Comments on: Mirage inventory

By: Portland Real Estate Market Update: "Shadow" Bank-Owned Inventory in Portland | ALL ABOUT.....Portland.Oregon.Real Estate

Tue, 25 Oct 2011 19:43:06 +0000

[...] And, in fact, I’ve read several media reports where RealtyTrac’s data and its accuracy have come into question. The other day, Melina Tomson also wrote a post questioning the number of actual foreclosure in her local market …. [...]

By: Salem Oregon foreclosures and short sales for August 2009.

Salem Oregon foreclosures and short sales for August 2009. — Tue, 11 Aug 2009 05:20:10 +0000

[...] those of you looking at short sales and foreclosed properties in Salem Oregon here is a little short and sweet update for you on where things are at in this market [...]

By: “Shadow” Bank-Owned Inventory in Portland « ALL ABOUT…..Portland.Oregon.Real Estate

Fri, 07 Aug 2009 08:05:08 +0000

[...] I’ve also written posts in the past on how important local data is. If you’re wanting to have a picnic at your local park here in Portland, you’re not going to search the weather report for the entire U.S. to determine whether it would rain or not. You’d certainly want to check the weather in Portland instead. What I’m getting at is that sometimes the national data has absolutely no bearing on Portland, Oregon. And, in fact, I’ve read several media reports where RealtyTrac’s data and its accuracy have come into question. The other day, Melina Tomson also wrote a post questioning the number of actual foreclosure in her local market …. [...]

By: Melina Tomson

Melina Tomson — Sat, 01 Aug 2009 23:33:19 +0000

Jim that is one concern I have about their data. Unless I am mistaken a household is a household and we don’t count them twice.

By: Jim Allhiser

Jim Allhiser — Sat, 01 Aug 2009 22:59:23 +0000

That: “…one in every 69 households affected…” statistic is frightening, but if you add in some of the issues you talked about it turns in to, ” one in every 207 households affected.”
That is quite a difference.
Great info, Thanks Melina.

By: Melina Tomson

Melina Tomson — Fri, 31 Jul 2009 14:51:01 +0000

Recent buyer yes and no. Yes it is important to use the same methodology when doing analysis but in our area most homes that were served with a notice of default didn’t typically go to auction until recently. With the overloaded system short sales are difficult to get negotiated so most homes are going to foreclosure. So before maybe 5% of home went to REO’s. They were often negotiated as short sales by inventors. Now, in my area about 90% of homes that aren’t modified with a new loan are going to foreclosure. This is because banks cannot handle the volume. The manner in which they report the data makes the spike seem bigger than it is.

So really, in my opinion, what RealtyTrac is reporting is the results of an inadequate banking system and NOT a reflection of how many distressed properties are REALLY on our local real estate market.

By: Recent buyer

Recent buyer — Fri, 31 Jul 2009 05:00:39 +0000

Ok, fine, but as long as their method was consistent across all the markets studied (and is the same method that they have used in the past), isn’t the change what’s relevant? You can divide all the numbers by 3 if you like, but when you plot the activity, you’re still seeing a big spike, yes?