OREGON FORECLOSURE ACTIVITY UP 45 PERCENT IN JANUARY

Foreclosure Filings Statewide Increase 219 Percent From January 2008

 

IRVINE, Calif. – Feb. 27, 2009 – Foreclosure filings were reported on 4,511 Oregon properties in January, up 45 percent from the previous month, and 219 percent above the level reported for January 2008, 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.

 

Oregon has one of the highest unemployment rates in the country and the rising rate of joblessness among Oregonians is causing an increase in foreclosures activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “With unemployment at 9 percent in Oregon and employers cutting back hours, foreclosure activity in Oregon spiked significantly in January. Add falling homes prices and declining homes sales and these factors will undoubtedly contribute to a rise in foreclosure activity in the months ahead.”

 

Oregon ranked 13th in the country in total foreclosures reported for the month. With one in every 357 housing units receiving a foreclosure filing, its foreclosure rate ranked 5th among the 50 states.

 

Five counties account for bulk of state activity in January

Five Oregon counties accounted for 66 percent of all foreclosure activity in the state during January. Multnomah County led the pack, reporting 885 properties with foreclosure filings for the month. Clackamas County was second highest, reporting 619 properties with foreclosure filings. Washington County came in third place, reporting 603 properties with foreclosure filings. Deschutes County placed fourth, documenting 480 properties with foreclosure filings. Marion County posted the fifth highest foreclosure activity, where 388 properties with foreclosure filings were reported.

 

Deschutes County posts state’s highest foreclosure rate for January

Deschutes County reported the highest foreclosure rate in Oregon for January, with one in every 158 housing units receiving a foreclosure filing — 2.3 times the state average and 2.9 times the national average. Clackamas County posted the state’s second highest foreclosure rate, with one in every 245 housing units receiving a foreclosure filing — 1.5 times the state average and 1.9 times the national average. Jackson County documented the third highest foreclosure rate, where one in every 257 housing units received a foreclosure filing during the month — 1.4 times the state average and 1.8 times the national average.

 

State contributed 2 percent to nation’s foreclosure total in January

Oregon accounted for 2 percent of the 274,399 properties with foreclosure filings reported nationwide in January. The national total represented a decrease of more than 9 percent from the previous month but was still nearly 18 percent ahead of the total reported for January 2008. One in every 466 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 – January 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,681

52,435

80,986

27,520

66,777

274,399

466

n/a

n/a

Oregon

40

0

3,763

0

708

4,511

357

1.31

n/a

 

 

 

 

 

 

 

 

 

 

Baker

0

0

1

0

0

1

8,743

0.05

0.04

Benton

0

0

15

0

3

18

1,956

0.24

0.18

Clackamas

19

0

507

0

93

619

245

1.90

1.46

Clatsop

0

0

21

0

5

26

808

0.58

0.44

Columbia

1

0

56

0

14

71

277

1.68

1.29

Coos

0

0

38

0

6

44

677

0.69

0.53

Crook

0

0

12

0

2

14

721

0.65

0.49

Curry

0

0

2

0

0

2

6,128

0.08

0.06

Deschutes

3

0

386

0

91

480

158

2.94

2.25

Douglas

0

0

64

0

24

88

519

0.90

0.69

Gilliam

0

0

0

0

0

0

 n/a

0.00

0.00

Grant

0

0

0

0

0

0

 n/a

0.00

0.00

Harney

0

0

1

0

0

1

3,601

0.13

0.10

Hood River

0

0

3

0

0

3

2,929

0.16

0.12

Jackson

2

0

276

0

61

339

257

1.81

1.39

Jefferson

0

0

21

0

2

23

407

1.14

0.88

Josephine

0

0

124

0

19

143

260

1.79

1.37

Klamath

0

0

42

0

5

47

656

0.71

0.54

Lake

0

0

1

0

0

1

4,145

0.11

0.09

Lane

2

0

247

0

29

278

537

0.87

0.66

Lincoln

0

0

34

0

5

39

742

0.63

0.48

Linn

2

0

132

0

14

148

316

1.48

1.13

Malheur

0

0

3

0

1

4

2,866

0.16

0.12

Marion

2

0

342

0

44

388

306

1.52

1.17

Morrow

0

0

0

0

0

0

 n/a

0.00

0.00

Multnomah

6

0

742

0

137

885

351

1.33

1.02

Polk

0

0

84

0

11

95

290

1.61

1.23

Sherman

0

0

0

0

0

0

 n/a

0.00

0.00

Tillamook

0

0

15

0

4

19

934

0.50

0.38

Umatilla

0

0

25

0

6

31

941

0.50

0.38

Union

0

0

2

0

0

2

5,390

0.09

0.07

Wallowa

0

0

0

0

1

1

4,058

0.11

0.09

Wasco

0

0

9

0

0

9

1,195

0.39

0.30

Washington

2

0

484

0

117

603

341

1.37

1.05

Wheeler

0

0

0

0

0

0

 n/a

0.00

0.00

Yamhill

1

0

74

0

14

89

400

1.17

0.89

                   

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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