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Home Mortgage Rates in Oregon

The state of Oregon boasts some of the country’s most desired outdoor sporting areas, due to its mountains, rivers, beaches, lakes, and waterfalls. But these attractions come at a cost, as home prices tend to be above median national averages. Let’s check out the details.

Current Real Estate Trends

The most recent property research on Oregon shows that the state has a median home value of around $315,000. This represents an increase of nearly 10% from previous data, although real estate experts foresee the growth in values to slow in the coming months and years. The median list price in the Beaver State is approximately $350,000. On a per-square-foot basis, this is about $205.

These figures are all above national averages. The median selling price in the United States, according to the National Association of Realtors, is slightly less than $231,000. The average is $276,000. On a square-foot basis, this translates into $139, another figure that’s lower than Oregon.

The real estate tracker Trulia displays a heat map of the entire United States. On this graphic, dark green represents low prices, while dark red corresponds to high prices. Surprisingly, much of the state is in green. Areas in the Portland area have some yellow and red, while the northeast section of Bend has some yellow, as does Monument. Westfall has significant amounts of red.

The median home value in the state to be roughly $290,000, another above-average figure.

Condos in the Beaver State cost significantly less than single-family homes, according to market experts. The median list price of a condo is around $275,000, while the same value for a single-family home is around $355,000. A two-bedroom home costs roughly $274,000, while a comparable four-bedroom house is a much steeper $450,000.

Despite the state’s high prices, real estate experts view Oregon’s property market as very healthy. The Beaver State does a good job on delinquency rates and homes with negative equity. Properties also don’t take a long time to sell in Oregon.

One small problem the Beaver State has had in the past, and continues to struggle with, is foreclosures. Currently, Oregon sees roughly 4 homes foreclosed on per 10,000 properties. The national average is half that. Nevertheless, the state is making progress in this area.

Historical Real Estate Trends

Like many regions of the United States, Oregon’s property market suffered serious damage during the Great Recession of 2007-2008. Home prices began collapsing in the spring of 2007 and they did not recover in some regions for nearly 10 years.

The S&P/Case-Shiller Portland Home Price Index shows a steep drop in prices starting in May of 2007 in the state’s most populous city. After losing 28% of its pre-crisis value, the index bottomed out in April of 2012. Prices have been rising ever since. The index surpassed the pre-Recession level in September of 2015 and has marched steadily higher since.

While home prices were declining in the Beaver State, foreclosures were rising. Market data show that the number of foreclosures started increasing at a steep rate in 2008, and this trend didn’t stop until 2010. In 2011, after hitting a brief bottom, foreclosures started rising again. The state hit a very abysmal 14.1 homes foreclosed per 10,000. In late 2011, numbers started to finally improve, and they have been improving every since.

Research by the Portland city government shows a run-up in home prices right before the housing crash of 2007. This movement was quite significant for three years beforehand. The median selling price reached its peak in 2007 at $290,000. The average was $343,000. In 2008, values dropped by around 4%, and in 2009, the decline was roughly 12%.

Data from the Center for Real Estate Quarterly Journal shows that the Portland metro area saw a significant decline in the number of homes sold during the mortgage debacle. There were roughly 26% fewer homes sold during the Recession than previously.

The U.S. government approved the Oregon Affordable Housing Assistance Corporations plan during the mortgage fiasco. This program provided millions of dollars in assistance to homeowners who were facing difficulties with their home loans. Despite this generous government program, many areas in the Beaver State still struggled from the housing fallout.

Salem, for example, saw home prices go from appreciation to significant decline. This started in 2008, and didn’t reverse until 2013. Prices reached pre-crisis levels in 2016, and have been rising ever since.

Places to Live

Metropolitan Areas

OR Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 25 Portland-Vancouver-Hillsboro, OR-WA Metro Area 2,424,955 2,226,009 198,946 8.94%
2 127 Salem 418,139 390,738 27,401 7.01%
3 144 Eugene 369,519 351,715 17,804 5.06%
4 205 Medford 216,527 203,206 13,321 6.56%
5 232 Bend-Redmond 181,307 157,733 23,574 14.95%
6 331 Albany 122,849 116,672 6,177 5.29%
7 359 Roseburg 108,457 107,667 790 0.73%
8 412 Corvallis 89,385 85,579 3,806 4.45%
9 416 Hermiston-Pendleton 87,730 87,062 668 0.77%
10 424 Grants Pass 85,904 82,713 3,191 3.86%
11 492 Klamath Falls 66,443 66,380 63 0.09%
12 510 Coos Bay 63,761 63,043 718 1.14%
13 570 Ontario, OR-ID Micro Area 53,465 53,936 -471 -0.87%
14 611 Newport 47,806 46,034 1,772 3.85%
15 713 Astoria 38,632 37,039 1,593 4.30%
16 853 The Dalles 26,115 25,213 902 3.58%
17 854 La Grande 26,087 25,748 339 1.32%
18 876 Hood River 23,232 22,346 886 3.96%
19 880 Brookings 22,713 22,364 349 1.56%
20 886 Prineville 22,570 20,978 1,592 7.59%

Portland

Portland Skyline.

The biggest city and metro area in the Beaver State is Portland. The city has a population of roughly 640,000, and the metro area sits at 2.4 million. The local economy is driven by several industries, not least of which is the marine shipping facilities. The major sea port in Portland is one of the biggest on the West Coast. Other major employers include Nike, Columbia Sportswear, Adidas, and several breweries.

The U.S. Census Bureau pegs the median household income in the city at $56,000. The National Association of Realtors sees a median home closing price of $410,000. These figures combine to produce a price-to-income ratio of 7.32, which is quite high. Indianapolis, by comparison, is at 3.72, indicating that the same salary in Indiana’s capital city can buy twice the house.

Bend

Bend Skyline.

The Bend-Redmond metro area is one of the fastest growing regions in the Beaver State. It has recorded a population increase of nearly 15% between the 2010 Census and June of 2016. Lying in the center of the state, the city has a population of more than 90,000, according to the Census Bureau. Its economy is driven by tourism, which is dominated by snow skiing, camping, rafting, and rock climbing. Other economic sectors include healthcare and wood products manufacturing.

The National Association of Realtors has calculated the median home listing price to be around $410,000. On a per-square-foot basis, this boils down to roughly $240, which is almost twice the national average. Although Bend’s listing price is rather steep, the typical home sells for a much lower $375,000.

