We often hear of the “Shadow Market” of homes that are not in the Portland real estate market statistics reported; there is a large inventory of home out there waiting to be listed. Other factors of a “shadow market” include sellers that are waiting for the market to improve and foreclosed homes that banks are sitting on (I’ not sure where they are keeping them).
Regardless, foreclosures are a factor in our market, all around Oregon. If the house is owner occupied, the foreclosure eviction process is pretty straight forward within the legal framework. There is a legal framework for tenant occupied properties as well (punchline: seek legal advice if you have any questions).
The State of Oregon’s “Tenant Foreclosure Rights in Oregon” is the starting place that tenants looking for information regarding their rights if the home they live in goes into foreclosure. Some laws have been changed as of September 2009.