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Foreclosure Rates in Salem IncreaseSalem-News.com
As of October 2010, 0.62 percent of homes with a mortgage in Salem were in REO (real estate owned) status.
(SALEM, Ore.) - Foreclosure rates in Salem have increased for the month of October 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 2.22 percent for the month of October 2010, an increase of 0.51 percentage points compared to October of 2009 when the rate was 1.71 percent.*
Foreclosure activity in Salem is lower than the national foreclosure rate which was 3.33 percent for October 2010, representing a 1.11 percentage point difference.
Also in Salem, the mortgage delinquency rate has increased. According to CoreLogic data for October 2010, 5.65 percent of mortgage loans were 90 days or more delinquent compared to 5.26 percent for the same period last year, representing an increase of 0.39 percentage points.*
As of October 2010, 0.62 percent of homes with a mortgage in Salem were in REO (real estate owned) status, meaning after they were not sold at auction, they were returned to possession of the lender.
This is an increase over one year prior when 0.39 percent of homes were in REO status.
* 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 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 firstname.lastname@example.org or Bill Campbell at email@example.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.
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