OREGON FORECLOSURE ACTIVITY INCREASES 29 PERCENT IN FIRST QUARTER

State Foreclosure Activity Up 151 Percent From Q1 2008

Monthly Activity Down 6 percent in March, Surges 107 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 10,547 Oregon properties in the first quarter of 2009, a 29 percent increase from the previous quarter, and 151 percent ahead of the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Beaver State reported 3,388 properties with foreclosure filings in March, a 6 percent decrease from the previous month, but still 107 percent above its March 2008 total.

 

Oregon foreclosures are on the rise both in the first quarter and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state has lost 94,000 jobs during the past year and now holds the second highest unemployment rate in the country. This, in addition to falling home prices and slow home sales, is definitely driving the increase.”

 

Oregon documented the 16th highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — one in every 153 housing units received a foreclosure filing during the quarter — came in 10th among the 50 states.

 

Five counties largest contributors to state total for the quarter

Five Oregon counties accounted for 65 percent of the state’s overall foreclosure activity during the first quarter. Multnomah County came in first place, reporting 2,013 properties with foreclosure filings. Washington County was second, reporting 1,401 properties with foreclosure filings for the quarter. Deschutes County was close behind in third, reporting 1,300 properties with foreclosure filings. Clackamas County registered the fourth highest total, documenting 1,228 properties with foreclosure filings. Jackson County registered the fifth highest total, where 889 properties with foreclosure filings were reported.

 

Deschutes County scores highest rates in the state for first quarter

Deschutes County led the state, with one in every 58 housing units receiving a foreclosure filing — 2.6 times the state average and 2.7 times the national average. Jackson County came in second, with one in every 98 housing units receiving a foreclosure filing — 1.6 times the state and national average. Josephine County posted the third highest foreclosure rate, with one in every 111 housing units received a foreclosure filing during the month — 1.4 times the state and national average.

 

State the contributes 1 percent to nation’s foreclosure total for Q1 2009

Oregon accounted for 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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 – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16%

23.63%

Oregon

3,166

0

5,465

0

1,916

10,547

153

29.41%

151.00%

 

 

 

 

 

 

 

 

 

 

Baker

0

0

3

0

0

3

2,914

50.00%

50.00%

Benton

30

0

19

0

9

58

607

100.00%

61.11%

Clackamas

313

0

717

0

198

1,228

124

37.98%

142.21%

Clatsop

30

0

28

0

10

68

309

13.33%

78.95%

Columbia

58

0

71

0

25

154

128

48.08%

156.67%

Coos

55

0

35

0

19

109

273

26.74%

136.96%

Crook

0

0

24

0

2

26

388

18.18%

188.89%

Curry

0

0

7

0

0

7

1,751

-41.67%

40.00%

Deschutes

402

0

572

0

326

1,300

58

22.07%

250.40%

Douglas

108

0

81

0

59

248

184

12.73%

123.42%

Gilliam

0

0

0

0

0

0

Grant

0

0

0

0

0

0

-100.00%

Harney

0

0

1

0

0

1

3,601

0.00%

Hood River

0

0

9

0

0

9

976

350.00%

200.00%

Jackson

305

0

392

0

192

889

98

19.33%

115.25%

Jefferson

8

0

37

0

7

52

180

6.12%

420.00%

Josephine

86

0

173

0

76

335

111

19.64%

123.33%

Klamath

78

0

35

0

27

140

220

2.94%

105.88%

Lake

0

0

1

0

0

1

4,145

Lane

290

0

257

0

86

633

236

18.76%

111.71%

Lincoln

60

0

44

0

28

132

219

12.82%

120.00%

Linn

137

0

154

0

57

348

134

35.41%

128.95%

Malheur

0

0

9

0

0

9

1,274

28.57%

0.00%

Marion

303

0

372

0

122

797

149

42.58%

155.45%

Morrow

0

0

2

0

0

2

2,207

-66.67%

Multnomah

445

0

1,234

0

334

2,013

154

18.06%

144.59%

Polk

53

0

107

0

25

185

149

39.10%

137.18%

Sherman

0

0

0

0

0

0

Tillamook

30

0

17

0

7

54

329

31.71%

350.00%

Umatilla

52

0

22

0

15

89

328

12.66%

48.33%

Union

0

0

6

0

1

7

1,540

16.67%

250.00%

Wallowa

0

0

2

0

1

3

1,353

200.00%

200.00%

Wasco

0

0

16

0

0

16

672

77.78%

33.33%

Washington

240

0

911

0

250

1,401

147

66.98%

214.83%

Wheeler

0

0

0

0

0

0

Yamhill

83

0

107

0

40

230

155

45.57%

125.49%

 

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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