Archive for the 'Oregon Articles' Category

The number of U.S. homeowners who need help to avoid foreclosures in the coming months has increased in most areas of the country. A recent report published by CoreLogic shows that a big number of metro areas are recording increasing delinquency rates. In Oregon, delinquency rate has hit historic high, but remained below most metros' rates.

Foreclosure auctions in Portland are set to add more properties if the metro area's delinquent homeowners do not find a way to make their loans current. As of November 2010, CoreLogic data showed that around 5.6% of borrowers in the metro were at least 90 days behind in their loan payments or under some form of foreclosure. Among the 25 biggest metro areas tracked by CoreLogic, only Denver, Seattle, and Dallas had a lower delinquency rate than Portland in November.

Statewide, Oregon foreclosure auctions are looking at 5.5% of mortgages in the whole region that are potential foreclosure sales. Oregon is in a four-way tie among U.S. states with the highest delinquency rates, with 27 other regions having delinquency levels worse than Oregon. Meanwhile, analysts stated that it is not only delinquency rate that can result in further foreclosure increases this year, but also underwater mortgages.

Around 15.8% of Portland homeowners are reportedly underwater as of November 2010. With these figures, analysts are saying that there might be more need for programs designed to help borrowers avoid foreclosures. But Portland is not the only metro area in the U.S. with a double digit underwater rate. Out of 25 metro regions, only six have lower underwater loan rates than Portland.

For the whole state of Oregon, underwater homeowners, who are also considered at risk of losing their properties to foreclosure auction for sale, accounted for 15.6% of total housing loans in the region in November of last year. Nineteen U.S. states, however, have a higher percentage of underwater loans than Oregon during the month.

Portland was ranked in the report 15th among the 25 metro areas tracked in terms of total home sales accounted for by distressed properties. Around 28.8% of homeowners in the area were unable to avoid foreclosures in November and saw their properties sold as distressed properties during the month.

Homes auctions in Portland can be contained, as shown in the improvement of the Portland Metro Business Index compiled by the University of Oregon for the first quarter of this year.

The PMBI rose to 88.9 in the first quarter, up by 1.2 percent from the previous quarter and by 2.9 percent from the previous two quarters. This meant that despite the surge in foreclosure house auctions in the first months of this year, Greater Portland was able to resist their effects.

Nonfarm payrolls increased to 829,560 in the first quarter, up by 0.4 percent from 826,355 in the previous quarter. Because of the increase in jobs, the total of initial jobless claims filed in metro Portland dropped to 1,594, down by 6 percent from 1,698 in the previous quarter. The drop was even sharper when compared to the 2,876 claims filed in the second quarter last year.

Improving economic strength despite homes auctions in Portland was also shown in the sharp increases of airport passenger activity and in lodging revenues in the area. A seasonally adjusted total of 1.085 million passenger activities were posted in the first quarter, up from 1.067 million in the previous quarter. Lodging revenues increased to a seasonally adjusted $112.6 million, up from $108 million in the previous quarter.

In the first quarter, almost 3,600 homes were purchased by bidders or acquired back by banks through Oregon home auctions. These homes were in addition to the 8,496 units that were notified of default and trustee sales. Statewide foreclosure activity revved up by more than 21 percent compared to the previous quarter and surged by 14.5 percent compared to the same quarter last year.

With one foreclosure posting for every 135 residential units in the state, Oregon ranked 11th among U.S. states in the first quarter based on foreclosure rate.

Oregon economists hope that with the economic strength of Portland, the city will be able to contain homes auctions in Portland and entice more investors into the city.

Search home auctions in Oregon cities:

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• Bend home auctions
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• Redmond home auctions