Oregon foreclosure filings hit a five-year low in July as a new mediation program took effect.
According to the foreclosure data firm RealtyTrac, filings fell 42 percent from June and 48 percent compared with July of last year.
Foreclosure starts showed an even bigger decline. Banks initiated out-of-court foreclosures on 65 percent fewer homeowners in July than in June. Repossessions of homes that entered the foreclosure process months earlier continued mostly unabated.
Read more at OregonLive.com.