Oregon foreclosure filings climb
Numbers show a 53 percent jump during last three months
Friday, November 2, 2007 10:40 AM PDT
SALEM (AP) — Foreclosure filings in Oregon jumped 53 percent in July, August and September, compared with the third quarter of 2006, according to a new report by RealtyTrac Inc.
Oregon has escaped much of the turmoil from the ‘‘subprime’’ loan crisis, but the report signals that the state might have been just been late to the problem.
Ken LeVeille, a mortgage broker with Capitol Mortgage Co. in Salem, said the increasing foreclosures do not surprise him. ‘‘This is a normal correction,’’ LeVeille said. ‘‘It has to correct. Otherwise, we’d have a disaster. We’d all be paying California prices.’’
RealtyTrac operates an online marketplace for people buying and selling foreclosed properties. Its report shows Oregon still is faring better than many states, despite the recent upsurge. Oregon had the 31st-highest rate of new foreclosure filings among the states in the third quarter.
All but five states — Kentucky, New Mexico, Oklahoma, South Dakota and Utah — reported a year-over-year increase in foreclosure filings, which include notices of default, auction sale notices or bank repossessions, RealtyTrac said.
