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More Homeowners Seeking Help to Avoid Foreclosures

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By : John Cutts    99 or more times read
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.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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