The number of foreclosed properties in Salem, Oregon rose on a year-over-year basis last month. The city posted a total of 3,532 filings of foreclosures or about 9.68 daily from June of last year to June of the current year.
According to market data, foreclosures accounted for 1.60 percent of the total number of outstanding mortgage loans in Salem in June, representing a rise of 0.90 percent compared with the 0.70 percentage point the same month the previous year.
The number of bank foreclosures in Salem is lower compared with the national average repossession rate in June which was 2.6 percent, representing a difference of 1.0. Furthermore, the rate of mortgage defaults in Salem rose in June.
Preview data showed that 4.40 percent of the total number of mortgage loans was 3 months delinquent or delayed compared with 1.80 percent posted in the same month last year. The figures represented a jump of 2.60 percent.
Meanwhile, year-over-year figures showed foreclosure filings were made on 3,532 properties in Salem or about 9.68 foreclosures daily, compared with 2,006 repossession filings from July 2007 to June the following year or about 5.5 foreclosures daily.
Foreclosure filings on public record include the three processes of foreclosures. The first is the notice of default (NOD) or pre-foreclosure filing. This process usually happens after the 3-month delinquency period. Then notices of foreclosure auction or sale follow. Notifications of sale would be filed after the foreclosed house has been sold at an auction.
In the event that the foreclosed property has not been sold at an auction, it will revert back to lenders and will be considered a bank foreclosed home.
On the other hand, Salem was better off in terms of foreclosure rate compared with other metropolitan areas in the country. Las Vegas, Nevada was the foreclosure capital with one out of 13 households receiving foreclosure filings in the first half of this year. The figures increased by 56 percent since last year.
Meanwhile, Florida area of Cape Coral-Ft. Myers was second in ranking among cities with worst foreclosure problems. One out of 14 properties received repossession filings. Merced, California came in third in the top 10 list with 1 out of 15 properties in some kind of foreclosure trouble.
Chicago, Illinois, which in the last half of 2008, was not one of those metropolitan areas affected by the foreclosure crisis, rose to the 39th spot with a 30 percent rate increase or one out of 59 properties.
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