Oregon Foreclosure Activity Trends Downward in May

Total foreclosure filings statewide down 20 percent from April

 

Oregon foreclosure activity fell in May to 3,067 properties with foreclosure filings, a 20 percent decrease from the previous month, but still 90 percent ahead of May 2008, according to RealtyTrac’s® latest U.S. Foreclosure Market Report.  

 

“Although Oregon foreclosures were down in May, they have nearly doubled from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate is the second highest in the nation, with nearly 100,000 jobs lost during the past year. This is likely the leading factor in the overall rise in foreclosure activity.”

 

Oregon ranked 22nd in the country in total foreclosures reported for the month. With one in every 525 housing units receiving a foreclosure filing, its foreclosure rate ranked 12th among the 50 states.

 

Five counties accounted for 65 percent of state’s foreclosure activity for May

Multnomah County led all counties, reporting 516 properties with foreclosure filings for the month. Deschutes County posted the second highest total, where 510 properties with foreclosure filings were reported. Clackamas County had the third highest total, reporting 400 properties with foreclosure filings, followed by Washington County, where 317 properties with foreclosure filings were tallied. Jackson County held the fifth highest total, where 264 properties with foreclosure filings were reported for the month.

 

Deschutes County posts state’s highest foreclosure rate for May

Deschutes County posted the highest county foreclosure rate in the state, with one in every 149 housing units receiving a foreclosure filing during the month. Jackson County had the second highest rate, with one in every 331 housing units receiving a foreclosure filing. Columbia County posted the third highest rate, where one in every 351 housing units received a foreclosure filing during the month.

 

State contributes 1 percent to nation’s foreclosure activity for May

Foreclosure activity in Oregon represented 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 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 – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Oregon

78

0

2,276

0

713

3,067

525

-20.07

89.79

 

 

 

 

 

 

 

 

 

 

Baker

0

0

0

0

0

0

 n/a

-100.00

 n/a

Benton

0

0

13

0

4

17

2,071

-15.00

-10.53

Clackamas

49

0

261

0

90

400

379

-13.04

154.78

Clatsop

0

0

16

0

8

24

875

-44.19

380.00

Columbia

2

0

43

0

11

56

351

12.00

107.41

Coos

0

0

30

0

10

40

745

-27.27

122.22

Crook

0

0

0

0

2

2

5,049

-92.00

-50.00

Curry

0

0

0

0

0

0

 n/a

-100.00

-100.00

Deschutes

4

0

388

0

118

510

149

50.89

167.02

Douglas

1

0

51

0

16

68

672

-27.66

28.30

Gilliam

0

0

0

0

0

0

 n/a

-100.00

 n/a

Grant

0

0

0

0

0

0

 n/a

 n/a

-100.00

Harney

0

0

0

0

0

0

 n/a

 n/a

-100.00

Hood River

0

0

5

0

0

5

1,758

400.00

66.67

Jackson

4

0

176

0

84

264

331

-23.48

67.09

Jefferson

0

0

4

0

1

5

1,874

-73.68

66.67

Josephine

1

0

69

0

20

90

414

-33.82

136.84

Klamath

0

0

25

0

19

44

701

-38.03

120.00

Lake

0

0

0

0

0

0

 n/a

-100.00

 n/a

Lane

2

0

153

0

31

186

803

-32.12

63.16

Lincoln

0

0

35

0

13

48

603

-21.31

140.00

Linn

2

0

74

0

18

94

497

-18.97

38.24

Malheur

0

0

0

0

0

0

 n/a

-100.00

-100.00

Marion

1

0

172

0

42

215

552

-15.02

50.35

Morrow

0

0

0

0

0

0

 n/a

 n/a

-100.00

Multnomah

7

0

395

0

114

516

601

-21.82

81.05

Polk

1

0

43

0

19

63

437

-24.10

36.96

Sherman

0

0

0

0

0

0

 n/a

 n/a

 n/a

Tillamook

1

0

13

0

5

19

934

-45.71

90.00

Umatilla

0

0

9

0

4

13

2,243

-58.06

62.50

Union

0

0

0

0

1

1

10,779

-80.00

0.00

Wallowa

0

0

0

0

0

0

 n/a

-100.00

-100.00

Wasco

0

0

6

0

0

6

1,792

0.00

100.00

Washington

3

0

248

0

66

317

648

-35.96

101.91

Wheeler

0

0

0

0

0

0

 n/a

 n/a

 n/a

Yamhill

0

0

47

0

17

64

556

-55.86

23.08

 

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