Homes auctions in Portland can be contained, as shown in the improvement of the Portland Metro Business Index compiled by the University of Oregon for the first quarter of this year.
The PMBI rose to 88.9 in the first quarter, up by 1.2 percent from the previous quarter and by 2.9 percent from the previous two quarters. This meant that despite the surge in foreclosure house auctions in the first months of this year, Greater Portland was able to resist their effects.
Nonfarm payrolls increased to 829,560 in the first quarter, up by 0.4 percent from 826,355 in the previous quarter. Because of the increase in jobs, the total of initial jobless claims filed in metro Portland dropped to 1,594, down by 6 percent from 1,698 in the previous quarter. The drop was even sharper when compared to the 2,876 claims filed in the second quarter last year.
Improving economic strength despite homes auctions in Portland was also shown in the sharp increases of airport passenger activity and in lodging revenues in the area. A seasonally adjusted total of 1.085 million passenger activities were posted in the first quarter, up from 1.067 million in the previous quarter. Lodging revenues increased to a seasonally adjusted $112.6 million, up from $108 million in the previous quarter.
In the first quarter, almost 3,600 homes were purchased by bidders or acquired back by banks through Oregon home auctions. These homes were in addition to the 8,496 units that were notified of default and trustee sales. Statewide foreclosure activity revved up by more than 21 percent compared to the previous quarter and surged by 14.5 percent compared to the same quarter last year.
With one foreclosure posting for every 135 residential units in the state, Oregon ranked 11th among U.S. states in the first quarter based on foreclosure rate.
Oregon economists hope that with the economic strength of Portland, the city will be able to contain homes auctions in Portland and entice more investors into the city.
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