Coos County real estate market seeing signs of hope

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Story Published: Dec 23, 2009 at 6:16 PM PDT

By Kristina Nelson, KCBY News

COOS COUNTY, Ore. - It's undoubtedly been a rocky road for the real estate market this year both nationally and here in Coos County.

But new home sale numbers are bringing some optimism to both sellers, and real estate companies.

According to some recent figures released by Gorilla Capital out of Eugene, Coos County saw a decline in home foreclosure numbers in November, and notices of default decreased by three percent.

But that doesn't mean we're out of the woods yet according to Sam Roth, a Principal Broker with Century 21 Real Estate in Coos Bay.

"Our numbers indicate that about 23 to 24 percent of all sales in the county are distress type sales. Nationally, they're looking at another wave of foreclosures coming on that these adjustable rate mortgages are coming due again this next year, so that's a very concerning thing," says Roth.

On a positive note, Roth says in recent months, the real estate market has been improving, and he's expecting to see the same level of home sales as in 2008.

And 2010 is looking even better, especially for buyers.

"We're seeing virtually unprecedented low interest rates right now, down around five percent, we're seeing the home prices down low."

Roth adds that dropping home values have begun to level off, another good sign of things to come.

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