Friday, October 11, 2013
EUGENE, OR — Court foreclosures (judicial foreclosures) filed in the 20 Oregon counties tracked by Gorilla Capital in September were down 85%, from August; while Notice of Default (NOD) filings remained the same.
“Based on September’s foreclosure filing activity, some observers may make the mistake of believing that the number of Oregon homes subject to foreclosure has dropped,” said John Helmick, CEO of Gorilla Capital. “The reality is that since August, new steps in Oregon’s pre-foreclosure process have created a delay that is now becoming a log jam. Once the log jam breaks, which we expect to occur sometime in the next 4 months, we will see a spike in the number of Oregon homes entering the non-judicial foreclosure process. Most of these homes are vacant and abandoned and need to go through the foreclosure process in order to receive the needed renovation to bring the home back up to the neighborhood standard.”
Filings for court foreclosures (a.k.a. judicial foreclosures) tallied just 305 last month; this compares with 2,060 filed in August; 2,111 in July; 1,542 in June; 1,194 in May; 1,266 in April; 1,014 in March; 1,282 in February; and 766 in January. A total of 11,540 court foreclosure filings have been reported in 2013 to date.
Like in August, September NOD filings totaled 72, compared to 119 in July, and 109 in June. There were 140 NODs filed in May; 99 in April; 103 in March; 95 in February; and 104 in January. For the first nine months of 2013, only 913 NODs have been filed in Gorilla’s Oregon counties; as a comparison from 2008 to July 2012, when Oregon moved to primarily judicial foreclosures, monthly NOD filings were always more than 1,000 per month
“As a result of the new Oregon laws, there will be fewer foreclosures filed for another few months,” Helmick said. “Close to January 1, 2014, foreclosure filings will spike before leveling off later next year.”
September Foreclosure Filings
|County||Court Foreclosures||Notice & Sale|
*Court foreclosures per county may increase as additional foreclosures are filed
** As of November 2012, Gorilla Capital operates in Benton, Clackamas, Coos, Crook, Curry, Deschutes, Douglas, Jackson, Jefferson, Josephine, Klamath, Lane, Lincoln, Linn, Marion, Multnomah, Polk, Tillamook, Washington and Yamhill counties.