The Census Bureau estimates the median income in Bend to be above $54,000. Using the median selling price against income, we see a ratio of 6.9. This is lower than Portland, but still fairly high judged by national standards.

Bend has been one of the fastest growing cities in Oregon recently. One of the reasons for its popularity is the variety of outdoor activities available for residents and tourists alike. Whether you like to climb mountains, ski, hike, bike or raft, you will enjoy the beautiful scenery in the Bend vicinity. The Ponderosa Pines and high desert climate make it a popular tourist recreational area. Many people have been selling their expensive homes in California for a profit and moving to Bend where real estate is less costly. After buying a home, they still have enough of that profit remaining to enjoy a nice lifestyle in Bend.

Other Locations to Consider

Downtown Eugene Skyline.

In addition to the above cities, some of the most popular cities in Oregon include:

  • Eugene
  • Newport
  • Medford
  • Lincoln City
  • Seaside
  • Cannon Beach
  • Corvallis
  • Klamath Falls
  • McMinnville
  • Astoria
  • Florence

More reasonable housing prices in Oregon can be found in Klamath Falls, located 140 miles south of Bend on Highway 97. The city has a population of 21,000, while Klamath County is at 67,000. Local jobs are created by the major hospital in the area, the county school district, and a door and window company. The Oregon Institute of Technology has a campus in Klamath as well. The Beaver State has one national park, and it’s located in Klamath County. It provides jobs and brings in some tourism.

The median selling price in Klamath Falls is $176,000, according to Trulia. The National Association of Realtors reports a closing price of $174,000. With a median household income of $37,000 from the Census Bureau, we arrive at a metric of 4.76, the lowest figure in our survey.

Many people are choosing to spend their retirement years in Corvallis. The city is attracting many new boutiques and restaurants, and the real estate business is doing well. It is home to Oregon State University with its large student body increasing the city’s population.

Hood River’s location next to the gorge ensures that it will continue to grow and attract tourists. Being close to Portland is another favorable factor in its potential for growth.

Downtown Salem, Oregon.

