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Portland foreclosure rates increase

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Portland foreclosure rates increase

 Portland foreclosure rates rose to 2.74 percent, an increase of 0.18 percent compared to September 2011. The state’s rates rose to 3.12 percent, an increase of 0.15 percent. Nationwide, the foreclosure rates fell to 3.52 percent, a decrease of 0.27 percent. Oregon’s foreclosure recovery has lagged behind the nation since July, says the Portland Business Journal, when a new law took effect that gives delinquent mortgage holders more rights to arbitration.

The good news is that the number of Portland homes headed for foreclosure is 5.42 percent, a drop of 0.27 percent. The average price of a home ($281,400) has increased 4.9 percent compared to a year ago.

According to RealtyTrac, the Oregon county with the highest number of new foreclosures in October 2012 was Multnomah with 258, almost twice as many as Washington with 132. Clackamas had 111, followed by Deschutes at 33. Josephine and Linn counties were the lowest with 11 each.

RealtyTrac reports that the states with the highest rates of foreclosure in October 2012 were California with the highest, followed by Florida, Illinois, Ohio, and Georgia. The average foreclosure sales price was $175,995.

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