RealtyTrac released their October 2008 foreclosure data last week and Oregon ranks 16th in the nation for per household foreclosures.
There were 1,306 notice of defaults last month, up 68% from October 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 834 notices of trustee sales last month, up 260% from October 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 558 households.
Here is a foreclosure map of the nation from RealtyTrac.
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