Oregon Foreclosure Activity Declines in February

Statewide filings decrease 31 percent from January

 

Foreclosure activity in Oregon decreased in February to 3,312 properties with foreclosure filings, down 31 percent from the previous month and 8 percent below the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity appears to be on a downturn in Oregon, as the state reported a drop in its number of filings compared to last month and to one year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Oregon’s unemployment rate also inched down recently, though it remains above the national average at 10.5 percent.”

 

One in every 492 Oregon housing units received a foreclosure filing in February, the 13th highest rate in the nation.

 

Deschutes County posts top foreclosure rate in the state for February

Deschutes County posted the state’s highest county foreclosure rate in February, with one in every 177 housing units receiving a foreclosure filing — 2.8 times the state average. Yamhill County was second, with one in every 245 housing units receiving a foreclosure filing — twice the state average. Columbia County came in third highest, with one in every 367 housing units receiving a foreclosure filing.

 

Multnomah County led the state in total foreclosures in February

Multnomah County led the way, totaling 527 properties with foreclosure filings for the month. Deschutes County was second, documenting 440 properties with foreclosure filings. Washington County ranked third highest, reporting 426 properties with foreclosure filings for the month. Clackamas County came in fourth place, reporting 349 properties with foreclosure filings, while the fifth highest total was in Marion County, where 263 properties with foreclosure filings were reported for the month.

 

State a moderate contributor to nation’s month foreclosure total

Oregon accounted for 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Oregon

23

0

2,209

0

1,080

3,312

492

0.85

n/a

 

 

 

 

 

 

 

 

 

 

Deschutes

4

0

254

0

182

440

177

2.36

2.78

Yamhill

0

0

60

0

89

149

245

1.71

2.01

Columbia

0

0

35

0

19

54

367

1.14

1.34

Jackson

3

0

154

0

83

240

368

1.14

1.34

Linn

1

0

80

0

31

112

425

0.99

1.16

 

 

Oregon Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Oregon

23

0

2,209

0

1,080

3,312

492

-31.17

-8.20

 

 

 

 

 

 

 

 

 

 

Multnomah

4

0

364

0

159

527

596

-36.58

-14.86

Deschutes

4

0

254

0

182

440

177

-26.67

-3.30

Washington

1

0

326

0

99

426

487

-22.55

-7.79

Clackamas

4

0

247

0

98

349

439

-28.48

-17.49

Marion

1

0

182

0

80

263

458

-34.90

3.54

 

 

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