Foreclosures going up. Foreclosures going down. What to believe?
My advice? Don’t read the national media stuff regarding foreclosures. What matters is what is happening here locally in Salem Oregon. So, what’s happening?
Salem Oregon Foreclosures
In 2010, the amount of notice of defaults filed with the county clerk’s office dropped by 8.7% over 2009. While, they are still running about 4 times normal, ANY kind of decline is a good thing in this particular market sector.
The 4th quarter foreclosures dropped to 313 which is down from 4th quarter 09 by 38.5%. There was a two-week moratorium on filings by Fannie and Freddie for the holidays, but that wouldn’t have a huge impact on these numbers.
So, despite what you might have read regarding foreclosures, at least in Salem Oregon our numbers in 2010 were better than 2009. It will still take several years ahead of us to work through all of this inventory, but at least we can say we are heading in the right direction.