Oregon Census Data

According to the United States Census an estimated 4,093,465 people live in the state of Oregon. The state has 95,988.01 mi² of land area, which gave it a population density of 42.65 per mi². Here is a list of cities, towns & Census Designated Places with more than 500 residents, with their estimated population as of June 2016 & the 2010 United States Census. For Census Designated Places (CDP) where there was no population estimate available for 2016 the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank Geography County 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 Portland Multnomah, Washington & Clackamas 639,863 583,776 56,087 9.61% 133.43 4,795.50
2 Salem Marion & Polk 167,419 154,637 12,782 8.27% 47.9 3,495.18
3 Eugene Lane 166,575 156,185 10,390 6.65% 43.72 3,810.04
4 Gresham Multnomah 111,523 105,594 5,929 5.61% 23.2 4,807.03
5 Hillsboro Washington 105,164 91,611 13,553 14.79% 23.9 4,400.17
6 Beaverton Washington 97,590 89,803 7,787 8.67% 18.73 5,210.36
7 Bend Deschutes 91,122 76,639 14,483 18.90% 33.01 2,760.44
8 Medford Jackson 81,636 74,907 6,729 8.98% 25.73 3,172.79
9 Springfield Lane 61,893 59,403 2,490 4.19% 15.74 3,932.21
10 Corvallis Benton 57,110 54,462 2,648 4.86% 14.13 4,041.76
Aloha CDP Washington 53,879 49,425 4,454 9.01% 7.37 7,310.58
11 Albany Linn & Benton 53,211 50,158 3,053 6.09% 17.54 3,033.69
12 Tigard Washington 51,902 48,035 3,867 8.05% 11.81 4,394.75
13 Keizer Marion 38,980 36,478 2,502 6.86% 7.09 5,497.88
14 Lake Oswego Clackamas, Multnomah & Washington 38,945 36,619 2,326 6.35% 10.68 3,646.54
15 Grants Pass Josephine 37,779 34,533 3,246 9.40% 10.87 3,475.53
16 Oregon City Clackamas 36,286 31,859 4,427 13.90% 9.05 4,009.50
17 McMinnville Yamhill 34,690 32,187 2,503 7.78% 10.58 3,278.83
18 Redmond Deschutes 29,322 26,215 3,107 11.85% 16.79 1,746.40
19 Tualatin Washington & Clackamas 27,545 26,054 1,491 5.72% 8.22 3,350.97
20 West Linn Clackamas 26,859 25,109 1,750 6.97% 7.39 3,634.51
21 Woodburn Marion 25,590 24,080 1,510 6.27% 5.37 4,765.36
22 Forest Grove Washington 24,058 21,083 2,975 14.11% 5.74 4,191.29
23 Wilsonville Clackamas & Washington 23,768 19,509 4,259 21.83% 7.21 3,296.53
24 Newberg Yamhill 23,306 22,068 1,238 5.61% 5.81 4,011.36
25 Roseburg Douglas 22,437 21,181 1,256 5.93% 10.01 2,241.46
Bethany CDP Washington 22,346 20,646 1,700 8.23% 5.14 4,347.47
26 Ashland Jackson 21,639 20,078 1,561 7.77% 6.59 3,283.61
27 Klamath Falls Klamath 21,524 20,840 684 3.28% 19.81 1,086.52
28 Milwaukie Clackamas & Multnomah 20,929 20,291 638 3.14% 4.82 4,342.12
29 Happy Valley Clackamas 19,704 13,903 5,801 41.72% 8.28 2,379.71
Altamont CDP Klamath 19,502 19,257 245 1.27% 8.1 2,407.65
Hayesville CDP Marion 19,296 19,936 -640 -3.21% 3.07 6,285.34
30 Sherwood Washington 19,294 18,194 1,100 6.05% 4.31 4,476.57
31 Central Point Jackson 18,328 17,169 1,159 6.75% 3.89 4,711.57
32 Canby Clackamas 17,653 15,829 1,824 11.52% 3.75 4,707.47
33 Hermiston Umatilla 17,295 16,745 550 3.28% 7.81 2,214.47
Oak Grove CDP Clackamas 17,149 16,629 520 3.13% 3.88 4,419.85
34 Pendleton Umatilla 16,834 16,612 222 1.34% 10.52 1,600.19
35 Lebanon Linn 16,635 15,518 1,117 7.20% 6.67 2,494.00
36 Troutdale Multnomah 16,617 15,962 655 4.10% 5.94 2,797.47
Four Corners CDP Marion 16,483 15,947 536 3.36% 2.7 6,104.81
37 Coos Bay Coos 16,292 15,967 325 2.04% 10.6 1,536.98
38 Dallas Polk 15,923 14,583 1,340 9.19% 4.81 3,310.40
Cedar Mill CDP Washington & Multnomah 15,638 14,546 1,092 7.51% 3.32 4,710.24
39 The Dalles Wasco 15,572 13,620 1,952 14.33% 6.35 2,452.28
Oatfield CDP Clackamas 13,852 13,415 437 3.26% 3.4 4,074.12
40 St. Helens Columbia 13,526 12,883 643 4.99% 4.53 2,985.87
41 La Grande Union 13,229 13,082 147 1.12% 4.58 2,888.43
42 Cornelius Washington 12,414 11,869 545 4.59% 2 6,207.00
43 Gladstone Clackamas 12,116 11,497 619 5.38% 2.4 5,048.33
Oak Hills CDP Washington 11,916 11,333 583 5.14% 1.56 7,638.46
44 Damascus Clackamas 11,084 10,539 545 5.17% 16.04 691.02
45 Ontario Malheur 11,027 11,366 -339 -2.98% 5.17 2,132.88
46 Sandy Clackamas 11,005 9,570 1,435 14.99% 3.14 3,504.78
47 Newport Lincoln 10,393 9,989 404 4.04% 9.05 1,148.40
48 Monmouth Polk 10,174 9,534 640 6.71% 2.24 4,541.96
49 Cottage Grove Lane 10,109 9,686 423 4.37% 3.76 2,688.56
50 Silverton Marion 10,002 9,222 780 8.46% 3.43 2,916.03
51 Prineville Crook 9,928 9,253 675 7.29% 10.92 909.16
52 Astoria Clatsop 9,802 9,477 325 3.43% 6.15 1,593.82
53 North Bend Coos 9,789 9,695 94 0.97% 3.92 2,497.19
54 Baker City Baker 9,770 9,828 -58 -0.59% 7.16 1,364.53
55 Independence Polk 9,666 8,590 1,076 12.53% 2.73 3,540.66
56 Sweet Home Linn 9,418 8,925 493 5.52% 5.3 1,776.98
White City CDP Jackson 9,296 7,975 1,321 16.56% 1.87 4,971.12
57 Fairview Multnomah 9,290 8,920 370 4.15% 3.09 3,006.47
Rockcreek CDP Washington 9,245 9,316 -71 -0.76% 1.96 4,716.84
Bull Mountain CDP Washington 9,188 9,133 55 0.60% 2.91 3,157.39
58 Molalla Clackamas 9,139 8,108 1,031 12.72% 2.21 4,135.29
59 Eagle Point Jackson 9,046 8,469 577 6.81% 2.96 3,056.08
Cedar Hills CDP Washington 8,811 8,300 511 6.16% 1.91 4,613.09
