Foreclosure starts drop in Oregon
BY INMAN NEWS, WEDNESDAY, AUGUST 15, 2012.
In Oregon, foreclosure starts were down 58.6 percent year over year in July, to 426.
“This is most likely related to both the new Oregon law, SB 1552, that gives homeowners at risk of default, or in default, the right to request mediation to avoid foreclosure, as well as the Oregon Court of Appeals ruling that may force some lenders to proceed judicially with foreclosures,” the report said.
“It is still not clear whether this is a temporary decline or part of a move toward judicial foreclosure in Oregon.”
Nonetheless, time to foreclose fell to an average of 143 days from 162 days a year ago. Foreclosure cancellations in Oregon fell 11.9 percent on an annual basis last month, to 761 properties. At the same time, the number of properties reverting to REOs rose 93.6 percent year over year, to 395. Sales to third parties rose 73.7 percent, to 66 properties.
In contrast to the other four states in the ForeclosureRadar report, REO inventory in Oregon rose in July, up 39.7 percent to 3,153 properties. Banks also resold REOs at a quicker pace — an average of 203 days, down from 219 a year ago. Third parties resold in an average of 79 days, up from 66 in July 2011.