Bank Foreclosed Home Filings Up in Oregon in July

by Peter Vernon on States

Lane County in Oregon saw its foreclosure activity jumped last month. Filings for bank foreclosed home were given to 221 homeowners in July, a jump of 64 percent compared with last year.

The increase in foreclosure filings last month made Oregon remain on its 10th position on the list of the country’s top states with highest foreclosure rates. Industry analysts are expecting more foreclosure properties in the area in the coming months as unemployment rate reached 13.2 percent in June, twice greater than the 5.8 percent posted in June the previous year.

Analysts observed that foreclosures were occurring in urban neighborhoods disproportionately. In Springfield’s Mohawk area, out of the 12 properties listed on the market for sale, 10 were foreclosed houses. Prices of these properties are between $80,000 and $110,000.

They noted that foreclosures occurred to all kinds of people, from retirees, working people, builders and developers. Currently, Lane County has 91 foreclosed homes for sale.

Statewide, notices of foreclosures were issued on 3,605 homeowners in Oregon in July, an increase of 84 percent from the same month last year. In June, state unemployment rate peaked at 15,590. Industry analysts are expecting an increase in the number of jobless people in July.

Oregon had a total of 337,211 foreclosure activity from May the previous year to June this year. For the same period, the market sale value of a foreclosed house declined almost $26,000 from an average price of $184,955.

For the first half of this year, Oregon foreclosure listings carried 19,053 properties. Foreclosure rate from January to June rose by 122 percent compared with the same timeframe the previous year.

In the first quarter of this year, Oregon posted a 1 percent share in the 803,489 houses that received foreclosure filings.

Nationally, foreclosures were at an all time high in July. About 360,149 filings for foreclosures were posted nationally last month. The figures represented a 32 percent rise compared with the same month last year.

For the same month, national unemployment rate totaled 247,000. Industry analysts said that as more and more people are losing their jobs, many would not be able to pay their monthly mortgage payments, resulting to thousands of foreclosures.

They anticipated another wave of foreclosures to hit Oregon and the rest of the country in the coming months as unemployment continues to soar due to the lack of improvement in the economy.

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