Oregon Foreclosures Up 20 Percent in Third Quarter

Suzanne Stevens, web editor at The Portland Business Journal, reports on the more than 12,000 new foreclosures in Oregon (including default notices, scheduled auctions, bank repossessions) in Q3, ranking the state 11th in the nation according to RealtyTrac:

Foreclosure activity in Oregon increased 20.43 percent in the third quarter from the same period in 2009 and 16.94 percent from the previous quarter.

Oregon continues to lag the national average. Foreclosure filings nationwide in the third quarter, declined 1 percent from a year earlier and rose 4 percent from the previous quarter. All told, 930,437 properties received a foreclosure notice in the quarter. Nearly 347,500 filings were reported in September, including 102,134 bank repossessions. It's the first time repossessions have surpassed 100,000 in a single month.

Click here to read her entire report.

This is obviously a very disturbing report. Bottom line, we need to get a handle on unemployment before this crisis really gets out of control.