Thursday, May 14, 2009

April Oregon Foreclosures Up 127%? Don 't I WISH Increase Was that Low!

RealtyTrack monthly reports are a good starting point to understand foreclosure activity in Oregon. However, it continues to amaze me that most often only an OVERALL overall foreclosure number appears in the news, instead of a more careful look at changes at different stages of foreclosure. (See last months related post HERE).

When the new RealtyTrac data came out today for April, the standard story appeared again, in this case in the Business Journal HERE; Oregon foreclosures went up by 127% and Oregon's state ranking is the gist of the story.

However, as the chart I put together HERE conclusively demonstrates, the 127% increase story lead misses the MUCH bigger story which is revealed when changes in different foreclosure phases are examined.

This more complete year to year comparison is likely beginning to show the impacts of the overall economic decline AND the lifting of various foreclosure moratoria that had been in place:
  1. Defaults DECREASED BY 89%
  2. Notice of Trustee Sale INCREASED by 656%
  3. REO INCREASED by 655%
I hope future reporting takes more time to look beyond the simple RealtyTrac table and press release and at how change is occurring at different rates for different stages in the foreclosure process. (RealtyTrac DOES make that information available in their table, just a matter of digging it out).

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