The following table shows current 30-year Columbus mortgage refinance rates. You can use the menus to select other loan durations, alter the loan amount. or change your location.

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.

Homeownership across the state ranged between 61% and 65% from 1984 to 2000. Homeownership peaked at 69% in 2004 and fell to a low of 61.1% in 2015 before climbing to 62.6% in 2016.

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

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. Basketball fans can watch the Trail Blazers downtown.

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

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

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.

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 Housing Finance Agency (FHFA). The FHFA 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 FHFA is considered to be a jumbo mortgage.

As of 2024 the conforming loan limit across the United States for single-family homes is set to $766,550, with a ceiling of up to 150% that amount in HERA high-cost areas where median home values are higher. High local affordability makes the $766,550 ceiling apply statewide for single unit homes. Dual unit homes have a limit of $981,500, triple unit homes have a limit of $1,186,350 & quadruple unit homes have a limit of $1,474,400.

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 FHFA, 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 FHFA 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:

• Oregon Housing and Community Services
• Oregon Association of Realtors
• Portland Metropolitan Association of Realtors
• HUD: Oregon

 

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