No slowdown in Lane foreclosures

Lane County saw more foreclosures in August, with little signs of improvement on the way.

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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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