60 Florence Lane 8,800 8,466 334 3.95% 5.29 1,663.52
61 Lincoln City Lincoln 8,722 7,930 792 9.99% 5.65 1,543.72
62 Stayton Marion 8,080 7,644 436 5.70% 2.83 2,855.12
63 Sutherlin Douglas 8,000 7,810 190 2.43% 6.15 1,300.81
West Haven-Sylvan CDP Washington & Multnomah 7,991 8,001 -10 -0.12% 2.33 3,429.61
Green CDP Douglas 7,895 7,515 380 5.06% 4.53 1,742.83
64 Hood River Hood River 7,702 7,167 535 7.46% 2.55 3,020.39
Jennings Lodge CDP Clackamas 7,691 7,315 376 5.14% 1.6 4,806.88
West Slope CDP Washington 7,536 6,554 982 14.98% 1.62 4,651.85
65 Scappoose Columbia 7,158 6,592 566 8.59% 2.75 2,602.91
66 Milton-Freewater Umatilla 7,019 7,050 -31 -0.44% 1.99 3,527.14
67 Umatilla Umatilla 6,997 6,906 91 1.32% 4.42 1,583.03
68 Madras Jefferson 6,729 6,046 683 11.30% 5.02 1,340.44
69 Seaside Clatsop 6,685 6,457 228 3.53% 3.93 1,701.02
70 Brookings Curry 6,526 6,336 190 3.00% 3.87 1,686.30
71 Talent Jackson 6,485 6,066 419 6.91% 1.33 4,875.94
Roseburg North CDP Douglas 6,439 5,912 527 8.91% 22.33 288.36
Garden Home-Whitford CDP Washington 6,138 6,674 -536 -8.03% 1.52 4,038.16
72 Sheridan Yamhill 6,106 6,127 -21 -0.34% 1.96 3,115.31
73 Junction City Lane 6,052 5,392 660 12.24% 2.36 2,564.41
Raleigh Hills CDP Washington 5,751 5,896 -145 -2.46% 1.52 3,783.55
Mount Hood Village CDP Clackamas 5,497 4,864 633 13.01% 26.14 210.29
74 Warrenton Clatsop 5,469 4,989 480 9.62% 12.77 428.27
75 Winston Douglas 5,428 5,379 49 0.91% 2.65 2,048.30
Deschutes River Woods CDP Deschutes 5,328 5,077 251 4.94% 5.96 893.96
76 Creswell Lane 5,292 5,031 261 5.19% 1.7 3,112.94
77 Tillamook Tillamook 5,183 4,935 248 5.03% 1.7 3,048.82
78 Veneta Lane 4,918 4,561 357 7.83% 2.57 1,913.62
79 Philomath Benton 4,676 4,584 92 2.01% 1.86 2,513.98
80 Phoenix Jackson 4,587 4,538 49 1.08% 1.44 3,185.42
Three Rivers CDP Deschutes 4,232 3,014 1,218 40.41% 7.53 562.02
81 Lafayette Yamhill 4,116 3,742 374 9.99% 0.9 4,573.33
82 Reedsport Douglas 4,112 4,154 -42 -1.01% 2.05 2,005.85
83 Aumsville Marion 4,059 3,584 475 13.25% 1.02 3,979.41
Metzger CDP Washington 4,035 3,765 270 7.17% 0.74 5,452.70
84 Wood Village Multnomah 4,016 3,878 138 3.56% 0.94 4,272.34
Beavercreek CDP Clackamas 3,945 4,485 -540 -12.04% 20.12 196.07
85 Coquille Coos 3,905 3,866 39 1.01% 2.76 1,414.86
86 King City Washington 3,817 3,111 706 22.69% 0.72 5,301.39
87 Harrisburg Linn 3,754 3,567 187 5.24% 1.4 2,681.43
Tri-City CDP  Douglas 3,645 3,931 -286 -7.28% 7.22 504.85
88 Toledo Lincoln 3,560 3,465 95 2.74% 2.18 1,633.03
89 Mount Angel Marion 3,541 3,286 255 7.76% 1.14 3,106.14
90 Myrtle Creek Douglas 3,484 3,439 45 1.31% 2.51 1,388.05
Warm Springs CDP Jefferson 3,433 2,945 488 16.57% 42.52 80.74
91 Hubbard Marion 3,386 3,173 213 6.71% 0.71 4,769.01
92 Boardman Morrow 3,383 3,220 163 5.06% 3.79 892.61
93 Estacada Clackamas 3,313 2,695 618 22.93% 2.01 1,648.26
94 Jefferson Marion 3,289 3,098 191 6.17% 0.76 4,327.63
95 Dundee Yamhill 3,257 3,162 95 3.00% 1.33 2,448.87
96 Oakridge Lane 3,246 3,205 41 1.28% 2.1 1,545.71
97 Nyssa Malheur 3,188 3,267 -79 -2.42% 1.55 2,056.77
98 Bandon Coos 3,134 3,066 68 2.22% 2.77 1,131.41
99 Shady Cove Jackson 3,055 2,904 151 5.20% 1.91 1,599.48
100 Sublimity Marion 2,912 2,681 231 8.62% 0.93 3,131.18
101 Jacksonville Jackson 2,898 2,785 113 4.06% 1.89 1,533.33
102 Burns Harney 2,788 2,806 -18 -0.64% 3.55 785.35
Redwood CDP Josephine 2,766 2,627 139 5.29% 3.47 797.12
103 Gervais Marion 2,675 2,464 211 8.56% 0.39 6,858.97
Mulino CDP Clackamas 2,661 2,103 558 26.53% 13.78 193.11
104 Dayton Yamhill 2,636 2,534 102 4.03% 0.84 3,138.10
105 Sisters Deschutes 2,573 2,038 535 26.25% 1.87 1,375.94
106 Myrtle Point Coos 2,545 2,514 31 1.23% 1.61 1,580.75
Odell CDP Hood River 2,525 2,255 270 11.97% 2.02 1,250.00
107 Lakeview Lake 2,321 2,294 27 1.18% 2.33 996.14
108 Gold Beach Curry 2,305 2,253 52 2.31% 2.53 911.07
109 Rogue River Jackson 2,266 2,131 135 6.34% 0.96 2,360.42
110 Vernonia Columbia 2,194 2,151 43 2.00% 1.6 1,371.25
111 Willamina Yamhill & Polk 2,167 2,025 142 7.01% 0.92 2,355.43
112 Waldport Lincoln 2,163 2,033 130 6.39% 2.77 780.87
113 Union Union 2,142 2,121 21 0.99% 2.49 860.24
114 Carlton Yamhill 2,134 2,007 127 6.33% 0.88 2,425.00
115 North Plains Washington 2,128 1,947 181 9.30% 0.9 2,364.44
116 Stanfield Umatilla 2,078 2,043 35 1.71% 1.53 1,358.17
117 Turner Marion 2,031 1,854 177 9.55% 1.43 1,420.28
118 Columbia City Columbia 1,996 1,946 50 2.57% 0.77 2,592.21
119 Banks Washington 1,987 1,777 210 11.82% 0.37 5,370.27
Harbor CDP Curry 1,978 2,391 -413 -17.27% 1.92 1,030.21
120 Rainier Columbia 1,960 1,895 65 3.43% 1.76 1,113.64
Rose Lodge CDP Lincoln 1,955 1,894 61 3.22% 9.54 204.93
121 Cave Junction Josephine 1,954 1,883 71 3.77% 1.81 1,079.56
122 Durham Washington 1,935 1,351 584 43.23% 0.41 4,719.51
123 Canyonville Douglas 1,922 1,884 38 2.02% 0.97 1,981.44
124 Enterprise Wallowa 1,916 1,940 -24 -1.24% 1.52 1,260.53
Glide CDP Douglas 1,916 1,795 121 6.74% 10.08 190.08
125 Mill City Linn & Marion 1,899 1,855 44 2.37% 0.83 2,287.95
Stafford CDP Clackamas 1,892 1,577 315 19.97% 6.02 314.29
126 La Pine Deschutes 1,815 1,653 162 9.80% 6.98 260.03
