Short sales, foreclosures and bank owned properties may be the buzz words of today’s real estate market but an RMLS blog post shows us that short sales and bank owned properties make up less than 20% of the properties listed for sale.
In Portland, there are 5604 active residential listings. Three hundred fifty three of those active listings are bank owned (6.3%) and 676 are short sales (12.0%). That pretty much mirrors the listings in RMLS: “The number of active short sales in comparison to the total number of active listings is approximately 11.7%, while the number of active bank owned properties in comparison to the total number of active listings is about 5.4%.”
The “short sale” field was added to RMLS about a year ago so it is not possible to get an accurate comparison between now and a previous time period.