Foreclosure sales pick up

Foreclosure sales pick up

Portland-area foreclosure sales picked up in the third quarter of 2011, due to an increase in short sales.

 

According to the foreclosure listings site RealtyTrac, 1,702 "distressed" properties with foreclosure filings in Portland-Vancouver-Beaverton sold from July to September, a 3.6 percent increase from the same period a year earlier. They made up nearly one in five home sales during the quarter. 
Lenders have more readily agreed to short sales -- in which the bank accepts whatever price a home can fetch on the open market instead of the amount owed on the home -- over the past two years, said Mathew Raczko, a financial specialist with ClearPoint Financial Solutions.

Read more at OregonLive.com.

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