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Foreclosure trends in Salem Oregon

Salem Oregon foreclosure trends You don't have to be a statistics guru to see that the volume of real estate foreclosure notices has increased in Salem Oregon. Our unemployment rate started to climb in October 2008 and that is so apparent in the notices this year. With our 12+% unemployment rate not abating anytime soon, I would expect foreclosure notices to be at full force due to job losses occurring this fall. Remember, these are not subprime defaults. These are people that have lost their jobs that can't find new ones here: these are prime borrowers.

You can visit the original article at The Real Estate Jumble for more statistics on our local Salem Oregon foreclosures.

The data in this chart was compiled from information received from Fidelity National Title Company.

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Posted by Melina Tomson, M.S. Salem Oregon Real Estate Specialist on 07/17/2009 10:38 AM

Comments (9)

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9 Comments on Foreclosure trends in Salem Oregon

JUL

So many families experiencing financial hardship with the high unemploymnet rates we're seeing. Here in Southern Oregon, with so many people "off the radar" because they worked in the construction industry doing contract work, we know the "real" numbers including these plus the folks who have dropped off the unemployment insurance records are really much higher.

Karen I agree. There are so many companies that have done across the board pay cuts in order to not layoff anyone, and so there are a good chunk of folks making less money, but still employed. My recent market stats showed signs of stabilization here, but we'll have to see come this fall.

This looks to be about par for the national numbers. RealtyTrac recently announced that foreclosure filings are up 33% year over year.

JUL

This is great info, Melina. Your numbers (and the RealtyTrac 33% increase) really mean that this problem is not the national emergency some of our leaders and media tell us.

Yes, it is a terrbile situation for many. Yes, it is a serious problem.

But for us in Oregon, it is not the national emergency it is held up to be. Nevada, Arizona, Florida, Michigan, southern Cal, yes. Oregon, no.

The national recession in the early eighties sent Oregon into a depression. People were leaving in huge numbers. The inventory was many times worse than it has been this go-round. And the inventory seems to be turning downward.

The bellweather, Southern Califonia seems to be heading upward. Sacramento has had sales increases year-over-year for 12 months.

Let's hope the light at the end of the tunnel is not a UFO.

Mark our market was 56% more 2nd quarter compared to 2nd quarter last year. This really is a job loss issue out here, I think.

Jim our inventory isn't too bad. It has been dropping every month, and bargains are getting multiple offers. We'll just have to see what the fall brings in terms of these unemployment foreclosures.

JUL

Our inventory for low-end properties is severely lacking, but home sales have been up here for 12 consecutive months -- not year over year, just up month over month, which is a better statistic in my opinion. Prices have been up or the same for 6 consecutive months. I expect July to make it 13 and 7.

Russel our average home prices always go up in the summer and then down again so comparing similar months or quarters is really important out here.

JUL

Melina, I live in Mill City, which you know is very small. People keep telling me the foreclosure rate here is staggering. I check the list and for the size of community we have I think we are right in line with everywhere else. Actually, I am surprised not to see more of them. I think you are right, we will see more in the fall with the numbers of unemployment the last few months.

Leslie,

I'm working on a city by city breakdown for the smaller cities. I think it feels staggaring to we locals, but compared to the hard hit areas, we are so mild.

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