127 Vale Malheur 1,814 1,874 -60 -3.20% 1.14 1,591.23
128 Irrigon Morrow 1,807 1,826 -19 -1.04% 1.29 1,400.78
129 Clatskanie Columbia 1,792 1,737 55 3.17% 1.19 1,505.88
Warren CDP Columbia 1,776 1,787 -11 -0.62% 6.3 281.90
130 Brownsville Linn 1,762 1,668 94 5.64% 1.34 1,314.93
131 Lakeside Coos 1,761 1,699 62 3.65% 2 880.50
132 Elgin Union 1,756 1,711 45 2.63% 0.99 1,773.74
Chenoweth CDP Wasco 1,722 1,855 -133 -7.17% 5.61 306.95
Barview CDP Coos 1,719 1,844 -125 -6.78% 1.38 1,245.65
133 Cannon Beach Clatsop 1,705 1,690 15 0.89% 1.54 1,107.14
Eagle Crest CDP Deschutes 1,685 1,696 -11 -0.65% 15.19 110.93
134 John Day Grant 1,674 1,744 -70 -4.01% 1.87 895.19
135 Millersburg Linn 1,674 1,329 345 25.96% 4.43 377.88
136 Amity Yamhill 1,667 1,614 53 3.28% 0.6 2,778.33
Grand Ronde CDP Polk & Yamhill 1,636 1,661 -25 -1.51% 19.2 85.21
137 Gearhart Clatsop 1,562 1,462 100 6.84% 1.9 822.11
138 Hines Harney 1,561 1,563 -2 -0.13% 2.08 750.48
139 Pilot Rock Umatilla 1,508 1,502 6 0.40% 1.45 1,040.00
Merlin CDP Josephine 1,481 1,615 -134 -8.30% 4.26 347.65
140 Culver Jefferson 1,474 1,357 117 8.62% 0.69 2,136.23
141 Depoe Bay Lincoln 1,448 1,398 50 3.58% 1.81 800.00
142 Rockaway Beach Tillamook 1,376 1,312 64 4.88% 1.6 860.00
143 Dunes City Lane 1,362 1,303 59 4.53% 2.7 504.44
144 Bay City Tillamook 1,360 1,286 74 5.75% 1.26 1,079.37
Bunker Hill CDP Coos 1,342 1,444 -102 -7.06% 1.46 919.18
New Hope CDP Josephine 1,342 1,515 -173 -11.42% 3.83 350.39
145 Heppner Morrow 1,297 1,291 6 0.46% 1.23 1,054.47
146 Gold Hill Jackson 1,280 1,220 60 4.92% 0.77 1,662.34
147 Tangent Linn 1,243 1,164 79 6.79% 3.78 328.84
148 Siletz Lincoln 1,241 1,212 29 2.39% 0.63 1,969.84
149 Lyons Linn 1,204 1,161 43 3.70% 0.87 1,383.91
150 Riddle Douglas 1,201 1,185 16 1.35% 0.63 1,906.35
Lincoln Beach CDP Lincoln 1,198 2,045 -847 -41.42% 3.23 370.90
Terrebonne CDP Deschutes 1,182 1,257 -75 -5.97% 1.01 1,170.30
Harbeck-Fruitdale Josephine 1,177 1,177 0 0.00% 0.48 2,452.08
151 Drain Douglas 1,164 1,151 13 1.13% 0.61 1,908.20
152 Port Orford Curry 1,159 1,133 26 2.29% 1.56 742.95
153 Cascade Locks Hood River 1,158 1,144 14 1.22% 2.08 556.73
South Lebanon CDP Linn 1,148 1,005 143 14.23% 1.04 1,103.85
154 Yamhill Yamhill 1,145 1,024 121 11.82% 0.42 2,726.19
155 Athena Umatilla 1,136 1,126 10 0.89% 0.57 1,992.98
156 Lowell Lane 1,095 1,045 50 4.78% 0.87 1,258.62
157 Joseph Wallowa 1,089 1,081 8 0.74% 0.88 1,237.50
158 Coburg Lane 1,066 1,035 31 3.00% 0.95 1,122.11
159 Yoncalla Douglas 1,060 1,047 13 1.24% 0.67 1,582.09
Williams CDP Josephine 1,037 1,072 -35 -3.26% 11.32 91.61
Sunriver CDP Deschutes 1,022 1,393 -371 -26.63% 8.83 115.74
160 Island City Union 1,016 989 27 2.73% 0.98 1,036.73
161 Donald Marion 1,011 979 32 3.27% 0.22 4,595.45
162 Aurora  Marion 1,008 918 90 9.80% 0.48 2,100.00
163 Falls City Polk 1,000 947 53 5.60% 1.2 833.33
Lookingglass CDP Douglas 989 855 134 15.67% 11.58 85.41
Brooks CDP Marion 977 398 579 145.48% 0.52 1,878.85
Mission CDP Umatilla 970 1,037 -67 -6.46% 7.61 127.46
Pacific City CDP Tillamook 963 1,035 -72 -6.96% 3.72 258.87
Netarts CDP Tillamook 958 748 210 28.07% 2.6 368.46
164 Halsey Linn 956 904 52 5.75% 0.56 1,707.14
165 Oakland Douglas 942 927 15 1.62% 0.73 1,290.41
166 Scio Linn 929 838 91 10.86% 0.38 2,444.74
Ruch CDP Jackson 913 840 73 8.69% 6.73 135.66
167 Glendale Douglas 887 874 13 1.49% 0.4 2,217.50
168 Prairie City Grant 876 909 -33 -3.63% 0.99 884.85
169 Adair Village Benton 843 840 3 0.36% 0.23 3,665.22
170 Merrill Klamath 830 844 -14 -1.66% 0.46 1,804.35
171 Maywood Park Multnomah 828 752 76 10.11% 0.17 4,870.59
172 Wallowa Wallowa 810 808 2 0.25% 0.61 1,327.87
173 Malin Klamath 809 805 4 0.50% 0.5 1,618.00
Melrose CDP Douglas 809 735 74 10.07% 4.35 185.98
174 Garibaldi Tillamook 801 779 22 2.82% 0.99 809.09
175 Metolius Jefferson 755 710 45 6.34% 0.48 1,572.92
176 Yachats Lincoln 742 690 52 7.54% 0.91 815.38
177 Chiloquin Klamath 726 734 -8 -1.09% 0.82 885.37
Kerby CDP Josephine 709 595 114 19.16% 2.58 274.81
178 Echo Umatilla 706 699 7 1.00% 0.58 1,217.24
179 Gaston Washington & Yamhill 695 637 58 9.11% 0.28 2,482.14
180 Condon Gilliam 678 682 -4 -0.59% 0.83 816.87
181 Powers Coos 678 689 -11 -1.60% 0.58 1,168.97
Selma CDP Josephine 675 695 -20 -2.88% 6.46 104.49
182 Canyon City Grant 670 703 -33 -4.69% 1.41 475.18
Wimer CDP Jackson 647 678 -31 -4.57% 4.96 130.44
183 Weston Umatilla 645 667 -22 -3.30% 0.68 948.53
184 Manzanita Tillamook 639 598 41 6.86% 0.82 779.27
Lacomb CDP Linn 633 546 87 15.93% 3.98 159.05
185 Dufur Wasco 632 604 28 4.64% 0.58 1,089.66
186 Monroe Benton 631 617 14 2.27% 0.51 1,237.25
187 Cove Union 625 552 73 13.22% 0.77 811.69
Foots Creek CDP Jackson 623 799 -176 -22.03% 6.07 102.64
Bayside Gardens CDP Tillamook 618 880 -262 -29.77% 0.99 624.24
Glasgow CDP Coos 596 763 -167 -21.89% 3.22 185.09
188 Johnson City Clackamas 586 566 20 3.53% 0.07 8,371.43
189 Arlington Gilliam 581 586 -5 -0.85% 1.78 326.40
Pine Hollow CDP Wasco 544 494 50 10.12% 2.22 245.05
Tumalo CDP Deschutes 537 488 49 10.04% 1.71 314.04
190 Mount Vernon Grant 504 527 -23 -4.36% 0.68 741.18

