3.9% of Oregon's 1st mortgages were at least 30 days late and 1.3% of Oregon homes were in foreclosure in the 3rd quarter of 2008 according to an article in today's Oregonian, More Oregonians late on Mortgages by Ryan Frank. While these are alarming figures, the upside is that we are still doing better than most of the rest of the country.
I tried to find information on how many of these homes are owned by senior citizens and was unsuccessful. However, I would imagine that the numbers are high. Many seniors are on fixed incomes and if this income is tied to investments, they have seen a reduction in their assets. Many who were able to live off of the interest from these accounts are now having to withdrawal principle.
One of the areas that we are a little luckier then the rest of the country is.. (click to read on my outside blog)
Larry Morris is a Certified Mortgage Planning Specialist with American Nationwide Mortgage Company in Newberg, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, Sect 184 Native American loans, Hobby Farm loans and conforming purchase and refinances in the states of Oregon and Washington.
He can be reached at 503-421-0096, or larry@PDX-Mortgage.com.
www.PDX-Mortgage.com
OR License ML-3259
WA License WA-510-LO-51175
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APR rates are subject to change based on lender's normal credit guidelines and market conditions.
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