With a week still left in the first quarter of 2010, mortgage defaults are up in Clackamas County. The area includes rural communities, as well as Oregon City, Lake Oswego, West Lynn and Wilsonville. From the first quarter of 2009 to 2010, defaults are up 18%, and from the last quarter of 2009 to now they are up 24%. In an area that was thought to be on the rebound as far as the real estate market is concerned, this is not good news. It means that residents are not making money like they used to, and they are probably underwater on their homes, so they are walking away from them. More bank owned homes on the market will keep competition high, and prices low.
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