Oregon Portland Foreclosures Continue To Recede In January

Dated: March 4 2014

Views: 430

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

Source
R.C.
Blog author image

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....

Latest Blog Posts

Remodeling Expected To Remain Hot Even As The Pandemic Eases

The demand for home remodels is expected to remain strong—even as the COVID-19 pandemic begins to ease as vaccinations rise and people are no longer trapped inside their abodes obsessing over all

Read More

List Midweek If Youre Selling Your Home

A new report from Redfin shows that homes listed midweek sell for an average of $1,700 more than homes listed on the weekend, based on homes sold above their list price from July 2020 through

Read More

Millions Will Enter Housing Market In 2021

In what will be known to future generations as the Great Reshuffling, a recent Zillow survey showed that more than 1 in 10 Americans reported moving in the past 12 months, either by choice or by

Read More

How Often Can You Refinance A Home Loan

Homeowners with a mortgage often hear about the benefits of refinancing—to snag a lower interest rate, reduce their monthly loan payments, and tap into their home equity. The list of advantages is

Read More