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Foreclosure rate in Oregon far below national average
by Gordon Grearson - The Oregon Herald Oregon Herald senior reporter
  Friday November 20, 2009 - 10:18 AM
 
Oregon homeowners have the 31st highest rate in the nation of mortgage foreclosures or loans that are three months past due, according to the Mortgage Bankers Association report for the third quarter of 2009. The report released Thursday, Nov. 19, shows that 5.7 percent of all Oregon homeowners with mortgages were either in foreclosure or were more than three months behind in payments from July through September. Nationally, the rate was 8.9 percent.Among Oregonians with weak credit who took out subprime loans, 23.3 percent were either in foreclosure or at least three months behind on payments during the third quarter. The national rate was 28.7 percent.

Among Oregonians with prime loans, 3.9 percent had similar problems, while the national rate was 6.3 percent.

During the third quarter, Oregon had the nation's 44th-highest rate of homeowners who were late on their payments, and the 21st-highest rate of homeowners in foreclosure, according to the Mortgage Bankers Association.

Oregon has a lower-than-average number of homeowners with subprime loans, but a higher-than-average number of homeowners with alternative or "Alt A" loans. Those include interest-only loans, Option ARM loans, or stated income loans, where there was no required documentation of their ability to pay.

Alt A loans, like subprime loans, are falling disproportionately into foreclosure. However, the Mortgage Bankers report does not track Alt A loans as a separate category.

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