Sales rose for the third straight month in September, this is especially typical of the Portland Metro market trends. Average price dropped compared to this time last year. Nearly 30% of sales nationally were "distressed" homes typically sold at a discount. Affordability is at an all time high, with rates hanging at all time lows. Contract failures have stymied a market that should be booming with opportunity. The main culprits are failures in loan underwriting, job loss, undervalued appraisals and property condition issues (consistent with distressed sales).
Click here to read the rest of the article by Inman News, data compliments of the National Association of Realtors.
