Friday, November 25, 2016

Corrected Address: Thanksgiving Home Prices Then and Now: HUD Foreclosure Example

Correction: Corrected Address to 4066 N. Albina 
Many years ago, working with HUD Oregon Field Office Director Dick Brinck, I helped streamline the sale of HUD acquired/foreclosed properties via programmed reductions in sales prices at regular intervals to keep the inventory moving. 

I thought it might be interesting to take a look at an ad from November 1982, shortly after the program started. 

The PDF HERE is a page from the Sunday November 28, 1982 Oregonian

I selected the FIRST Portland property I saw listed at 4066 N. Albina, listed for a minimum bid price of $32,900 in the Oregonian.  I then navigated to PortlandMaps to find out the current value of this home

According to Portland MAPS the current real market value is $489,740, nearly 15 times the listed minimum bid price in 1982.  In contrast my condo is worth only about 3 times what I paid for it in 1980 and the 2016 Cost of Living Index is about 2.5 times that of 1982.

I don't think the big increases from the minimum bid prices in the ad are a unique circumstance for the one Portland property as there are other examples where price appreciation has also likely been meteoric  (Note a Bend minimum bid price of $15,800, probably a ski condo).  

Originally created and posted on the Oregon Housing Blog

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