Notices of Default Continue To Drop

Notices of Default (NOD) in Central Oregon dropped for the third straight month in July, down to 146, which is the lowest number since August 2008. NOD are down 54% compared to July 2010. In the fall of 2010, lenders halted foreclosure proceedings while they evaluated the robo-signing issue, among others. As a result, in Deschutes County, 789 foreclosures were rescinded between January – March 2011. In April 2011 following the foreclosure halt, Notices of Default in Deschutes County surged to an all time high of 581 as banks and mortgage servicing companies cleared out the backlog. After the surge, NOD have been on the decline and it appears to be a trend.

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