JP Morgan/Chase announced Friday that it will be temporarily suspending foreclosures and has instead turned its efforts to modifying loans to make them more affordable for homeowners so that they will not leave their homes.

 A big part of the troubled mortgage loans come from the recent acquisition of Washington Mutual which has been a long-time top lender in all areas of Oregon including Portland, Bend, Eugene, Salem and Medford.

Large banks are looking to put to use the bailout funds issued last month.

It also appears that unlike most modification programs offered by lenders, a homeowner does not have to be delinquent on his/her mortgage in order to receive help.  The practice of only helping those who have fallen behind on their mortgages has bee criticized recently, so I think this is a good step.

Portland State University’s Center for Real Estate just released it’s first quarter report for 2008.

This is a very informative tool for Oregon home buyers, and though the majority of the focus is on the Portland area, there is also a great deal of information on the rest of the state including Bend, Medford and Eugene.

You can download the report here:

http://www.pdx.edu/media/r/e/RE_Quarterly_08_1Q.pdf