Waiting For A Foreclosure Deal in Portland?
Hoping to cash in on the looming foreclosure fiesta? You might be in for a long wait. For those of you who didn’t catch what the Oregonian had to say this weekend about a report by the Mortgage Bankers Association (one of the most respected sources on mortgage data) – here’s the skinny:
“Oregon loans are still among the best performing mortgages in the country in the first quarter of 2008. Oregon had the nation’s sixth lowest rate of delinquent loans in the first quarter of 2008 and the sixth lowest foreclosure rate. Of Oregon’s 635,000 outstanding mortgages, about 3 percent, or about 19,000 loans, were at least 30 days past due. About 6,000 Oregon loans, or .93 percent, were in some state of foreclosure. Oregon’s mortgage troubles are still far better than after the 1980s timber recession and the 2001 dot-com bust.The Oregon delinquency rate bottomed out in 1982 at 6.2 percent, the highest rate on record since 1979. In the tech crash, that rate hit 3.7 percent. The state foreclosure rate record was 2.2 percent in 1985. After the tech bust, foreclosures hit 1.3 percent in 2002.”
Even as the number of foreclosures picks up, Portland probably still has a ways to go before there is “blood in the streets”, especially when contrasted against such west coast stalwarts as Sacramento or Fresno. Having said that, Portland’s volume of properties in foreclosure is more than twice that of mighty Seattle. Keep your eyes out…
