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Mar-04-2010 17:08printcomments

Foreclosure Rates in Salem Increase

Foreclosure data is based on the actual number of active mortgage loans rather than the total number of households in a given area.

Salem Oregon real estate trends

(SALEM, Ore.) - Foreclosure rates in Salem have increased for the month of January over the same period last year, according to First American CoreLogic.

According to newly released data from First American CoreLogic on foreclosures for the Salem area, the rate of foreclosures among outstanding mortgage loans is 1.89 percent for the month of January, an increase of 0.91 percentage points compared to January of 2008 when the rate was 0.98 percent.*

Foreclosure activity in Salem is lower than the national foreclosure rate which was 3.19 percent for January 2009, representing a 1.30 percentage point difference. Also in Salem, the mortgage delinquency rate has increased.

According to First American CoreLogic data for January 2009, 6.20 percent of mortgage loans were 90 days or more delinquent compared to 2.88 percent for the same period last year, representing an increase of 3.31 percentage points.*

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

Location90+ Day Delinquency Rate January 200990+ Day Delinquency Rate January 2008Percentage Point Change in 90+ Day Delinquency RateForeclosure Rate January 2009Foreclosure Rate January 2008Percentage Point Change in Foreclosure RateREO Rate January 2009REO Rate January 2008Percentage Point Change in REO Rate
Oregon5.93%2.88%3.05%1.86%1.07%0.79%0.46%0.32%0.14%
Salem, OR6.20%2.88%3.31%1.89%0.98%0.91%0.40%0.28%0.12%
US8.66%5.53%3.13%3.19%1.99%1.20%0.54%0.77%-0.22%

Source: First American CoreLogic.

Salem, OR90+ Day Delinquency RateForeclosure RateREO Rate
January 20106.20%1.89%0.40%
December 20095.78%1.78%0.39%
November 20095.39%1.71%0.38%
October 20095.21%1.71%0.39%
September 20095.01%1.70%0.38%
August 20094.74%1.64%0.33%
July 20094.44%1.65%0.31%
June 20094.13%1.54%0.30%
May 20093.92%1.50%0.28%
April 20093.67%1.45%0.27%
March 20093.40%1.28%0.27%
February 20093.14%1.10%0.29%
January 20092.88%0.98%0.28%

Source: First American 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 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.

=========================================

Source: First American CoreLogic, a member of The First American Corporation (NYSE:FAF) family of companies, is the largest source of U.S. real estate and mortgage data and analytics.




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