Foreclosure rate doubles

Foreclosure rates for residential real estate in the Portland Metro area doubled in October, reaching 0.8 percent.

First American CoreLogic, which collects national, state and local home data, issued the latest foreclosure rate information Wednesday.

It also said local home prices fell more than 8 percent and the pace of single-family home sales decreased 26.8 percent compared to October 2007.

There were 3,337 foreclosure actions against Portland area real estate in October. In one bright piece of news, local foreclosure activity was 0.9 points below the national rate of 1.7 percent.

First American reported that mortgage delinquencies, a prelude to foreclosure, increased in the Portland area in October, climbing 91 percent to 2.1 percent of all mortgage loans. A mortgage is considered delinquent if the owner is 90 days or more behind on payments.

Home prices fell 8.14 percent in October to a median of $258,000.

Portland performed somewhat better than the national average. The national median home price was $195,000, down nearly 10.5 percent.

First American reported 2,078 closed home sales in October, a 26.8 percent decline. Of those, 311 were new homes and 1,767 were existing homes. In comparison, the city recorded 2,839 home sales in October 2007.

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