Well researched story from Steve Law in Portland Tribune HERE has lots of detailed RealtyTrac Inc. data for individual zip codes and summaries for individual cities.
Hillsboro On Track for 1,000 Foreclosure Actions This Year; Lake Oswego, 600.
To me most stunning detail in story is that Hillsboro is on track for 1,000 foreclosure actions this year, and Lake Oswego 600. (There could be some double counting of actions on individual properties despite RealtyTrac efforts, but irregardless, this level of foreclosure activity in two of the most prosperous cities in Oregon is indeed stunning).
(Story has a quote from me too, along with reference to a prior Oregon Housing Blog web post HERE pointing out that serious delinquencies and foreclosures on recent FHA loans are higher for loans with higher mortgage amounts).
Hardest Hit Funding Allocation?
With suburbs outpacing City of Portland in the growth of foreclosures by 31% (8.5%/6.5%-1), and recent $50 million increase in Hardest Hit funding, OHCS will need to look more closely to see if suburban Portland markets should be selectively added to the Hardest Hit areas.
Originally created and posted on the Oregon Housing Blog.
I have spoken to Mr. Law and there is a lot more to this story than meets the eye as shown in the data table. It is an excellent story yet at the same time, it doesn't empower the home owner to keep their homes especially if they are victims of Predatory Lending, i.e. Reverse Redlining by lenders selling "lemon loans" designed to fail by the homeowner. I hope that Mr. Cusack and Mr Law continue to write and post about this topic. DB
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