Deschutes County Foreclosures Double
From the Bend Bulletin:
When the Deschutes County Clerk’s Office closed June 30, an ominous milestone was reached. Through the first half of the year, 788 notices of default — a document initiating foreclosure proceedings —were filed with the county.The number is significant, considering 590 of them were filed in all of 2007, and just 221 in 2006.The amount is still a small percentage of all loans outstanding. But the numbers behind the notices of default tell a lot about the rise and fall of the housing bubble.Of those notices of default filed in 2008, more than 75 percent are for mortgages originated in 2006 and 2007, coinciding with the local real estate boom, according to an analysis by The Bulletin.That doesn’t surprise Tim Duy, an economist with the University of Oregon. Duy said delinquent borrowers caught up in the frenzy either bought too much house or were stuck with unrealistic […]
Original post by noreply@blogger.com (Clint8200)
