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Late Mortgage Payments Rise in Oregon
The Mortgage Bankers Association reports that 7.5% of mortgages are at least one month late in Oregon. And the worse may be yet to come.
As reported on the Oregonian’s Front Porch blog by Ryan Frank, delinquent mortgages are among the highest in the last 30 years.
Since record keeping began in 1979, the only two quarters with higher rates came in 1985 when a nasty recession rocked Oregon’s timber-heavy economy.
Compared to a year ago, the number of troubled mortgages has doubled to 47,700.
The MBA suggests that unemployment rates are fueling delinquencies and won’t subside until mid-2010.
Jay Brinkmann, the chief economist for the mortgage bankers group, said that the number of prime mortgages going into foreclosure would only increase with more job losses expected. “What is the outlook going forward? Well, delinquencies are very much tied to employment,” he said.
California, Arizona, Nevada, and Florida are still among top foreclosure states. These four states account for nearly half of the national foreclosure events alone.
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One Response to “Late Mortgage Payments Rise in Oregon”
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I’m located in Florida and attest first hand to how terribly HORRID the housing market is down here. I had no idea places like Oregon were experiencing the same types of problems. I’m sure it’s not quite as bad as in Florida, where we have virtually no refiance business because almost everyone seems to be upside down on their mortgages. THis post was form March, I’m curious if things have started to improve in Oregon yet for you lately..