Oregon Foreclosure Activity Increased in Third Quarter

Total foreclosure filings incline 17 percent statewide from the second quarter

Default notices down; auctions and REOs up for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 12,426 Oregon properties during the third quarter, a 17 percent increase from the previous quarter and up nearly 20 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Oregon ranked 17th in the nation with 4,625 properties with foreclosure filings, a 13 percent increase from the previous month and 33 percent above the level reported for the same month last year. One in every 352 Oregon housing units received a foreclosure filing in September, ranking the 11th highest foreclosure rate among the 50 states.

 

Oregon foreclosures were up during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 22 percent for the month. The state’s unemployment rate is still 1 percent above the national average, and home sales were not as high as most states earlier this year. These trends need to turn around before we see a reduction in foreclosures here.”

Oregon ranked 19th in the nation in total foreclosures reported for the quarter. Its foreclosure rate of one in every 131 housing units receiving a foreclosure filing during the quarter, ranked it 11th among the 50 states.

Deschutes County led state with top foreclosure rate in third quarter

Deschutes County posted the highest foreclosure rate in Oregon during the third quarter of 2010, where one in every 52 housing units received a foreclosure filing — 2.6 times the national average. Crook County posted the second highest foreclosure rate, where one in every 72 housing units received a foreclosure filing during the period — 1.9 times the national average. Jefferson County documented the third highest foreclosure rate, where one in every 73 housing units received a foreclosure filing — 1.9 times the national.

 

Multnomah County posts state’s top foreclosure total for third quarter

Multnomah County dominated, reporting 2,304 properties with foreclosure filings for the quarter. Washington County was second, reporting 1,574 properties with foreclosure filings. Deschutes County was third, tallying 1,488 properties with foreclosure filings. Clackamas County was fourth highest, reporting 1,350 properties with foreclosure filings. Jackson County came in last for the state’s top five, reporting 983 properties with foreclosure filings for the quarter.

 

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

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Oregon. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 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: 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 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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Oregon

103

0

7,350

0

4,973

12,426

131

1

n/a

 

 

 

 

 

 

 

 

 

 

Deschutes

10

0

826

0

652

1,488

52

2.65

2.50

Crook

0

0

78

0

65

143

72

1.94

1.83

Jefferson

0

0

71

0

64

135

73

1.91

1.80

Jackson

4

0

568

0

411

983

90

1.55

1.46

Columbia

3

0

112

0

86

201

99

1.41

1.33

 

 

Oregon Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Oregon

103

0

7,350

0

4,973

12,426

131

16.94

20.43

 

 

 

 

 

 

 

 

 

 

Multnomah

17

0

1,478

0

809

2,304

136

22.16

16.89

Washington

28

0

979

0

567

1,574

132

19.97

11.47

Deschutes

10

0

826

0

652

1,488

52

11.71

11.80

Clackamas

9

0

766

0

575

1,350

113

3.61

12.50

Jackson

4

0

568

0

411

983

90

11.58

12.47

 

 

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