Foreclosure Rates in Salem Increase

Foreclosure activity in Salem is lower than the national foreclosure rate which was 2.5 for May 2009, representing a 1.10 percentage point difference.

Courtesy: homeforeclosurelist.net

(SALEM, Ore.) - Foreclosure rates in Salem have increased for the month of May 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 1.40 percent for the month of May, an increase of 0.80 percentage points compared to May of 2008 when the rate was 0.70 percent.*

Foreclosure activity in Salem is lower than the national foreclosure rate which was 2.5 for May 2009, representing a 1.10 percentage point difference.

Also in Salem, the mortgage delinquency rate has increased. According to First American CoreLogic preview data for May 2009, 4.10 percent of mortgage loans were 90 days or more delinquent compared to 1.70 percent for the same period last year, representing an increase of 2.40 percentage points.*

Foreclosure Filings

During the past 12 months, from June 2008 to May 2009, there was a total of 3,350 foreclosure filings in Salem, or approximately 9.18 per day. That compares to the previous 12-month period of June 2007 to May 2008 when there were 1,903 foreclosure filings, or approximately 5.21 per day.

Public record foreclosure filings include the three steps in the foreclosure process beginning with the pre-foreclosure filing or Notice of Default (NOD), which typically occurs after the 90-day delinquency period, the Notice of Foreclosure Sale when the property is scheduled for auction; and the Notification of Sale filed after the property is sold at auction.

If the property isn't sold at auction, it goes back to the lender and is considered Real Estate Owned (REO). Because data is collected from public records, it is subject to limitations with regard to geographic coverage and differences in how various municipalities record foreclosure filings.

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.

For detailed information on foreclosures by zip code and property, visit realquest.com. * Data and percentage point differences are rounded to the nearest tenth and may appear to affect calculations.

Source: ABOUT FIRST AMERICAN CORELOGIC