Short sales have increased in Oregon as an alternative to foreclosure.
Short sales have increased in Oregon as an alternative to foreclosure.
Pre-foreclosure sales — most of which are short sales — now make up more than 10 percent of home sales statewide and in Portland, according to numbers released Wednesday by the foreclosure listings site RealtyTrac. A year ago, they made up only 7.5 percent of home sales.
In a short sale, the bank agrees to accept the sale price of the home even if it’s less than the amount owed on the mortgage. Short sales allow underwater borrowers — those who owe more on their mortgage than their home is worth — to avoid foreclosure if they have to sell.
Read more at OregonLive.com.
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