One in six homes bought from banks

One in six homes purchased in Oregon last year was bought from a bank, a part of the foreclosure process that might actually mean recovery.

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The foreclosure process ends with a bank selling a home, and this is in some ways the end of a sad story.

But in Oregon, the sale of these “distressed homes” is actually a sign of recovery.

“When you start seeing more distressed sales, that’s actually a good thing,” says Todd Williams, a divisional vice president for Skyline Financial Corp. in Portland. That means buyers are convinced the housing market has bottomed out and is starting to turn, Williams says, and it’s time to buy properties discounted by the banks.

“I’ve been promoting bank-owned (homes) for over a year and a half now, because they can be some of the best deals out there,” says Troy Wilkerson, a broker/Realtor with Exit Realty Advantage in East Portland who works with many first-time home buyers.

Read more at the Portland Tribune.

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