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Qualifying for a Home Loan in Oregon

When it comes to buying a house, the entire process can be sidelined if you don't have all of the necessary tools to qualify for a mortgage. There are several factors that go into becoming eligible for a home loan, and we'll talk about them.

Find Out How Much House You Can Comfortably Afford

The first step is looking at your budget and seeing how much money is left over each month, and how much your future house payments will be. Your mortgage payment should include the house payment itself, insurance, taxes, and general maintenance. Your debt-to-income ratio is how much you have coming in each month pre-taxes against how much you have going out every month in bills. Your lender typically wants to see between 28% to 44%, and the lower it is, the better it looks to them.

Check Your Credit History

Any mortgage lender is going to pull your entire credit history and look for your payment history and your FICO score. Your FICO score is your credit score, and this final total is based on your payment history, lines of credit, debts, and more. The lender is looking for a strong payment history and a high credit score. The higher your credit score is, the easier it will be for you to obtain financing. You can pull your credit reports for free once a year, and if you see any errors it is a good idea to dispute them.

Preapproval and Prequalification

If your lender looks at your financial records and your credit history and they approve you, you can request a preapproval letter. This letter will state the total loan amount you're preapproved for, along with any possible down payment amount. Your lender determines how much loan you qualify for by looking at these qualifications:

Housing Costs Compared to Your Monthly Income

  • Write down your total income each month before taxes.
  • Multiply whatever number you got in step one by .28, as this is what most lenders will use.

Debt-to-Income

  • Write down all of your payments that you'll have in the next 11 months. This includes insurance payments, car payments, credit card payments, and so on.
  • Take the number from the first step and multiply it by .35, and your monthly debt should not exceed this amount.

If your total loan amount is more than the property is worth once it has been appraised, the lender will not loan you the money to purchase it. Additionally, if you're denied the loan, the lender will most likely tell you why you don't qualify. You can work to fix whatever issue it is and apply again later. The above front-end & back-end limits are not hard limits, but rather are ideal levels to ensure you'll qualify for just about any loan. Both Freddie Mac & Fannie Mae adjusted their back-end DTI limit to 50% in 2017 to better compete against FHA loans.

Conforming Mortgages

A Conforming Mortgage is a mortgage or loan that is either equal to or less than the standards set by the Office of Federal Enterprise Oversite (OFHEO). The OFHEO is the entity that regulates Frannie Mae and Freddie Mac, the Government Sponsored Enterprise (GSE) real estate giants. Any mortgage that is more than the limits imposed by the OFHEO is considered to be a jumbo mortgage.

As of 2017 the conforming loan limit across the United States is set to $424,100, with a ceiling of 150% that amount in areas where median home values are higher. High local affordability makes the $424,100 ceiling apply statewide for single unit homes. Dual unit homes have a limit of $543,000, triple unit homes have a limit of $656,350 & quadruple unit homes have a limit of $815,650. People buying premium properties in the Porland & Salem metro areas may be above these thresholds, requiring a jumbo loan. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions.

Fixed-Rate Conforming Mortgages

If your mortgage falls under the standard amount set by the OFHEO, it is considered a conforming mortgage. If you take this one step further and choose an interest rate that won't increase or decrease over the life of your loan, you have a fixed-rate conforming mortgage. These loans typically come with lower interest rates, and you can choose to borrow them for terms ranging from 10 to 30 years. There are several benefits to this type of loan including:

  • Less documentation required than a VA or FHA loan
  • Locked in Interest Rate - if rates go down you can refinance, but if rates go up you get to keep your rate
  • Lower Annual Percentage Rates - ARM loans may have a lower initial rate, but can reset to a far higher maximum rate level
  • Refinancing is available

About 88% of home buyers across the United States finance their home purchase with a mortgage. The most popular mortgage in Oregon is the 30-year fixed-rate loan. With three decades of life, the mortgage spreads interest and principal payments over a long period of time, thus reducing the monthly payment. Loans of 15 and even 10 years are possible, and these mortgages will have lower APR’s. The disadvantage is that they have higher monthly payments because the loan is paid back in a shorter amount of time.

About 90% of those buyers use a 30-year fixed rate loan, while 6% opt for a 15-year fixed rate mortgage. About 2% of borrowers opt for either fixed-rate loans using other durations or an adjustable-rate loan.

Shorter duration loans come with a higher monthly payment, but they also enable the home buyer to build equity much faster & typically have a lower rate of interest. You can compare payments associated with multiple loan terms side-by-side here.

Adjustable-Rate Mortgages (ARM)

On the other end of the spectrum, if your mortgage is at or under the amount set by the OFHEO and the interest rate is allowed to fluctuate based on a pre-determined index, it is called an adjustable-rate conforming mortgage. This type of loan has terms ranging from 10 to 30 years, and you can choose a set period where your interest rate won't fluctuate. For example, if you choose a 10/1 adjustable-rate mortgage for a term of 30 years, your interest rate would be locked in for the first 10 years and
fluctuate annually for the final 20 years. The benefits of this type of loan are:

  • Lower initial monthly payments that enable greater short-term financial flexibility
  • The ability to refinance into a fixed-rate loan if mortgage rates drop

As mentioned above, most home buyers prefer to opt for a fixed-rate loan where their monthly payments are guaranteed to remain the same throughout the duration of the loan. Interest-only loans & balloon mortgages are more highly levered versions of ARMs. Interest-only loan repayments do not cover principal - thus they rely on home price appreciation to build equity. If the housing market falls, IO loans can easily end up upside down. Balloon mortgages are required to be refinanced or paid off with a lump sum on a set date.

Choosing Between the Two Mortgage Types

Fixed-rate loans have a constant rate throughout the life of the mortgage (that’s why they’re called fixed). The APR on an adjustable-rate loan can change (hence the term adjustable), and it usually does so only after a fixed number of years, such as 3, 5, 7, or 10. After this point, the APR changes once per year, or possibly more frequently.

