Total foreclosure filings up 76 percent from Q2, Up 77 percent from Q3 2008.

Oregon reported 10,318 properties with foreclosure filings in the third quarter of 2009, an increase of 7 percent from the previous quarter and 77 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac^® U.S. Foreclosure Market Report.

“Oregon foreclosures were up during the third quarter and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed nearly five times during the year. This is not surprising as Oregon’s 11.5 percent unemployment rate has been above the national average of 9.8 percent for some time now. It also had a larger decline in home values during the past year than most states.”

Oregon ranked 22^nd in the country in total foreclosures reported for the third quarter. With one in every 156 housing units receiving a foreclosure filing, its foreclosure rate ranked 11^th among the 50 states.

Foreclosure activity in the Beaver State was down 2 percent in September from the previous month to 3,482 properties with foreclosure filings, but elevated on a yearly basis, up 49 percent from September 2008. The state’s foreclosure rate was 13^th highest in the nation for the month — with one in every 462 housing units receiving a foreclosure filing.

Deschutes County posts state’s top foreclosure rate in the third quarter

Deschutes County posted the highest county foreclosure rate in the state for the third quarter, with one in every 57 housing units receiving a foreclosure filing — 2.4 times the national average and 2.7 times the state average. Jackson County was second, with one in every 100 housing units receiving a foreclosure filing during the quarter — 1.6 times the state average. Josephine County posted the third highest foreclosure rate, where one in every 122 housing units received a foreclosure filing.

Five counties accounted for 66 percent of foreclosure activity in the third quarter

Multnomah County led the way, tallying 1,971 properties with foreclosure filings for the quarter. Washington County came in second highest foreclosure total, reporting 1,412 properties with foreclosure filings. Deschutes County came in third, tallying 1,331 properties with foreclosure filings. Clackamas County posted the fourth highest foreclosure total for the quarter, reporting 1,200 properties with foreclosure filings. Jackson County documented 874 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

State contributes 1 percent to nation’s foreclosure activity for quarter and month

Oregon accounted for 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

Oregon Top Foreclosure Rates by County – Q3 2009

Oregon Top Foreclosure Totals by County – Q3 2009

Oregon Top Foreclosure Rates by County – Sept 2009

Oregon Top Foreclosure Totals by County – Sept 2009