CORRECTED: 1st Quarter 08 Mortgage Bankers State Foreclosure Analysis.

[The PDF state table previously posted had incorrect headers for some columns. The comparison should have been to the 1st quarter 2007, not to the "prior quarter". I have corrected the PDF table linked below and also changed the wording below as necessary. My apologies, and THANKS to an alert reader who caught the error].
-----------------------

The Joint Economic Committee has released 1st Quarter 2008 Mortgage Bankers Association foreclosure data by state. Their press release is HERE.

I have done an analysis of the data released, and added some columns to total the number of foreclosures, and to compare prime and sub prime foreclosure rates. (My earlier analysis of 4th quarter 2007 MBA foreclosure state data can be found within this earlier post HERE).

The PDF state table I constructed with the NEW 1st quarter 2008 data is HERE.

My analysis for Oregon shows:

1. In the first quarter 2008 in Oregon there were 6,914 homes in foreclosure, compared to 5,403 homes in the 1st quarter 2007--that's an increase of 28%. That increase is higher than the national increase for the same period of 20%.
2. There was a 140.6% increase in Oregon prime loans in foreclosure from the 1st quarter 2007 to the 1st quarter 2008. That's higher than the national prime loan foreclosure rate increase of 134.9%.
3. There was a 136.7% increase in Oregon sub prime loans in foreclosure in the first quarter 2008 compared to the 1st quarter 2007--that's a higher % increase than the national sub prime increase of 102.5%.
4. More than 1 in every 20 Oregon sub prime loans (5.2%) were in foreclosure during the 1st quarter 2008.
5. The 5.2% Oregon sub prime rate of foreclosure in the 1st quarter of 2008 is nearly 12 times the .44% rate of Oregon prime loans in foreclosure. The 11.7 Oregon ratio of sub prime loans to prime loans in foreclosure is also higher than the national ratio of 8.9%.