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Sales of Fannie Mae Homes and Other Residences Fell in Portland

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By : John Cutts    99 or more times read
Total number of housing unit sales, including Fannie Mae homes, was down in Portland, Oregon, in 2010 compared with 2009 levels. The metro area, which saw some improvements in the home buying market during the first half of the year due to the tax credit program of the federal government, continued to suffer from declining housing prices and sales for the rest of 2010.

Aside from a drop in sales, foreclosed homes in Eugene, OR, and in other key markets of the state also maintained their high levels, giving new houses tough competition in terms of homebuyers and investors' attention. According to industry analysts, sales of residential properties started declining after a positive first half, right after the tax credit initiative expired. Buyers, analysts stated, opted to stay on the sidelines and see whether further price declines will happen.

Total sales of Oregon foreclosed homes and non-foreclosed residences in Portland dropped by 3.6% from 2009 levels, with total sales amount reaching $5.3 billion last year compared with the 2009 figure of $5.5 billion. Despite the decline, realtors are optimistic that the current year will be much better as pending sales in December 2010 posted an increase of 6% from the same 2009 month.

Analysts have cautioned though, that sales of residences, including Fannie Mae homes, might continue to decline this year despite a rise in pending sales contracts. They cited further drops in other segments as the reason, including closed sales, average selling prices and new home listings, which all fell in December 2010 compared with year-ago levels.

Non-foreclosed and foreclosed house sale closings dropped by 2.9%, while new housing listings fell by 8.5% during the last month of 2010. Average selling price also declined to $278,000, representing a difference of 5.2% from December 2009. For the whole of last year, closings declined by 0.2%, while pending sales agreements fell by 2.1%. New home listings, on the other hand, increased by 3% for the full year.

Last year ended with the average price of all houses sold, such as Fannie Mae homes, pegged at $282,000, representing a 2.7% decline from 2009. A total of 11,611 housing units remains unsold in the metro area last year, representing housing supplies equivalent to 7.9 months.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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