Lane County saw more foreclosures in August, with little signs of improvement on the way.
Lane County experienced 222 more foreclosures in August. While the rest of the economy slowly improves, economists don’t expect foreclosures to subside anytime soon.
Foreclosures increased sharply in 2007-08 as shaky borrowers defaulted on subprime loans, economist Patrick Newport said. “The big wave we’re seeing — the one we’re riding right now — is associated with the bad economy, with people losing their homes because they’ve lost their jobs,” he said.
A new wave of foreclosures will crest in the next two or three years as borrowers who took out “interest-only” or “pick-a-payment” loans reach either a reset or a trigger that boost monthly payments by two-thirds or three-quarters, experts said.
Read the full story at The Register-Guard.
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