ARMs typically have rate caps, so that the annual percentage rate doesn’t change too drastically in a short amount of time. So why would you want to have a loan with an interest that can change? Because the initial rate, which is fixed, is usually lower than the APR on a fixed-rate loan.

Your lender may be able to advise you on which type of mortgage to choose. However, it is completely up to you to decide which mortgage type suits your situation and lifestyle better. In recent years, most borrowers are turning to fixed-rate mortgages as home loan rates are exceptionally low by historical standards. These lower rates make it easier to compete with the lower initial payments the ARM offers, which is the main reason people chose ARM to begin with. If you live in a high-cost area of the country, you'd typically need a larger down payment with an adjustable-rate mortgage, and this is also pushing people toward fixed-rate mortgages.

You can use the following tool to calculate fixed vs arm vs interest-only mortgage payments.

Borrower Criteria

No matter which type of mortgage you end up choosing, there are certain criteria levels you'll have to meet before a lender considers you to be eligible.

  • Credit Score. Lenders like to see credit scores in the mid to upper 700s. However, it is possible to get a mortgage with a credit score of 620, but you'll pay a higher down payment.
  • Debt-to-Income. Your monthly debt should be ideally no more than 36% of your gross monthly income. You can go up to 44% with a stellar credit history and score.
  • Down Payment. Unless you get additional financing or you use a program that pays your down payment, it is a good idea to have at least 10%, and ideally 20% of your home's cost put away for a down payment.
  • Employment History. Your lender wants to see a steady employment history with at least two or three years at your current job.
  • Loan to Value Ratio. Your loan to value ratio is how much the property is worth against the amount you're borrowing. Ideally, your loan to value ratio should be 80% or lower.

Additional Considerations

Along with everything we listed above, there are a few additional considerations you have to think about when you apply for a mortgage, no matter what type it is.

Obtaining Private Mortgage Insurance (PMI)

Private mortgage insurance is something you may have to have when you take out your mortgage loan. PMI protects your lender in the event that you stop paying on your loan or default entirely on it. You'll typically have to pay PMI if you pay less than 20% down when you take your mortgage out. About 35% of home buyers are use a down payment of 20% or more.

There are also some lenders who offer conventional-type loans with smaller down payments which don't require PMI. However, you'll usually end up paying much higher interest with these types of loans, and it can be more expensive than having PMI added to your premium.

Your PMI can be added to your monthly mortgage payment, you can pay a one-time sum when you close on your home, or you could pay both. Make sure you ask your lender how they handle PMI before you sign your paperwork.

Piggyback Loan

If you don't want to pay private mortgage insurance, but you can't afford to put 20% down, you can look into a second mortgage piggyback loan. With a piggyback loan, you take out two loans at the same time. The first loan covers 80% of your home's cost, and the second loan makes up to 20% down payment. There are a few types of piggyback loan packages available, and they include:

  • 80-10-10 Package. With this type of loan, it'll be divided between 80% for the mortgage, 10% for the down payment, and the final 10% goes to the second mortgage.
  • 80-15-5 Package. This option will allow you to pay 80% to the first mortgage, 15% goes to the second mortgage, and 5% goes to the buyer for a down payment.
  • 80-20 Package. Finally, 80% will go toward the first mortgage, and the final 20% will go toward the second mortgage with no down payment.

This option eliminates the need for PMI, but you will most likely have to make two separate payments each month. One payment will go toward your mortgage payment, and the second will go toward the piggyback loan payment.

Government Financing Programs

Borrowers who don’t receive favorable terms from private banks should consider some of the government programs that are available and widely used.

If you can't afford to pay PMI and you can't afford to pay 20% down, there are government programs available that will help you with financing. There are several benefits to looking into them when you're thinking about purchasing a home, and many people don't use them because they don't research all their options.

Reasons to Use a Government Financing Program

Easier Qualifications

Generally, most government programs have an easier qualification process with less rigid requirements. You can find a lot of them that are aimed at helping low-income applicants secure housing by helping with down payments, paying private mortgage insurance, you need less paperwork.

More Relaxed Credit Standards

For a traditional mortgage, it isn't unusual to be required to have a credit score in the mid to upper 700s to obtain the best rates and the lowest interest percentages. Government financing programs offer people with lower credit scores the ability to obtain financing without paying as high of penalties like they would with traditional mortgages. Certain programs allow credit scores as low as 580 to 620 to qualify without paying extravagant excess fees.

Smaller Down Payments

One of the biggest hurdles for people who want to purchase a home is trying to come up with a 20% down payment. As this is usually paid in cash, many people have difficulty meeting it, and this can result in a mortgage denial. There are government assistance programs that will take smaller down payment amount or even no down payments. They can do this without requiring the borrower to pay PMI or pay a reduced rate as well.

Federal Housing Administration (FHA) Program

The FHA loan program is a very popular option for first time and low-income home buyers. The FHA will insure your mortgage, and this makes lenders more willing to work with you. Almost every borrower will have to pay mortgage property insurance, and this protects the lender in case you default. You'll pay a smaller down payment, typically around 3.5% (based on your credit score), and credit scores as low as 580 can qualify. The FHA also provides mortgages to borrowers with credit scores lower than 580, but the agency requires larger down payments for these loans.

Veterans Administration (VA) Loan Program

The second government financial program that is very popular is the Veterans Administration loan program. If you or your spouse is classified as an active duty service member, a veteran, National Guard member, or a Reservist, you may qualify for this program. This program comes with several benefits including no down payment, no private mortgage insurance, and competitive interest rates. Additionally, you may get a basic allowance for your housing, and there is no pre-payment penalty. These loans charge a small upfront funding fee which caps out under 4% & declines significantly if you offer a substantial down payment or were disabled in service.

USDA Loans

USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized

State Programs

A variety of housing assistance programs are available to Oregonians. The Beaver State participates in the federal government’s Section 8 housing program, which provides real estate subsidies to low income families. The state also operates the Oregon Foreclosure Avoidance Program, which legally requires lenders to meet with a defaulted borrower in person before beginning a foreclosure procedure.

Natural Disasters

Flood Insurance

Homeowner's insurance policies typically do not cover flooding. Most of the state of Oregon is considered to have a very low to low flooding risk. Clatsop & Morrow counties are considered to have a high flooding risk, while the following counties have a moderate flooding risk: Benton, Columbia, Coos, Crook, Douglas, Josephine, Lane, Lincoln, Linn, Marion & Yamhill.

