Oregon foreclosure rate now 3rd in country

After a 20% increase in foreclosures, Oregon is now No. 3 in the country, trailing only Nevada and Florida.

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The rate at which Oregonians fall into foreclosure jumped 20% in the first quarter, and is not expected to improve until the end of the year.

Oregon now ranks No. 3 in the country after Nevada and Florida in terms of lost homes.

The rising foreclosure numbers are in part a function of timing. Oregon was late to enter the recession, and it stands to reason that its foreclosure rate will stay higher longer than other states that crashed earlier, said Josh Harwood, senior economist for the state of Oregon.

Nevertheless, the foreclosures are an ominous sign for the region’s struggling economy. Tens of thousands of Northwesterners, their personal finances shattered by unemployment, pay and benefit cuts and foreclosure’s cousin, declining home values, are losing what for most is their largest single asset at a rate not seen since the Great Depression.

Read the full report at OregonLive.com.