Foreclosure Rates in Salem Increase

The mortgage delinquency rate in Salem has increased.

Courtesy: First American Corelogic

(SALEM, Ore.) - Foreclosure rates in Salem have increased for the month of September over the same period last year, according to First American CoreLogic, the leading collector of national, state and local data on home prices, foreclosure and delinquency activity, real estate sales volume and mortgage loan activity.

According to recent data from First American CoreLogic on foreclosures for the Salem area, the rate of foreclosures among outstanding mortgage loans is 1.90 percent for the month of September, an increase of 1.14 percentage points compared to September of 2008 when the rate was 0.75 percent.*

Foreclosure activity in Salem is lower than the national foreclosure rate which was 2.93 percent for September 2009, representing a 1.03 percentage point difference.

Also in Salem, the mortgage delinquency rate has increased. According to First American CoreLogic data for September 2009, 5.26 percent of mortgage loans were 90 days or more delinquent compared to 1.92 percent for the same period last year, representing an increase of 3.34 percentage points.*

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

ABOUT FIRST AMERICAN CORELOGIC:

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me!!!, people who have used their homes as a gamble to make money and as an automatic ATM through equity lines of credit are prone to just walk away when they see homes selling for big discounts in their neighborhoods. That is what I think we are seeing happen. A small percentage of these homes are due to the economy, based on research I have read. Of course the people walking away will give you a different answer, because they don't want to admit they don't like to live up to their financial commitments.

i dont get it...

Almost a TRIPLING of foreclosure rates?! We are not even close to seeing the end of the fallout.

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