HOPE NOW August Data: Oregon Foreclosures During First 8 Months of 2008 Already Substantially Exceed 2007 Totals.

HOPE NOW Alliance report with August data is now available HERE.

Includes information on loan defaults, foreclosures, and loan mitigation measures taken,with state level data available.

I have prepared two graphs showing the number of foreclosure starts and completions during the two years HERE. Charts include totals, and a breakout by prime and subprime loan categories.

My analysis of Oregon HOPE NOW data found in the charts, comparing the FULL year 2007 with the first 8 months of 2008:

1. Foreclosure STARTS during full year 2007 were 3,701; for the first 8 months of 2008 foreclosure STARTS were 9,218--with 4 months left in the year, that's already an increase of 149%. The rate of increase was similar for both prime and subprime loans--141% vs. 155%. Subprime loans represent 60% of all foreclosure starts during first eight months of 2008.
   
2. Foreclosure COMPLETIONS during during full year 2007 were 1,220; for the first 8 months of 2008 foreclosure COMPLETIONS were 2,768--with 4 months left in the year, that's already an increase of 127%. The rate of increase for prime loans was much lower than the rate of subprime loan increase- 58% vs. 190%. Subprime loans represent 67% of all foreclosure completions during first 8 months of 2008.
   

(Note that these totals are reported data from HOPE NOW participating lenders. Since the firms reporting to HOPE NOW are not 100% of the universe of lenders, actual totals are HIGHER than these numbers).