Wednesday, March 13, 2013

EUGENE, OR Gorilla Capital reports that February foreclosures soared in the 24 Oregon counties the company tracks.  Filings for court foreclosures (a.k.a. judicial foreclosures) rose from 766 in January to 1,282 or 67% in February.

Notice of default (NOD) for notice & sale foreclosures increased from 69 in January to 93 in February or more than 30%.

“The number of new foreclosure filings is now at the same level as in the first six months of 2012, before the foreclosure process transitioned primarily to the courts.  The court system is now processing the significant number of foreclosures that have been waiting to enter the judicial pipeline since July 2012,” said John Helmick, Gorilla Capital.  “We can expect to see a steady rise in the number of homes sold at Sheriff’s sale in the months ahead as the courts process through the foreclosure actions filed against troubled home owners by their lenders.   The processing of these foreclosures is a necessary prerequisite to the healing of the Oregon housing market.”

Crook, Jefferson and Curry counties were the only Gorilla counties in Oregon that did not experience a significant increase in court foreclosures.  While Klamath County recorded a 92% increase in NOD filings.

Oregon February 2013 Filings

County Court Foreclosures Notice & Sale
Benton 5 1
Clackamas 187 5
Coos 29 4
Crook 0 1
Curry 0 3
Deschutes 80 6
Douglas 41 3
Jackson 83 8
Jefferson 0 2
Josephine 47 6
Klamath 0 1
Lane 83 5
Lincoln 17 1
Linn 48 5
Marion 120 9
Multnomah 282 13
Polk 46 5
Tillamook 14 0
Washington 161 9
Yamhill 39 6
TOTAL 1,282 93

Oregon January 2013 Filings

County Court Foreclosures Notice & Sale
Benton 6 0
Clackamas 86 8
Coos 12 1
Crook 1 0
Curry 0 0
Deschutes 63 2
Douglas 22 4
Jackson 72 9
Jefferson 3 2
Josephine 22 8
Klamath 17 13
Lane 70 9
Lincoln 7 4
Linn 28 5
Marion 89 6
Multnomah 149 13
Polk 17 2
Tillamook 3 2
Washington 74 11
Yamhill 25 5
TOTAL 766 104

*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.

1October and September 2012 judicial foreclosure figures did not include Clatsop, Columbia, Morrow and Umatilla counties.

About Gorilla Capital

Gorilla Capital is one of the nation’s leading purchasers of distressed real estate. By buying, redeveloping, and selling distressed homes, Gorilla Capital is actively engaged in the revitalization of neighborhoods, and increasing neighborhood property values.  Gorilla Capital has been ranked by Inc. Magazine as one of the 1,000 fastest growing companies in America, each of the last 3 years, and was recently ranked as the 20th fastest growing real estate company in America. Oregon Business magazine ranked the company on the Private 150 list of the largest privately held companies in Oregon. Operating in multiple states, Gorilla Capital is based in Eugene, Ore.

The company prides itself on being methodical, efficient and tireless in its pursuit of properties that will appeal to the value-conscious homebuyer. After research, inspection, assessment and purchase of the distressed real estate, Gorilla renovates the house and then offers the fully remodeled home to the public at exceptional value.  A third party, one-year home warranty, backs all Gorilla Capital’s homes.