Wednesday, May 13, 2009

Oregon Foreclosures up in April

RealtyTrac released their April 2009 foreclosure data last week and Oregon ranks 12th in the nation for per household foreclosures.

There were 124 notice of defaults last month, down 89% from the same month the year before. 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 3,109 notices of trustee sales last month, up 656% from the same month the year before.

Total Foreclosures are up 136% from the same month the year before.

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 419 households.

Here is a heat map from RealtyTrac.