Oregon #9 in Foreclosures but #37 in Home Insurance Costs
By Oregon Tax News,
Oregon ranked as one of the top 10 states with the highest foreclosure rate in the nation according to a recent survey. Earlier this year, RealtyTrac, the leading online marketplace for foreclosure properties, released its January 2010 U.S. Foreclosure Market Report listing 315,716 default notices, scheduled auctions and bank repossessions on U.S. properties during the month of January alone. Despite the daunting number, this is actually a decrease of nearly 10 percent from December 2009, but 15 percent above the level reported in January 2009. The report also shows one in every 409 U.S. housing units received a foreclosure filing in January.
Nevada, Arizona, California and Florida are at the top of the foreclosure list. Despite a year-over-year decrease in foreclosure activity of nearly 18 percent, Nevada’s foreclosure rate remained highest among the states for the 37th straight month. One in every 95 Nevada housing units received a foreclosure filing during January 2010. This is more than four times the national average. Oregon is not far behind.
Oregon cannot blame its high foreclosure rates on homeowner insurance because it is currently ranked 37th in the nation in insurance costs according to the National Association of Insurance Companies. Oregon averages $496 a year, which is just over half of the national average of $822. “Oregon’s competitive insurance market helps keep premiums low, as does the lack of hurricanes and tornadoes in the state,” Teresa Miller, administrator of the Oregon Department of Consumer and Business Services’ Insurance Division, said in a statement.