I haven’t blogged about foreclosure rates here in Salem Metro so it seemed like it was about time.
RealtyTrac is a real estate site dedicated to the foreclosure process, whether it is short sales or just notice of defaults.
According to their July stats that were released on the 14th of August, Oregon ranks 21st out of 50 states for foreclosure rates. The state with the most: Nevada. RealtyTrac looks at documents filed and came up with its statistics based on those.
So…in Oregon in July 2008 there were 1,307 Notices of Default filed, 451 homes went to auction, and 197 were REO’s. So for every 812 households in Oregon, one went into default. Compare that with 1 for every 106 for Nevada and you can see why our market, while down, is in better condition so far than some others.
Now before you get all cozy and think our market is “fine” realize that why foreclosures were down 4.49% from June 2008, they were up 192.23% from July of 2007. Ouch!
Marion county had 180 foreclosure processes occur in July. This is one in every 650 housing units. Polk County had 38 filings for a rate of 1 in every 712.
Compare that with Multnomah County which had 336 filings for a 1 in 913 housing units rate and Deschutes County (Bend market) where 182 filings occurred for a rate of 1 in 400.
I have to say I was surprised that the Multnomah county numbers were better than the Marion county ones, but Yamhill and Clackamas county’s numbers are more like Marion counties. Most of the single-family new home construction was occurring in the other metro counties.
Regardless, being 21 on this list isn’t great. It still means that 29 other states have lower foreclosure ratios than Oregon.
Who has the least amount of foreclosures you ask? Vermont had a total of 5 foreclosure processes occurring. That is a rate of 1 foreclosure process for every 61,911 housing units. Not bad. I mean bad things still happen to people in life such as job loss, health issues, etc that cause true hardships for them.
Apparently, tsunamis don’t occur in Vermont.
(c) Copyright, 2008. Melina Tomson, All Rights Reserved (ie…be nice and create your own content. Don’t steal mine…)