Oregon in top 10 foreclosure states, but rate down
By WILLIAM McCALL
Associated Press
Friday, March 13, 2009 11:52 AM PDT
PORTLAND — The bad news for Oregon is the state was among the top 10 with the most foreclosures in February, while the good news is the rate declined from January.
Figures released Thursday by RealtyTrac showed Nevada, Arizona and California with the three highest foreclosure rates but Oregon was No. 9.
The Irvine, Calif.-based foreclosure listing service reported that nearly 291,000 homes received at least one foreclosure-related notice across the nation last month, up 6 percent from January.
In Oregon, about 3,600 homeowners received a notice, but that was down 20 percent from just over 4,500 in January. Economists and real estate agents in Oregon said the state is starting to catch up with the rest of the country after one of the stronger state housing markets resisted the effects of the recession.
‘‘We escalated at a slower rate and we’ve come down at a slower rate,’’ said Gary Majors, president of the Portland Metropolitan Association of Realtors.
Home prices in Oregon increased more slowly than the rest of the West Coast or Sun Belt states like Nevada and Arizona during the housing bubble, Majors said. On the flip side, increases in foreclosures have also been more gradual, now about 4 percent of the overall market in Oregon.
‘‘We’re just catching up,’’ said Tim Duy, a University of Oregon economist who tracks real estate as part of a monthly index of indicators. Duy noted the foreclosure rate is affected by the jobless rate, so more foreclosures are likely, even with refinancing.
‘‘No mortgage modification can help you if you don’t have a job,’’ Duy said. Two of the three Portland metro counties — Multnomah and Washington — led the state for the most foreclosures in February with 619 and 462, respectively, according to RealtyTrac.
