Profit opportunities are waiting in farm foreclosure listings in Oregon as there are plenty of properties being offered at substantial discounts.
A record number of farmlands in Oregon entered foreclosures lists when farmers and rural landowners lost money and failed to pay their loans when their products were not sold due to the recession.
Based on studies by economists at the Oregon State University Extension Service, farmers made investments on their lands based on strong sales of livestock and dairy products and crops in the past, so when orders plunged this year, Oregon products flooded markets and depressed prices.
Buyers of Oregon grass seed also disappeared as many projects for new lawns, golf courses and parks across the country were discontinued when the crisis worsened. Economists added that there were still unsold inventories of grass seed from the harvest in 2008.
Thousands of acres of land in Oregon farm foreclosure listings fit investors who are able to hold these properties until demand for Oregon crops rise again. Despite the challenges faced by farmers, the prospects for recovery are strong, as shown in the strong performance of farming in the Portland metro area.
In May, as housing agencies tried their best to help distressed homeowners, the number of Portland bank owned homes and distressed units decreased. In Multnomah County, total foreclosure postings fell by 22.4 percent over the month to 507. Of this number, 147 were real estate owned and 358 units were posted for trustee sale.
Similarly, the number of distressed and bank owned homes in Oregon dropped in May from April by 17.5 percent to 3,146. Nearly 36 percent or 1,120 units were real estate owned and 63.3 percent or 1,991 units were posted for trustee sale.
Over the past months, Oregon has been able to curb its foreclosure pace and its farm foreclosure listings, but plenty of buying and profit opportunities still exist for investors, particularly those looking for farms and country land.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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