Thursday, June 5, 2008

Oregon Foreclosures Up 121% in April

In yet another sign that it's only getting worse, Realty Trac released it's April report which showed foreclosures in Oregon up 121% from April 2007. That's one for every 975 households.

The one bright spot is that the numbers were flat from last month.

I imagine it will get worse before it gets better, with more and more ARM's resetting. I saw a pre-foreclosure yesterday that was valued at $329k, but the owners owe more than $450k on it. The bank will end up owning it and taking a bath.

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