Oregon Portland Foreclosures Continue To Recede In January

Dated: 03/04/2014

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Foreclosure rates fell in Oregon and the Portland area in January, following the trend observed elsewhere in the U.S. The real estate data firm CoreLogic reported the Portland-area foreclosure rate had fallen to 2.0 percent, down from 2.6 percent a year earlier. The number reflects the number of mortgaged homes in some stage of the foreclosure process. About 3.9 percent of metro mortgaged homes were seriously delinquent and in danger of falling into foreclosure. Across Oregon, the foreclosure rate was 2.4 percent, down from 2.9 percent a year ago, and 4.3 percent of mortgages were delinquent. Lenders completed 2,292 foreclosures in the state over the last 12 months, a number likely influenced by changes to the foreclosure process -- including wider access to a foreclosure mediation program -- that took effect in August. Nationwide, the foreclosure rate was 2.0 percent, down 0.9 percent from a year earlier. The number of homes in foreclosure fell 33 percent since last January. "We are recovering, but we're not there yet," said Mark Fleming, CoreLogic's chief economist. "For every completed foreclosure, there are 954 mortgaged homes in non-judicial foreclosure states and 896 mortgaged homes in judicial foreclosure states. Although this is a big improvement relative to the height of the foreclosure crisis, a healthier ratio would be one for every 2000." -- Elliot Njus

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Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....

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