BEND, OR -- Foreclosure rates in Bend and Redmond decreased by nearly a full percentage point in October, compared to the same time a year ago. According to the new report just released from Core Logic, the rate is declining at a faster pace than state and nationwide rates. But, the local rate is still higher than the national average.
Rob Moore, owner of Arbor Mortgage in Bend tells KBND News, it's a trend his company is seeing, as well. "If I compare the loans we’re doing today … a couple of years ago, one out of every 2 or three loans were a short sale. Today maybe one out of every 10 loans is a loan where we have a distressed sale. We rarely see short sales anymore and the foreclosures are significantly down." In October, 1.67% of Bend-area mortgage loans were in some state of foreclosure, compared to 2.62% a year ago. Statewide, that average is now at 1.77%.
Moore says he's seeing sellers in much better positions than just a few years ago. "If people wanted to get rid of their property a few years ago, they unloaded it. Those that were trying to hold on to them either find themselves in a position today where they can sell it where it’s not distressed, they can at least get their money back; or maybe they’re in a position where they can sell it for what it’s worth or slightly more, and make a little bit of money." Core Logic reports local delinquency rates are also dropping in Bend and Redmond. 3.32% of mortgages were delinquent in October, compared to 4.55% a year ago.