Foreclosure Rates in Salem Oregon
By Melina Tomson, Principal Broker/Owner, M.S.
(Tomson Burnham, llc Licensed in the State of Oregon)
Recently the Statesman Journal and Salem-News.com spread the word that foreclosures in Salem Oregon had increased. They used CoreLogic as their source of data and they are reporting an increase for Salem. I disagree with their presentation of the data and here is why... Interpreting the foreclosure data First of all CoreLogic and I look at different things. First, they have their foreclosure rate calculation. This is a calculation based on the number of mortgages involved in the foreclosure process at any given point in time. Think about their data this way. In January, 10 loans get served with a notice of default. 5 works things out with the bank, 5 don't. Those 5 homes are slated for auction in April. April comes and 2 of the 5 delay their auction to do a short sale. The other 3 go ...
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