Foreclosures soared in Oregon during the first six months of 2009.
RealtyTrac reports that Portland, Salem and Eugene have all seen increases of 100 percent year over year. Other cities that were hit hard earlier have begun to recover, but Oregon’s high unemployment is blocking recovery.
“While some of the markets that had the highest saturation of foreclosures over the past few years have seen declining rates, new markets like Provo, Utah, and Boise, Idaho, have seen large increases,” James J. Saccacio, RealtyTrac’s chief executive officer, said in a statement.
“As unemployment rates increase in different parts of the country, it’s very likely that we’ll see similar patterns develop elsewhere.”
See the blog post at Oregon Live.