Realtor creates Portland-area foreclosed homes tour

WASHINGTON COUNTY, Ore. – After seeing an abundance of foreclosed homes, Realtor Craig Reger saw a business opportunity.

He created a foreclosed homes real estate tour, taking investors and potential homebuyers on a bus to a bunch of foreclosed homes throughout the metro area.

Reger receives notice of about 30 foreclosures a week and then picks the best eight to 10 to show prospective buyers.

And they are finding some good deals. One Beaverton home sold for $489,000 two years ago and is now on the market for $385,000 – a 20 percent drop in price now that the bank owns it again.

Others are being sold at half price, such as one on Bayberry Drive in Beaverton. It sold for $625,000 in 2006, and the asking price now is $310,000.