Aug 12, 2008
by CBN Staff
A report released by California-based Foreclosures.com finds Oregon is one of 14 States with monthly record totals for July pre-foreclosure filings for 2008, coming in at number five with 3,199 filings.
The other four states ahead of Oregon are Nevada, with 7,993; New York, with 5,157; North Carolina, with 4,888; and Tennessee, with 3,499, according to a press release issued by Foreclosures.com. The release also noted that owners who receive initial foreclosure notices do not always find themselves in foreclosure, but that notices do indicate that a state's housing market is distressed.
"Looking at pre-foreclosure filings as a percent of households -- the best way to judge future foreclosure trends -- this year 7.2 out of every 1,000 house holds nationwide faced possible foreclosure," said Alexis McGee, president of Foreclosures.com. "So far this year, more than 1.25 million Americans faced the risk of loosing their homes to foreclosure, up 7.3% from June 2008, and up 88.62% from July 2007. Foreclosures and short sales make up a huge chunk of today's sales market and those low sales prices are skewing sales values down."
From June 30 to July 30, at least 155 homeowners in Bend found themselves facing foreclosure or having to short sell their homes, according to local MLS data. During that period there were 94 closed sales in Bend and of those 13 were short sales. Earlier this month there were 59 contingent short sales, meaning the sales are waiting on the bank to make a decision.
By comparison, in Redmond there were 36 closed sales, six of them short sales and 18 presently contingent, according to the MLS.