Top 10 States for Foreclosures: Oregon at #5
Some interesting stats on the foreclosure scene nationwide, but honestly I'm surprised at some of the states on this list. I expect the usual suspects when you talk about foreclosures, including Arizona, Nevada, California, Georgia (spurred by the Altanta metro area) and of course Michigan and Ohio who arguably have the worst economies in the US. But Oregon and Idaho? I'm shocked! I'd like to think we're insulated here in the northwest, as our market didn't climb as sharply and it was expected would decline less as well. That might still be true, but Oregon as #5 isn't a good sign. We're starting to see an increased number of pre-foreclosure homes in Clatsop County end up bank owned or REO (real estate owned). From my unscientific research, the number of homes in default hasn't increased sharply here in the past several months but it appears less of those homes are being sold prior to foreclosure or otherwise successfully working out their mortgage defaults with the lender.
They tell me our market (Astoria, Warrenton, Gearhart, Seaside, Cannon Beach) has always lagged behind the national trends by a year or so, let us hope we're not just starting to catch up with the big players this time.
Top 10 States For Foreclosures in January 2009
State Total Change 12/08 1 1/every x HH
Nevada 14,444 -3.96% 137
California 76,761 -0.14% 173
Arizona 76,761 -8.07% 182
Florida 40,770 -19.76% 214
Oregon 4,511 218.80% 357
Illinois 14,447 85.05% 363
Michigan 11,418 6.25% 397
Georgia 9,907 -1.24% 400
Idaho 1,512 105.71% 417
Ohio 11,199 -12.41% 452
Stats from RealtyTrac.