December HAMP Report Shows Oregon Permanent Loan Modification Total of 4,791 ADDED During Last Year, Current Inventory 5,666.

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I have broken out HAMP loan modification data for US, Oregon, AND for Oregon metro areas [Bend, Corvallis, Eugene, Medford, Portland, Salem) through December in tables I constructed HERE.

Observations: Pace of Trial AND Permanent Monthly Loan Modifications Had an Uptick in December, But Pace Still Below Earlier in Year. 

   1. Oregon's inventory of active trial loan modifications  grew to 1,668 in December, UP from November's 1,586; nonetheless, the decline in Oregon is 7,220 or 81% since the start of the year. (This matches the national decline of 81% since the start of the year).

   2. At the December pace, Oregon would run out of trial loan modifications that could be converted to permanent mods in 20 months, a longer period than in earlier months.

  3. Oregon's permanent loan modifications inventory  continues to increase, reaching 5,666 active permanent loan modifications, an increase of 548% (4,791) since the start of the year. The Oregon YTD 548% rate of increase is less than the national rate of permanent loan modification increase of 685%.

   4. Oregon's permanent loan modification inventory increased by 188 during December, down from the November increase of 205, but up significantly from the 129 added in October. The December increase is still down dramatically from the peak month increase of 741 in April, and a 594 increase in January 2010. 

I have updated a GRAPH inserted at the top of this post that shows the monthly decline in the monthly rate of permanent modifications added in Oregon. And, below is a table showing the change in the last year in the counts of permanent loan modification inventory for the state and  Metro areas where data is available:

Area	Dec 2010 Inventory	December 2009 Inventory	# Increase in Inventory	% Increase in Inventory
OREGON	5,666	875	4,791	548%
Bend	520	98	422	431%
Corvallis	37	2	35	1750%
Eugene-Springfield	400	56	344	614%
Medford	466	85	381	448%
Portland MSA, Incl Vancouver	3,939	627	3,312	528%
Salem	536	70	466	666%

HUD has published the January national Housing Scorecard HERE.

The December national HAMP report can be found HERE.

Originally created and posted on the Oregon Housing Blog.