Renters Helped as Oregon Enters Top Ten in Foreclosed Homes

In 2008, Oregon was 21st in RealtyTrac’s foreclosure rate rankings. In February, Oregon entered the top ten list, with 1 house in 446 houses receiving a foreclosure filing. In March, it had 3,388 foreclosure filings, including 594 real estate owned foreclosed homes.

With these foreclosure data, state senators approved on Tuesday a bill that would protect renters from the burdens of foreclosed homes.

Oregon’s rate of increase in foreclosed homes in March was also worse than that of the county, which registered an increase of 46 percent in foreclosure filings in March.

Nationwide, over 340,000 homes were hit with foreclosure filings in March, contributing to large numbers of foreclosed homes in the first quarter.

In the first quarter, over 803,000 homes were given default and foreclosure notices across the nation, with a foreclosure rate of 1 in every 159 housing units, an increase of 24 percent compared to last year’s first quarter.

James Saccacio, chief executive of RealtyTrac, said much of the foreclosure activity in March involved new forclosures for sale, showing that many of the foreclosures were delayed foreclosures as lenders complied with state and industry foreclosure moratoriums.

In March, Oregon was 12th in foreclosure rate, but it was 10th in the first quarter’s foreclosure rate rankings.

Oregon’s most populous county, Multnomah County, had the most foreclosure filings in March, with 648 foreclosure actions.

The other counties with the largest numbers of foreclosed homes were Deschutes, Washington, Jackson, Clackamas, Marion, Lane, Linn, Yamhill and Josephine.

Oregon’s neighboring state of Washington had 4,326 foreclosure filings in March, ranking 17th in RealtyTrac’s foreclosure rate charts for March.

On Tuesday, the Oregon Senate approved a bill designed to help renters of houses in the process of foreclosure or houses already foreclosed.

The Senate bill would require lenders to give advance notices to renters of properties during the foreclosure process. It would also allow long-term renters to stay in the foreclosed homes up to 2 months after the foreclosed property is sold so renters can use their security deposits as they look for other rental homes to move to.

The measure also informs buyers of foreclosed homes that they do not automatically become landlords of the foreclosed homes unless they work out new rental agreements with the tenants.

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