Monday, June 16, 2008

Oregon Foreclosures up 91% in May 2008

RealtyTrac released their May 2008 foreclosure data this week and Oregon ranks 23rd in the nation for per household foreclosures.

There were 1,040 notice of defaults this month, up 78% from May 2007. The bank files a notice of default when a mortgage payment is late and attempts to reconcile the issue out of court have failed. Click on any graph for a better image.

If the homeowner doesn’t pay the default balance within 90 days then the bank records a notice of trustee sale with the county and schedules a trustee's sale. There were 409 notices of trustee sales in March, up 94% from May 2007.

The best way to compare state foreclosure rates is with a penetration or per household rate. Here is a comparison of the regions states. A larger number indicates fewer foreclosures.

Here is a foreclosure map of the nation from RealtyTrac.