MEDFORD, Ore. — Realtors in Southern Oregon say the house market continues to make an upswing, however recent statistics show foreclosures also spiked in January.
Russ Dixon cleaned out his garage Tuesday afternoon making sure he was on schedule to be all moved out while the paperwork on his home is finalized. He says selling’s been a long process.
“The house sat for weeks, and sometimes months, without being shown,” Russ Dixon said.
Jackson County had a noticeable spike in foreclosures in the month of January, something Dixon says makes any seller anxious.
“Absolutely major impact,” Dixon remarked, “because if somebody can buy something like this for half the price, which is what they call a ‘short sale’, I believe, or a ‘bank foreclosure’, it makes this very unattractive.”
Realtors in the Rogue Valley say despite that increase in foreclosures, the housing market is strengthening in Southern Oregon.
“For sellers who might fear that lots of foreclosed homes might come on the market and drag values down, we’ve actually seen foreclosed properties be the most aggressive in increasing median value,” explained Colin Mullane, with the Rogue Valley Association of Realtors, “and that only feeds into the favor of the conventional seller.”
Real estate experts say the increase in foreclosures was expected because of legislation that took affect last summer extending the foreclosure process.
“So, you’re starting to see homes that would have gotten foreclosed on 6, 7, 8 months ago, didn’t get foreclosed on because of that legal change. Now you’re seeing that inventory come back on the market. So, like I said, we’ve been expecting it,” Mullane said.
Dixon said he’s glad to have the house is off the market and off his mind and he’s ready to hit the road on a new adventure.
“I’m going to, once it closes, ride my motorcycle off into the great beyond,” Dixon said.