Central Oregon Real Estate-Notice of Defaults in Deschutes County Statistics Through July 2010

Notice of Defaults in Deschutes County Statistics Through July 2010

The chart contained within the link below illistrates the number of Notice of Defaults or NOD’s that have been sent out in Deschutes County from January 2010 – July 2010. Also present are Notice of Defaults statistics for 2007, 2008, and 2009 in Deschutes County.

Notice of Defaults for Deschutes County

These Notice of Default figures affecting Deschutes County most certainly affect the real estate market within Bend, Sunriver, and Three Rivers South areas. Why? The subject of Notice of Defaults could lead one’s train of thought down the road to another term called Shadow Inventory-Eww, Scary! Is it though? A shadow inventory is generally a inventory of real estate waiting to be listed onto the real estate market. So why so scary… because according to industry experts shadow inventory will have a negative affect on the housing industry. More specifically “a short-term decrease in home prices that threatens to stall a housing recovery (Shadow Inventory; How Big a Risk-Bend Bulletin, Andrew Moore) .” However, diffrent definitions do exist and can depend on whom that you talk to… Three prevailing definitions are: 1. The foreclosure inventory that lenders hold back from the real estate market for fear of depressing the market even further. The first defenition suggests that lenders do this on purpose, a suggestion that lenders deny. 2. Lenders current foreclosure inventory and looming foreclosure inventory, which lenders carry while going through a process to be relisted onto the real estate market. The second definition suggests that based on the shear volume of foreclosures a shadow inventory has been created-not on purpose. 3. The large amount of homeowners whom decide not to sell while the market is depressed and decide to do so when the real estate market turns around, in turn causing a slow down in the market because of increased inventory. So the word shadow inventory is rather ominous, right? In my opinion, as a homeowner, a bit. However, to a certain extent it is what it is at this point in the game and we will all have to wait and see what may come. Follow this link to read more of the original article…

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