Bank and government foreclosure homes continue to flood the market of Oregon as the 2010 third quarter saw the state recording higher foreclosure rates than the previous quarter and year-ago levels. For the July-September 2010 period, the state posted a foreclosure activity rise of 20.43% compared with the July-September 2009 period.
Bend foreclosure homes, OR and other types of distressed dwellings in various local areas of the state recorded higher numbers for the third quarter of the current year. When compared with the 2010 second quarter, statewide foreclosure filing totals for the third quarter are 16.94% higher. These filings include notices of default, properties scheduled for auctions and bank repossessed properties.
The high number of foreclosure homes in Oregon earned the state an 11th ranking among all 50 U.S. states in terms of filings for the July-September period. The third quarter saw 12,426 households in the state receiving a filing, with Multnomah County posting the highest total at 2,304, followed by Washington County at 1,574.
Buyers can also find foreclosed houses for sale at Deschutes which has a total of 1,488 households receiving a notice for the quarter, while Clackamas has 1,350, followed by Jackson at 983. The state though, has a lower foreclosure rate compared with the nationwide average.
Government foreclosure homes and bank foreclosed properties are up 16% in Multnomah for July-September 2010 when compared with the second quarter of the current year and with the 2009 third quarter. The significant rise in foreclosure totals for the quarter, particularly in the month of September, has been attributed by market analysts to the record number of residential properties repossessed by lenders and banks during the period.
Analysts have also added that the jump in nationwide foreclosure totals has taken a big chunk out of the distressed home backlogs held by lenders in their books. However, foreclosure filing figures are expected to decline in the coming fourth quarter as several lenders have initiated a moratorium on foreclosed property sales all around the country.
Government foreclosure homes are expected to account for the highest percentage of distressed properties in the coming fourth quarter as bank foreclosure are going to be held back by the moratorium and the nationwide investigation on mortgage firms' policies, analysts have added.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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