Jackson County Foreclosures Spike

Foreclosures in Jackson County are spiking at a fast pace – a sudden dramatic rise. In May the default numbers declined from the April figures but that has not muted the startling reality. Year-over-year the default figures jumped by 142% in April and 83% in May. In April 138 default notices were issued – an increase of 57% from what it was during the same month in 2007. In May there were 117 default notices in contrast to 64 notices in May 2007. From April to May the foreclosure notices in Jackson County fell by 15%.

Bob Forrest of Loan & Investment of Medford says that Jackson County has been hard hit. In some pockets the foreclosure concentration is more intense. However it is some solace that conditions are not as bad as in Las Vegas and Florida. In the Northwest however this is one of the worst zones.

Across the country there were 261,255 foreclosure notices in May – a jump by 48% from 176,137 from May 2007. It was a 7% hike from April this year according to RealtyTrac. Foreclosures spiked in all but 10 states of USA. The top rankers were Nevada, California, Florida, Arizona and Michigan. In May the foreclosure rate was 1:483 in the country. This is the highest since 2005 and the second consecutive month with such high increases.

The national question is a serious one. During the time of the housing boom when easy mortgage money was flowing freely everyone wanted to invest and make quick profits. But when that came to a halt now these people are stuck with the units they cannot sell. They bought more than one house but today they can only live in one. Although irresponsible behaviour by both borrowers and lenders led to the debacle, loss of jobs and increase in food and fuel prices have added to the mess. Forrest commented, “So many things are going wrong with the economy.” People have been literally robbed of their spending powers and can hardly make payments.

The metropolitan regions of California and Florida were responsible for 9 out of the 10 metropolitan zones worst hit by foreclosures. The two red listed areas were Stockton in California and Cape Coral-Forty Myers in Florida. In May 74,000 units were repossessed by the lenders. About 58,000 were served with default notices.

This calculated to a foreclosure rate of 1:118 last month in Nevada. It was four times the national rate. In California the rate in May was 1:183.

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