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May-05-2010 15:03printcomments

Salem Real Estate News and Trends: Foreclosure Rates March Forward

Also in Salem, the mortgage delinquency rate has increased.

Salem real estate
Salem-News.com

(SALEM, Ore.) - Foreclosure rates in Salem have increased for the month of March over the same period last year, according to CoreLogic.

According to newly released data from CoreLogic on foreclosures for the Salem area, the rate of foreclosures among outstanding mortgage loans is 2.24 percent for the month of March, an increase of 0.96 percentage points compared to March of 2009 when the rate was 1.28 percent.*

Foreclosure activity in Salem is lower than the national foreclosure rate which was 3.23 percent for March 2010, representing a 0.99 percentage point difference.

Also in Salem, the mortgage delinquency rate has increased.

According to CoreLogic data for March 2010, 6.30 percent of mortgage loans were 90 days or more delinquent compared to 3.40 percent for the same period last year, representing an increase of 2.90 percentage points.*

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* Data and percentage point differences are rounded to the nearest tenth and may appear to affect calculations.

Location90+ Day Delinquency Rate March 201090+ Day Delinquency Rate March 2009Percentage Point Change in 90+ Day Delinquency RateForeclosure Rate March 2010Foreclosure Rate March 2009Percentage Point Change in Foreclosure RateREO Rate March 2010REO Rate March 2009Percentage Point Change in REO Rate
Oregon6.03%3.33%2.70%2.12%1.33%0.80%0.49%0.30%0.19%
Salem, OR6.30%3.40%2.90%2.24%1.28%0.96%0.45%0.27%0.19%
US8.93%5.79%3.14%3.23%2.32%0.91%0.57%0.61%-0.04%
Source: CoreLogic.

Salem, OR90+ Day Delinquency RateForeclosure RateREO Rate
March 20106.30%2.24%0.45%
February 20105.97%2.12%0.44%
January 20105.64%2.00%0.42%
December 20095.55%1.85%0.40%
November 20095.39%1.71%0.38%
October 20095.21%1.71%0.39%
September 20095.02%1.70%0.38%
August 20094.74%1.64%0.33%
July 20094.44%1.65%0.31%
June 20094.13%1.54%0.30%
May 20093.92%1.50%0.28%
April 20093.67%1.45%0.27%
March 20093.40%1.28%0.27%
February 20093.14%1.10%0.29%
January 20092.88%0.98%0.28%
Source: CoreLogic.

Data Notes and Definitions

90+ Day Delinquency Rate: This measures the percentage of loans that are more than 90 days delinquent including those in foreclosure and REO (real estate owned).

Foreclosure Rate: This measures the percentage of loans in some stage of foreclosure including 90+ delinquencies through properties sold at auction. This does not represent the number of new foreclosure filings as provided by other data companies, but rather the current stock, or inventory, of loans in the foreclosure process which offers a comprehensive view of foreclosure trends.

REO (Real Estate Owned) Rate: This measures the percentage of loans not sold at auction which are then returned to the lender. Foreclosure data for CoreLogic is reported based on the actual number of active mortgage loans rather than the total number of households in a given area, which provides more accurate results by removing paid-in-full mortgages from the equation.

Source: CoreLogic. The data provided is for use only by the primary recipient or the primary recipient's publication. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a real estate data and analytics company. For questions, analysis or interpretation of the data contact Lori Guyton at lguyton@cvic.com or Bill Campbell at bill@campbelllewis.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

ABOUT CORELOGIC: CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves.




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