Foreclosure rates rise again locally

Foreclosures sidetracked when the government put the brakes on proceedings last year are re-emerging in Jackson County.

Foreclosure rates in the Medford Statistical Area increased year-over-year in May, according to CoreLogic, a Santa Ana, Calif., firm that tracks foreclosure activity.

According to data released by CoreLogic, the rate of foreclosures among outstanding mortgage loans was 4.36 percent in May 2011, an increase of 1.23 percentage points compared to May 2010, when the rate was 3.13 percent. CoreLogic's findings showed foreclosure activity in the county is higher than the national foreclosure rate of 3.45 percent in May, representing a 0.91 percentage point difference. The statewide rate for Oregon was 2.87 percent.

Additionally, Medford's mortgage delinquency rate has increased. CoreLogic data for May showed 8.1 percent of mortgage loans were 90 days or more delinquent and headed for default, compared to 7.98 percent for the same period last year, representing an increase of 0.12 percentage points.

A spokesperson for CoreLogic said foreclosures put on hold are now moving through the process. There was no initial indication, however, whether new factors were producing additional defaults.

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