Foreclosure Rates in Salem Increase

The latest in Salem, Oregon real estate trends.

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(SALEM, Ore.) - Foreclosure rates in Salem have increased for the month of May 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 2.14 percent for the month of May, an increase of 0.64 percentage points compared to May of 2009 when the rate was 1.50 percent.*

Foreclosure activity in Salem is lower than the national foreclosure rate which was 3.15 percent for May 2010, representing a 1.01 percentage point difference.

Also in Salem, the mortgage delinquency rate has increased. According to CoreLogic data for May 2010, 5.77 percent of mortgage loans were 90 days or more delinquent compared to 3.93 percent for the same period last year, representing an increase of 1.84 percentage points.*

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

Location	90+ Day Delinquency Rate May 2010	90+ Day Delinquency Rate May 2009	Percentage Point Change in 90+ Day Delinquency Rate	Foreclosure Rate May 2010	Foreclosure Rate May 2009	Percentage Point Change in Foreclosure Rate	REO Rate May 2010	REO Rate May 2009	Percentage Point Change in REO Rate
Oregon	5.64%	3.87%	1.78%	2.23%	1.49%	0.74%	0.50%	0.32%	0.18%
Salem, OR	5.77%	3.93%	1.84%	2.14%	1.50%	0.64%	0.48%	0.28%	0.20%
US	8.22%	6.29%	1.93%	3.15%	2.56%	0.59%	0.65%	0.56%	0.09%

Source: CoreLogic.

Salem, OR	90+ Day Delinquency Rate	Foreclosure Rate	REO Rate
May 2010	5.77%	2.14%	0.48%
April 2010	5.74%	2.10%	0.46%
March 2010	5.70%	2.04%	0.44%
February 2010	5.74%	2.00%	0.42%
January 2010	5.68%	2.00%	0.42%
December 2009	5.59%	1.85%	0.40%
November 2009	5.43%	1.71%	0.38%
October 2009	5.24%	1.71%	0.39%
September 2009	5.04%	1.70%	0.38%
August 2009	4.76%	1.65%	0.33%
July 2009	4.48%	1.66%	0.31%
June 2009	4.15%	1.54%	0.29%
May 2009	3.93%	1.50%	0.28%
April 2009	3.67%	1.45%	0.27%
March 2009	3.41%	1.28%	0.26%
February 2009	3.15%	1.09%	0.29%
January 2009	2.88%	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.