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Bank and HUD Homes Listings Grew in Medford in 2010

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By : John Cutts    99 or more times read
The number of properties under foreclosure bank and HUD homes listings increased in Medford, Oregon, last year. The increase in the city's full year foreclosure rate was expected as numbers for November 2010 already showed that Medford's foreclosed property numbers were on the rise.

The expansion of the foreclosure list in Medford resulted in the city getting ranked 40th nationwide out of 206 U.S. metro areas in terms of locations with the highest rates of foreclosures. The rate of foreclosure in the city is also the worst among all housing markets in the state of Oregon last year. Medford even outranked Portland, one of the key metro areas of the state, with the latter ranked 63rd in 2010 overall.

Oregon foreclosure listings also increased in several other metro areas in the state, with Salem ranked 69th and Eugene at 105th in terms of markets with the highest foreclosed property rates. Majority of metropolitan areas in Oregon did worse than the metros of neighboring state Washington. Most housing industry analysts expect foreclosures to continue rising in most areas of Oregon in 2011.

According to local realtors, the year-end foreclosure condition of Medford is not really surprising, given that November 2010 housing data already showed bank foreclosures and HUD homes listings rising in the city. In November, Medford had a 3.73% foreclosure rate, representing an increase of 1.36% when compared with the November 2009 rate of 2.36%. During that month, the city's rate was also greater than the 3.48% national foreclosure average.

As early as the middle of last year, foreclosure listing properties in Medford were already on course to topple 2009 figures as delinquency rate in the city was also up during that time. In November 2010, 7.79% of Medford's borrowers were already three months or more behind in their mortgage payments. This delinquency rate was up by 0.31% from the 7.48% recorded in November of 2009.

Local housing industry analysts stated that part of the reason for the increased number of bank and HUD homes listings in the area was the big number of people flipping properties. They stated that these home flippers got caught in the economic downturn and were eventually unable to pay their loans.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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