OREGON FORECLOSURE ACTIVITY UP 113 PERCENT IN 2008

More than 18,000 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 18,001 Oregon properties in 2008, an increase of 113 percent from 2007 and an increase of 169 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 1.13 percent of all Oregon housing units received at least one foreclosure filing during the year, up from 0.54 percent in 2007.

 

Oregon reported 3,108 properties with foreclosure filings in December, a 5 percent increase from the previous month and a 183 percent increase over December 2007.

 

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.

 

“Foreclosure filings more than doubled in Oregon from 2007 to 2008 as the state’s unemployment rose to reach a level not seen in four years,” said James J. Saccacio, chief executive officer of RealtyTrac. “Oregonians are losing their jobs in record numbers, as the state’s jobless rate hit 9 percent in December. Sharp employment declines in construction, manufacturing, and in the leisure and hospitality industries could push struggling homeowners into foreclosure.”

 

Multnomah County reports highest total of foreclosure filings

Multnomah County led the state reporting 3,500 properties with foreclosure filings for the year. Washington County came in second, reporting 1,996 properties with foreclosure filings. Clackamas County registered the third highest total, reporting 1,988 properties with foreclosure filings. Deschutes County documented the fourth highest foreclosure total, reporting 1,968 properties with foreclosure filings. Jackson County came in fifth, documenting 1,723 properties with foreclosure filings.

 

Deschutes County posts top foreclosure rate

Deschutes County topped the list, with 2.70 percent of its housing units receiving at least one foreclosure filing during the year. Jackson County came in second, with 2.00 percent of its housing units receiving at least one foreclosure filing. Josephine County posted the third highest foreclosure rate, where 1.62 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Columbia County (1.36 percent) and Clackamas County (1.33 percent).

 

State a minor contributor to nation’s foreclosure total for 2008

Oregon accounted for 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Oregon

18,001

1.13

112.75

 

 

 

 

 

34

Baker

7

0.08

600.00

24

Benton

97

0.28

70.18

5

Clackamas

1,988

1.33

130.09

20

Clatsop

130

0.63

109.68

4

Columbia

264

1.36

63.98

17

Coos

203

0.68

62.40

18

Crook

66

0.68

1,550.00

25

Curry

29

0.24

1,350.00

1

Deschutes

1,968

2.70

327.83

10

Douglas

500

1.10

143.90

36

Gilliam

0

0.00

 n/a

29

Grant

6

0.14

500.00

28

Harney

7

0.20

 n/a

31

Hood River

12

0.14

1,100.00

2

Jackson

1,723

2.00

158.32

12

Jefferson

100

1.08

669.23

3

Josephine

593

1.62

74.41

13

Klamath

316

1.04

80.57

35

Lake

3

0.07

200.00

16

Lane

1,198

0.81

56.19

15

Lincoln

282

0.99

166.04

6

Linn

609

1.32

87.38

23

Malheur

39

0.34

680.00

9

Marion

1,315

1.12

57.30

27

Morrow

9

0.20

800.00

7

Multnomah

3,500

1.14

106.00

11

Polk

295

1.09

43.90

26

Sherman

2

0.21

 n/a

21

Tillamook

96

0.55

74.55

19

Umatilla

189

0.65

18.13

30

Union

15

0.14

1,400.00

33

Wallowa

4

0.10

 n/a

22

Wasco

47

0.44

1,466.67

14

Washington

1,996

0.99

110.11

32

Wheeler

1

0.12

 n/a

8

Yamhill

392

1.12

87.56

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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