Monday, October 20, 2008

Oregon foreclosures up 77% in August 2008

RealtyTrac released their August 2008 foreclosure data last week and Oregon ranks 22thin the nation for per household foreclosures.

There were 862 notice of defaults this month, up 19% from August 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.

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 640 notices of trustee sales in March, up 162% from August 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. Oregon is experiencing one foreclosure for every 857 households.

Here is a foreclosure map of the nation from RealtyTrac.