you should expect, since these are the areas of 'burb housing bubble growth, and should be the hardest hit with overall national economic collapse in the Great Recession, i.e. the working middle class.

Phil

[Nell Plotts]

Most assessed values are substantially under market value - particularly older homes, even this market. The assessor will continue to increase assessed value until it reaches true cash value.

Years ago there was a property tax assessed value limitation passed, as I recall 3% annual increase max. If an assessed value is over market it can be appealed.