one in five

Have you ever wondered how many homes you see for sale are short sales? I just did a calculation from short sale data on the RMLS for Portland Metro Areas and Clark County from active listings on September 27 and 28, 2008, and the numbers are staggering. News tells us that the suburban areas were harder hit with short sales and if you look at Clark County as a suburb of the Portland, Oregon Metropolitan Area, this is no exception. Here are some real raw numbers from the RMLS:

In Clark County, Washington, roughly 20% of all listings are short sales, and subject to 3rd party approval: 825 out of 4,139 listings (19.9%). About 1 in 5.

Of all areas of Clark County, area 63, Clark County East, has the fewest short sales 0.0% (but with just one listing that isn't saying much), and the second lowest area for short sales is area 13, Vancouver's Heights (SW) with 6.6% short sale listings. The one area with astronomical quantities (this is really unbelievable, I checked it twice) is area 25, the Sifton area of Vancouver with 71% of listings are short sale listings!!! I had to check it twice, but yet, 54 out of 76 listings are short sales.

In Portland, Oregon Metropolian Areas, roughly 10% of all listings are short sales, and subject to 3rd party approval: 1,411 out of 14,218 listings (9.9%). About 1 in 10.

Of all the areas of Portland, area 145 (which includes Milwaukie, Gladstone, Happy Valley, Clackamas and Damascus) has the highest rate of short sales, 18.7% and area 148 (Portland West and Raleigh Hills) has the lowest rate of short sale listings, 4.7%.

I think from this we can all conclude that in the next year, there are going to be some VERY GOOD DEALS (homes that go through the foreclosure process and go back on the market bank owned in these areas of concentrated short sales).