OREGON FORECLOSURE ACTIVITY UP 21 PERCENT IN OCTOBER

Foreclosure Filings Statewide Increase 159 Percent From October 2007

 

IRVINE, Calif. – Nov. 26, 2008 – Foreclosure filings were reported on 2,841 Oregon properties in October, an increase of 21 percent from the previous month, and 159 percent above the level reported for October 2007, 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.

 

“Foreclosure filings are on the rise in Oregon, especially as compared to this time last year when activity was less than half the current amount,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in Oregon has now reached its highest in four years, with many of the losses seen in the manufacturing sector.”

 

Oregon ranked 23rd in the country in total properties with foreclosure filings for October. One in every 558 Oregon housing units received a foreclosure filing during the month, ranking 16th among the 50 states.

 

Multnomah County tops in foreclosure activity for October

Multnomah County led the state reporting 759 properties with foreclosure filings for the month. Washington County came in second highest, reporting 322 properties with foreclosure filings. Clackamas County ranked third highest, reporting 316 properties with foreclosure filings. Deschutes County came in fourth place, documenting 273 properties with foreclosure filings.

 

Deschutes County post state’s top rate for October

Deschutes County posted the highest foreclosure rate in Oregon for October, with one in every 267 housing units receiving a foreclosure filing during the month — 2.1 times the state average and 1.7 times the national average. Jackson County posted the second highest foreclosure rate, where one in every 356 housing units received a foreclosure filing — 1.6 times the state average. Multnomah County documented the third highest foreclosure rate, where one in every 404 housing units received a foreclosure filing during the month.

 

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

Oregon accounted for 1 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented a decrease of more than 5 percent from the previous month but was still almost 25 percent ahead of the total reported for October 2007. One in every 452 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 – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

Oregon

1,306

0

834

0

701

2,841

558

0.81

n/a

 

 

 

 

 

 

 

 

 

Baker

0

0

1

0

0

1

8,700

0.05

0.06

Benton

6

0

2

0

3

11

3,171

0.14

0.18

Clackamas

31

0

221

0

64

316

473

0.96

1.18

Clatsop

12

0

6

0

2

20

1,035

0.44

0.54

Columbia

16

0

6

0

6

28

694

0.65

0.80

Coos

11

0

12

0

8

31

957

0.47

0.58

Crook

0

0

6

0

0

6

1,623

0.28

0.34

Curry

1

0

3

0

0

4

3,035

0.15

0.18

Deschutes

156

0

17

0

100

273

267

1.69

2.09

Douglas

38

0

23

0

21

82

553

0.82

1.01

Gilliam

0

0

0

0

0

0

 n/a

0.00

0.00

Grant

0

0

2

0

0

2

2,102

0.22

0.27

Harney

0

0

0

0

0

0

 n/a

0.00

0.00

Hood River

0

0

0

0

0

0

 n/a

0.00

0.00

Jackson

115

0

76

0

51

242

356

1.27

1.57

Jefferson

2

0

5

0

3

10

928

0.49

0.60

Josephine

46

0

13

0

21

80

458

0.99

1.22

Klamath

32

0

3

0

23

58

525

0.86

1.06

Lake

0

0

0

0

0

0

 n/a

0.00

0.00

Lane

104

0

15

0

32

151

980

0.46

0.57

Lincoln

15

0

6

0

17

38

752

0.60

0.74

Linn

71

0

15

0

20

106

434

1.04

1.29

Malheur

0

0

1

0

0

1

11,419

0.04

0.05

Marion

102

0

26

0

40

168

697

0.65

0.80

Morrow

0

0

0

0

0

0

 n/a

0.00

0.00

Multnomah

289

0

303

0

167

759

404

1.12

1.38

Polk

26

0

2

0

19

47

576

0.78

0.97

Sherman

0

0

0

0

0

0

 n/a

0.00

0.00

Tillamook

8

0

2

0

7

17

1,022

0.44

0.55

Umatilla

16

0

4

0

0

20

1,450

0.31

0.39

Union

0

0

2

0

0

2

5,366

0.08

0.10

Wallowa

0

0

1

0

0

1

4,037

0.11

0.14

Wasco

0

0

2

0

0

2

5,369

0.08

0.10

Washington

176

0

58

0

88

322

625

0.72

0.89

Wheeler

0

0

0

0

0

0

 n/a

0.00

0.00

Yamhill

33

0

1

0

9

43

812

0.56

0.69

 

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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