Oregon Bills Signed as Foreclosed House for Sale Lists Grow
Two legislative bills were signed by Oregon Governor Ted Kulongoski this week to provide more help to homeowners, consumers and all other residents of the state, especially mortgage borrowers facing the risk of losing their homes to foreclosed house for sale inventories.
The bills are part of several consumer protection bills passed by the state legislature during the 2009 session.
The governor said the state government recognizes the fact that many Oregonians are facing a lot of hardships and are struggling with consumer debts and unemployment and that many are losing their homes to foreclosed house for sale inventories.
The consumer protection bills cover a lot of areas affecting consumers. Among these are protections for families struggling to pay home loans, other personal loans and bills; protections for households with properties subject to seizure; and protections for tenants living in foreclosed house for sale units.
The bills also have provisions that would enhance ]mortgage lending policies] and practices to ensure that borrowers receive fair treatment and have low risks of seeing their homes added to foreclosed house for sale lists.
Based on a recent nationwide foreclosure report, the pace of foreclosure in Oregon in the first 6 months of 2009 continues to rank high compared to other states. Oregon is 11th in a ranking of state foreclosure rates, with one housing unit out of every 84 units in the state getting a default or foreclosure notice.
More than 19,000 housing units across the state were in various stages of the foreclosure process in the first 6 months of the year.
Analysts said that unemployment is driving foreclosures in Oregon, being second in unemployment rate across only to Michigan.
In a chart showing the top 203 metro areas in foreclosures in the first 6 months of 2009, Portland, the largest city in Oregon, was in 60th place. It had 11,647 default and foreclosure postings and had one housing unit out of every 65 units in the foreclosure process.
Salem was 64th in the ranking, with 1,724 foreclosure postings and one housing unit out of every 69 units hit with a foreclosure action. The metro area covered by Springfield and Eugene ranked 90th, with 1,188 foreclosure actions and one housing unit out of every 125 units in a stage of foreclosure.
In June, Oregon had more than 3,000 housing units in the foreclosure process, with 952 units already in the foreclosed house for sale lists of lenders.
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