We hear a lot of talk about the shadow inventory that banks are holding off the market so that they don’t flood the market. We ran some searches in RMLS to count how many homes for sale are bank owned. We didn’t look at every single metro Portland location but our fifty searches revealed that both Washington and Oregon are carrying 6.6% of the total listings as bank owned. Outlying areas tend to have a higher percentage than the closer in locations. The map is interactive so you can click around it to view specific ranges.
View Portland and Vancouver Bank Owned in a full screen map
I’m surprised the number of short sales is that small. As a loan officer I see buyers trying to buy short sales all the time. Many end up very frustrated because of how long they take. I’ve had one client making offers since December 2009. Fortunately for them, prices and rates have come down since then.