Reasons Behind the Negative Mortgage Growth in Portland

How bad do you think the state of the nation has been after the end of the first decade of the new millennium? To be honest, the state of Oregon has reached a negative tie-end with its residents and their mortgage payments thus leading to early foreclosures especially in the larger cities of the state. Portland mortgages have been defaulted and foreclosed, sending money back to the banks on negative entrails, on an escalating percentile since 2009. In fact the rate of foreclosure on Portland mortgage loans are at a disturbing 15% every month, leading to about 130% increase in foreclosures every year. What does this mean for those moving in to the state of Oregon and the particular bustling town of Portland?

Following the general economic crisis that swept over America and later the world, unemployment has become one of the major reasons for mortgage loans to be defaulted and for houses to be foreclosed; Portland mortgages not a hair away from being saved from the disaster. The surprising fact here is that high mortgage loans are not to given to the unemployed or to those with poor monthly income because the banks will not be able to compensate for the high amount of money lost to them, even when the payment is defaulted. Portland mortgages undergo the same law that the rest of Oregon goes through and that is the rule that only mortgage brokers or mortgage lawyers are allowed to default or foreclose mortgage loans. This leads to the question to why the state and the principal city are suffering when their law concerning mortgages are stricter than most other places in the nation.

The second viable reason behind the mortgage predicament in Portland is the mortgage boom bubble that came up a few years prior. Many loaners assumed they could profit from the sudden interest in realty property but later on could not fulfil their end of the business therefore foreclosing their mortgage loans.