Friday, March 27, 2009

Oregon Foreclosures up 127% in February 2009

RealtyTrac released their February 2009 foreclosure data and Oregon ranks 9th in the nation for per household foreclosures.
There were 33 notice of defaults last month, down 97% from February 2008. 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 2,803 notices of trustee sales last month, up 531% from February 2008.

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 446 households.