Thursday, January 12, 2012
Notices of default declined significantly in 2011, according to
the latest numbers released by Eugene-based Gorilla Capital
Note to Editors and Reporters: The following news release contains statewide foreclosure numbers for the Oregon counties where Gorilla Capital operates. News releases with county-specific data are forthcoming. Reporters on deadline may request immediate county-specific figures by calling (541) 344-7867.
EUGENE, Ore. – The results are in from 2011, and it’s clear that Oregon’s real estate market is on a path of recovery, say officials with Eugene-based Gorilla Capital. In 15 Oregon counties where Gorilla operates, there were a total of 12,027 notices of default filed in 2011 – a 30 percent decrease from 2010 when 17,120 notices of default were recorded. A notice of default is the official beginning of the foreclosure process.
“Oregon foreclosure totals for 2011 represent a significant decrease from the previous year,” said John Helmick, Gorilla Capital CEO. “The numbers peaked in 2010 and declined in 2011. We are forecasting continued decreases and a leveling off in 2012, absent any government intervention that might disrupt the market’s natural recovery.”
In late 2011 Helmick rightly predicted that the year would close with a 30 percent decrease in notices of default. Other notable foreclosure statistics include the following:
- There were 743 notices of default in December 2011 in 15 Oregon counties where Gorilla Capital operates, a decline of 36 percent from December 2010 when 1,163 notices of default were recorded.
- Six counties – Coos, Crook, Curry, Deschutes, Douglas and Polk – all recorded year-over-year decreases of at least 49 percent from December 2010 to December 2011.
- Deschutes County, a county that was hit particularly hard by foreclosures in 2009-2010, showed the biggest annual decrease in notices of default. The county recorded 2,365 notices of default in 2011, a decline of 37 percent from 2010 when 3,764 notices of default were filed.
- All 15 Oregon counties where Gorilla Capital operates saw declines in notices of default from 2010 to 2011.
In looking at month-to-month numbers in Oregon, there was a slight but statistically insignificant increase in notices of default. The state recorded 813 notices of default in 17 Oregon counties in December 2011, as compared to 796 in November 2011, a 2 percent increase. The biggest decreases in month-to-month numbers occurred in Curry, Douglas and Crook counties, which saw decreases of 40 percent, 36 percent and 24 percent, respectively.