Oregon Feels Pinch of Foreclosure Crisis

The foreclosure scourge has moved its way into Oregon, causing some of the highest rates of loan defaults since the 1980s.

"Foreclosures have spread through California, Florida and other states for more than a year. But the national housing decline is just now moving to its next ugly phase in Oregon: A glut of unsold houses, falling prices and vacant foreclosed homes that drive down values for neighboring homes.

More than 2,800 homeowners defaulted on their mortgage in Clark, Clackamas, Multnomah and Washington counties in the third quarter of 2008, according to county records. That's more than 30 defaults a day. In the once fast-growing Deschutes County, 520 people defaulted, up from a low of 51 in the second quarter of 2006.

Across the five counties, defaults were up 107 percent from the same quarter in 2007.

The number of new defaults was still less than 1 percent of all housing units in the counties. But by comparison, Oregon's foreclosures in this downturn are likely to rise to the highest levels since the 1980s recession."

Full Story: Foreclosure scourge spreads into Oregon

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