Coos county has a moderate risk of hurricane storm surges while Clatsop & Lincoln counties have a high risk.

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don€™t incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government€™s costs in the next disaster.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Earthquakes

Oregon has a moderate to high earthquake risk. Here is a list showing county-by-county risk levels.

  • very low risk: Douglas
  • moderate risk: Baker, Crook, Deschutes, Gilliam, Grant, Harney, Hood River, Jackson, Jefferson, Josephine, Lane, Linn, Malheur, Morrow, Sherman, Umatilla, Union, Wallowa, Wasco, Wheeler
  • high risk: Benton, Clackamas, Columbia, Coos, Curry, Klamath, Lake, Lincoln, Marion, Multnomah, Polk, Washington

Standard rental and homeowner insurance policies typically do not cover earthquake damage, though they usually cover losses caused by fires which resulted from an earthquake. You can supplement your homeowner's insurance with an earthquake policy.

Wildfires

The risk of wildfires is considered moderate in the southern part of the state and very high across much of the eastern half of the state. Fire damages from wildfires & other types of fires are typically covered in most homeowner's insurance policies. If you own expensive items you may want to keep an up-to-date household inventory list which lists specific valuables, such as fine art & jewelry.

Hail

Hail damage is common across the central area of the state. Damage from hail is typically covered by home insurance policies.

Oregon Real Estate Laws

Property Taxes

In Oregon, properties are assessed by county governments, and they are paid to those governments. Measures 5 and 50 were adopted by the state legislature in the 1990’s to put limits on effective tax rates and the growth in assessed values. These measures are still in place today. Effective property tax rates in the Beaver State range from 0.62% to 1.22%. This places the state below the national average.

Foreclosure Process in Oregon

Oregon is mainly a title theory state with title to a property staying in trust until the loan is paid in full. If foreclosure becomes necessary, under this theory it would be a non-judicial procedure. A deed of trust provides the security for the title, and the power-of-sale provisions in the deed provide for a faster foreclosure process.

The laws of Oregon also allow mortgages to function as liens on real property. This permits a lender to use the courts for judicial foreclosures. This type of foreclosure takes longer and is more costly than a non-judicial process.

Non-recourse mortgages

During Oregon’s history, foreclosures have been administered using both judicial and nonjudicial procedures. Today, the nonjudicial process is more commonly used. Under this system, foreclosures are carried out by a trustee who auctions off the house in the event of default to pay off the outstanding mortgage balance. The court system is bypassed, unlike the judicial process, where a judge and county sheriff are responsible for foreclosing on a home. The nonjudicial system is favored because it is faster and cheaper, although some states still use the judicial system.

Oregon is a non-recourse state regarding mortgages. If a borrower defaults on a loan secured by a home, only the home will be lost to the lender. If the lender cannot recover the full amount of the outstanding debt from the sale of the property, there will generally be no recourse for the lender to sue the borrower for the remaining amount of the loan. However, deficiency judgments are allowed in Oregon if a foreclosed property brings less than the loan balance at a public sale. The lender could seek recourse through the courts, but that remedy is usually not feasible because of the high cost and length of time involved in the process.

Judicial foreclosure

  • The lender records a notice of default, and if there is not a power-of-sale in the mortgage the process goes through the court system.
  • The court approves a foreclosure.
  • The property is offered for sale.

It normally takes about 180 days for an uncontested judicial foreclosure on a property to be finalized. It takes longer if the homeowner files for bankruptcy, contests the foreclosure in court or asks for postponement of the sale.

Non-judicial foreclosure

However, there is usually a power-of-sale clause included in the mortgage which permits the lender to sell the property without any court proceedings.

  • A notice of default is recorded by the county recorder at least four months before the proposed sale of the property.
  • The borrower must also receive the notice of default at least four months before the date of the sale.
  • The lender must publish a notice of sale in the local newspaper one time every week for four weeks with the last notice appearing no less than 20 days before the proposed date of sale.
  • The borrower can halt the process as late as five days before the sale date if the entire loan balance and costs are paid in full.
  • The sale must take place between 9 a.m. and 4 p.m. at the site mentioned on the notice.
  • The sale must be a public auction, and anybody except the trustee can submit bids.
  • The person with the highest bid must pay the total amount in cash at the close of the auction.
  • Ownership of the property will be transferred by the trustee within 10 days after the sale.
  • The new owner may claim possession of the property when the transfer is completed.
  • If the sale is postponed for less than 180 days after the originally proposed sale date, it is not necessary to restart the foreclosure process to continue it.
  • Foreclosures that do not go through the court cannot be redeemed by the borrower after the sale takes place.

When the nonjudicial foreclosure procedure is used in the Beaver State, a mortgage lender cannot pursue the borrower’s personal assets with a deficiency judgment for any remaining balance after the foreclosure of a home. The deficiency judgment, which is legal in some states, allow banks to go after a borrower’s financial accounts and other assets if the auction price doesn’t cover the mortgage balance.

Deficiency judgments can be used in some judicial foreclosures in the state of Oregon. Furthermore, foreclosures on second mortgages and HELOCs can use deficiency judgments in some situations.

Help for Troubled Borrowers

Some lending companies offer loan modifications to borrowers who are having difficulty making their mortgage payments. Unscrupulous companies charge large up-front fees for this service, but Oregon law makes this practice illegal. The State of Oregon has mortgage counselors to work with people who are concerned about the possibility of losing their homes to foreclosure. This counseling is either free or has a minimal charge.

Right of Redemption in Oregon

If there has been a judicial foreclosure and sale of a property, it can be redeemed 180 days after the sale. The Sheriff must be noticed not less than 2 days or more than 30 days before the redemption, and the owner must make full payment of the loan balance and the costs involved. If a foreclosure was non-judicial, the borrower cannot redeem the property after it is sold.

Chapter 86 of the Oregon Revised Statutes contains the laws regarding mortgages and trust deeds, and the foreclosure laws are in Chapter 88. The statutes governing foreclosures in Oregon can be found online here & here.

Additional Resources

The Beaver State has some great outdoor sporting, but property prices are higher than the national average. Low property taxes, however, help to counter this cost. Unfortunately, median incomes don’t quite measure up to median home prices, so living in Oregon will create some fairly tight budgets. For more information on the state’s property market, point your browser to the following web sites: