Friday, January 2, 2009

Oregon Foreclosures up 143% in November 2008

RealtyTrac released their November 2008 foreclosure data last week and Oregon now ranks 12th in the nation for per household foreclosures.
There were 912 notice of defaults last month, up 152% from November 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 1,448 notices of trustee sales last month, up 244% from November 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 535 households.