OREGON FORECLOSURE ACTIVITY DOWN 20 PERCENT IN FEBRUARY

Foreclosure Activity Increases 128 Percent From February 2008

 

IRVINE, Calif. – March 27, 2009 – Oregon reported 3,608 properties with foreclosure filings in February, a 20 percent decrease from the previous month, but still 128 percent above the level reported for February 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Oregon foreclosures decreased in February, though activity remained more than double the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Oregon’s unemployment rate jumped to 10.8 percent in February, leaving an increasing number of homeowners in financial distress.”

 

Oregon ranked 16th in the country in total properties with foreclosure filings for February. One in every 446 Oregon housing units received a foreclosure filing during the month, the ninth highest state foreclosure rate in the nation.

 

Multnomah County leads state in foreclosure activity

Multnomah County led the state, reporting 619 properties with foreclosure filings for the month. Washington County was second highest, reporting 462 properties with foreclosure filings. Third highest was Deschutes County, reporting 455 properties with foreclosure filings. Clackamas County was in fourth place, documenting 423 properties with foreclosure filings. Fifth highest total was tallied in Jackson County, where 309 properties with foreclosure filings were reported.

 

Deschutes County posts top foreclosure rate

Deschutes County reported the highest county foreclosure rate in the state for February, with one in every 167 housing units receiving a foreclosure filing — 2.7 times the state average and 2.6 times the national average. Josephine County came in second, with one in every 255 housing units receiving a foreclosure filing — 1.8 times the state average and 1.7 times the national average. Jackson County posted the third highest foreclosure rate, where one in every 282 housing units received a foreclosure filing during the month.

 

State a minor contributor to nation’s foreclosure total in February

Oregon accounted for 1 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 U.S. housing units received a foreclosure filing during the month.

 

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 Foreclosure Market Data by County – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Oregon

33

0

2,803

0

772

3,608

446

0.99

n/a

 

 

 

 

 

 

 

 

 

 

Baker

0

0

2

0

0

2

4,372

0.10

0.10

Benton

0

0

22

0

3

25

1,408

0.31

0.32

Clackamas

1

0

328

0

94

423

359

1.23

1.24

Clatsop

0

0

24

0

3

27

778

0.57

0.57

Columbia

0

0

44

0

5

49

401

1.10

1.11

Coos

0

0

24

0

9

33

903

0.49

0.49

Crook

0

0

9

0

1

10

1,010

0.44

0.44

Curry

0

0

4

0

0

4

3,064

0.14

0.15

Deschutes

10

0

312

0

133

455

167

2.63

2.67

Douglas

1

0

69

0

20

90

508

0.87

0.88

Gilliam

0

0

0

0

0

0

 n/a

0.00

0.00

Grant

0

0

0

0

0

0

 n/a

0.00

0.00

Harney

0

0

0

0

0

0

 n/a

0.00

0.00

Hood River

0

0

5

0

0

5

1,758

0.25

0.25

Jackson

1

0

239

0

69

309

282

1.56

1.58

Jefferson

0

0

18

0

3

21

446

0.99

1.00

Josephine

0

0

113

0

33

146

255

1.73

1.75

Klamath

0

0

24

0

6

30

1,028

0.43

0.43

Lake

0

0

0

0

0

0

 n/a

0.00

0.00

Lane

0

0

196

0

42

238

628

0.70

0.71

Lincoln

0

0

37

0

16

53

546

0.81

0.82

Linn

2

0

116

0

21

139

336

1.31

1.33

Malheur

0

0

5

0

0

5

2,293

0.19

0.19

Marion

3

0

216

0

35

254

468

0.94

0.95

Morrow

0

0

2

0

0

2

2,207

0.20

0.20

Multnomah

4

0

478

0

137

619

501

0.88

0.89

Polk

0

0

47

0

13

60

459

0.96

0.97

Sherman

0

0

0

0

0

0

 n/a

0.00

0.00

Tillamook

1

0

13

0

3

17

1,044

0.42

0.43

Umatilla

0

0

34

0

3

37

788

0.56

0.57

Union

0

0

3

0

0

3

3,593

0.12

0.12

Wallowa

0

0

1

0

0

1

4,058

0.11

0.11

Wasco

0

0

5

0

0

5

2,150

0.20

0.21

Washington

10

0

343

0

109

462

444

0.99

1.00

Wheeler

0

0

0

0

0

0

 n/a

0.00

0.00

Yamhill

0

0

70

0

14

84

423

1.04

1.05

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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