Oregon Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier; down from a year ago

 

Foreclosure activity in Oregon rose 21 percent during the first quarter of 2010, and was up 14 percent from the same period last year. In all, the state reported 12,076 properties with foreclosure filings during the quarter.

                                                                                             

During the month of March, the state reported 4,093 properties with foreclosure filings, a 23 percent increase from the previous month, and 21 percent above the level reported in March 2009. One in every 398 Oregon housing units received a foreclosure filing during the month, the 12th highest state foreclosure rate.

 

“After dropping during the previous quarter, Oregon foreclosures are up again during the first quarter of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 28 percent during the period. The state’s unemployment rate is still above the national average, and home prices have continued to decline further than most states. These trends are definitely fuelling the recent rise.”

 

Oregon ranked 18th in the country in total foreclosures for the first quarter. With one in every 135 housing units receiving a foreclosure filing, its foreclosure rate ranked 11th among the 50 states.

 

Deschutes County tops in foreclosure rate for the first quarter

Deschutes County posted the highest county foreclosure rate in the state during the first quarter, as one in every 51 housing units received a foreclosure filing — 2.7 times the national average. Crook County came in second, with one in every 80 housing units receiving a foreclosure filing — 1.7 times the national average. Jefferson County came in third highest foreclosure rate, with one in every 82 housing units receiving a foreclosure filing — 1.7 times the national average.

 

Multnomah County led state in total foreclosures for the first quarter

Multnomah County documented 2,127 properties with foreclosure filings for the quarter. Washington County was second, reporting 1,526 properties with foreclosure filings. Deschutes County came in third, reporting 1,524 properties with foreclosure filings for the month.

 

State contributes less than 1 percent to the nation’s quarterly foreclosure total

Oregon represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

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: DefaultNotice 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Oregon

111

0

8,385

0

3,580

12,076

135

0.01

n/a

 

 

 

 

 

 

 

 

 

 

Dtes

21

0

942

0

561

1,524

51

2.71

2.64

Crookeschu

0

0

77

0

51

128

80

1.73

1.69

Jefferson

0

0

68

0

52

120

82

1.69

1.65

Jackson

14

0

659

0

259

932

95

1.46

1.42

Yamhill

2

0

218

0

138

358

102

1.36

1.32

 

 

 

Oregon Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Oregon

111

0

8,385

0

3,580

12,076

135

21.00

14.50

 

 

 

 

 

 

 

 

 

 

Multnomah

26

0

1,550

0

551

2,127

148

22.03

5.66

Washington

9

0

1,138

0

379

1,526

136

30.43

8.92

Deschutes

21

0

942

0

561

1,524

51

8.32

17.23

Clackamas

7

0

878

0

328

1,213

126

13.47

-1.22

Jackson

14

0

659

0

259

932

95

29.62

4.84

 

 

 

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