By Wendy Culverwell
Business Journal staff writer – Portland Business Journal
“Foreclosure rates in the Portland area hit a new high in July.
CoreLogic (NYSE: CLGX) on Tuesday said Portland foreclosure rates reached 3.73 percent, a 32.5 percent increase from one year ago, when the rate was 2.06 percent.
The foreclosure rate has been rising since January 2009, when it was 1.07 percent, according to CoreLogic, a Santa Ana, Calif.-based firm that tracks real estate statistics.
The increase in foreclosure rates is accompanied by a rise in mortgages that are more than 90 days past due. CoreLogic said 5.68 percent of Portland area mortgages were delinquent in July. The delinquency rate has been above 5 percent since October 2009.
Statewide, the Oregon foreclosure rate was 3.01 percent, up 34.9 percent from one year ago when it was 2.23 percent.
The national foreclosure rate in July was 3.44 percent, up 7.5 percent from a year ago, when it was 3.2 percent.
The CoreLogic report echoes a similar report from Truckee, Calif.-based Clear Capital, which said Friday that local home prices fell 6.1 percent in July compared to a year ago.
The foreclosure and delinquency rates lag behind other economic indicators. The Portland area unemployment rate for July was 9 percent, compared to 10.5 percent the prior year.”
Culver, Wendy. “Portland Foreclosure Rate Hits New High” Portland Business Journal. 11 Oct. 2011.
