Friday, April 3, 2009

Bend foreclosures up

From the Bend Bulletin:

The number of pre-foreclosure notices filed in Deschutes County continues to rise, despite a federal housing bailout that is still too new to have any appreciable impact, according to local real estate professionals.
A total of 827 notices of default, a legal document that initiates foreclosure proceedings, were filed in the county in the first three months of the year, an increase of more than 32 percent compared with the last three months of 2008, and a jump of more than 156 percent from the first quarter of 2008.
As the recession continues to take its toll, there are fewer families and individuals able to make their mortgage payments, said Kenny LaPoint, a housing specialist with NeighborImpact, a Redmond-based nonprofit and federally certified housing counseling agency.
And until the job market improves — Deschutes County’s unemployment rate hit 12.6 percent in February — LaPoint believes the federally announced loan modification and loan refinancing programs aimed at lowering mortgage payments aren’t going to amount to much.
“Until our job market changes, it doesn’t matter what stimulus plans come out because if there’s no (household income), it doesn’t matter what your mortgage payment is,” LaPoint said.