Oregon’s Reo Properties for Sale Figures Still High
Once again, Oregon is in the throes of rising REO properties for sale. A May market data showed that the state’s foreclosure filings inched up by 89.8 percent compared to a year ago figures.
Industry experts pointed out that unless authorities, mortgage lenders and homeowners do something to address the rising defaults in the state, Oregon’s foreclosure filings will surge beyond the mark of one out of 525 houses facing the potential of being added on REO properties for sale.
Also last month, Oregon saw a rise of almost 90 percent in property losses. Furthermore, over 3,000 distressed homeowners across the state received notices of default or foreclosure auction or were repossessed. The figures represented a slight decline from April but were 20 percent above the same-time level a year ago.
In the first quarter of this year, foreclosure filings were issued on 10,547 distressed homeowners, a 29 percent jump from the last quarter of the previous year and a whopping 151 percent increase from the year-ago first quarter. The drastic increase in the state’s unemployment rate is being blamed for putting Oregon on the throes of the foreclosure crisis.
Several efforts are being made to help homeowners save their properties from foreclosures. The Senate Bill 628 aims to stave off REO properties for sale in Oregon. Under the bill, banks would be required to discuss with distressed homeowners possible solutions to avoid foreclosures.
The meeting between lenders and homeowners will be made before trained mediators who would help work out affordable payment plans. In the event that lending institutions and banks failed to come in an agreement with distressed homeowners, banks will be required to pay a fee if they decide to resell the distressed properties.
Nationwide, the Obama Administration launched the Making Home Affordable program in an effort to reduce the number of homeowners losing their properties to foreclosure. According to the Department of Treasury, over 120.000 borrowers were able to renegotiate for affordable payment plans with their lenders since the program was launched.
However, despite efforts of the national government to contain foreclosures, about 1 million houses became REO properties for sale since March. And it is expected that more and more Americans will see their houses go into foreclosure proceedings in the coming months.
Related Posts:
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- Foreclosed Houses in Missouri Pushed Up Bank Losses
- Citigroups Program of Reducing Repo Property Inventories
- Foreclosed Homes for Sale in Atlanta: Median Price Falling
