2009 Oregon Foreclosures Nearly Double From 2008

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RealtyStore (http://www.realtystore.com) recorded 6,906 Notices of Trustee Sale (NTS) in Oregon year to date; nearly double the figure from the first half of 2008, and more than triple that for the same period in 2007.

RealtyStore (http://www.realtystore.com) recorded 6,906 Notices of Trustee Sale (NTS) in Oregon year to date; nearly double the figure from the first half of 2008, and more than triple that for the same period in 2007. Such notices are posted when a property is formally scheduled for public auction through foreclosure proceedings.

Leading the state in foreclosure filings is Multnomah, the smallest -but most populous- county in the state and home to Portland, the state's largest city. With 1,812 NTS filings year to date, Multnomah numbers are 120% higher than last year's. Its neighbor Clackamas County, home of the beautiful Mt. Hood territory, shows 1,084 Notices of Trustee Sale, a 105% increase over the same period in 2008.

The real-estate downturn has had a strong impact on the Northwestern region of the state. A similar fate has met Washington and Marion Counties, with 1,059 and 624 NTS filings representing increases of 66% and 117% respectively, over 2008. The state's Southwestern region also shows an increase in foreclosure activity. Jackson County had 878 Notices of Trustee Sale, a 100% jump from 2008. Yamhill County's 207 NTS filings represent a 127% increase for the same period in 2008.

With one of the most diverse landscapes of any state in the U.S., Oregon has had long-term appeal for out-of-state homebuyers, especially Californians looking for a change of pace. The current market conditions make it even more enticing for the prospective homebuyer. "This is a wonderful time for people to buy" - states Sandy Halonen, of the nonprofit Neighborhood Economic Development Corporation, which helps homebuyers with credit counseling and home-purchasing classes.

Tim Chin, CEO of RealtyStore.com (http://www.realtystore.com) echoes that sentiment, "We currently have over 14,000 foreclosures and distressed Oregon properties in our database, many available at a fraction of their market value. Combined with the federal tax credit of up to $8,000 for first-time buyers, this makes for a strong reason to consider buying an Oregon home in 2009."

About RealtyStore.com: Founded in 2005, RealtyStore.com is the fastest growing, most trusted provider of foreclosure listings and information in the nation with over 1 million pre-foreclosure, foreclosure auction, bank-owned, and tax sale property listings. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes extensive property characteristics (including pictures and maps), default and tax information, comparable home values, and neighborhood demographics information. For more information, visit http://www.realtystore.com

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Greg Churilov
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