The rate of home foreclosures in Oregon dropped 40 percent last year, according to the California-based real estate firm RealtyTrac.
Foreclosure activity around the nation can be split into two camps. First are states that primarily use the streamlined non-judicial process, like Oregon. And second are states that use mainly the judicial process. It generally takes longer.
RealtyTrac’s report on foreclosures in 2012 reflects those two systems.
Activity decreased in 25 states. Nevada saw the biggest decline at 57-percent, followed by Utah and Oregon at 40-percent. At the other end of the spectrum, were New Jersey and Florida. They saw foreclosures increase, by 55 and 53 percent respectively.
Things could be changing for Oregon, though. A new law took effect in July. It requires lenders go through an arbitration procedure, which in turn has prompted many of them to opt for the judicial process instead.
RealtyTrac says nationally, one in every 72 homes had at least one foreclosure filing last year.